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IRS Proposes Regulations on Expanded Definition of Covered Employee Under Code Section 162m

Section 162(m) of the Internal Revenue Code prohibits a publicly held corporation from taking compensation-related tax deductions with respect to the compensation of a “covered employee” to the extent the compensation exceeds...more

Biden Highlights IRS Plans to Audit Corporate/Partnership Jet Use in State of the Union Address

In his State of the Union address, President Joseph Biden targeted tax breaks for corporations and wealthy individuals who use private jets as part of a broader goal to make big corporations and the wealthy pay “their fair...more

Recommended Practices for Employer-Provided Meals and Snacks in Light of Recent IRS Guidance

The IRS continues to aggressively audit how free meals and snacks offered to employees in many workplaces are treated for federal tax purposes. Recent IRS guidance in this respect is Technical Advice Memorandum 201903017 (the...more

New York Employer Compensation Expense Program Registration Ends December 1

New York State recently established the Employer Compensation Expense Program allowing employers to elect to pay an Employer Compensation Expense Tax on payroll expenses paid to covered employees, which in turn allows the...more

IRS Issues Guidance on Changes to Section 162(m)

The Internal Revenue Service (IRS) has issued Notice 2018-68 (Notice) providing guidance on changes in Code Section 162(m) made by the Tax Cuts and Jobs Act of 2017 (TCJA), Public Law 115-17. The Notice has some good news and...more

State Tax Implications of Federal Tax Changes to Section 162(m)

Due to the varying methods of state conformity to the Internal Revenue Code, both the prior and current versions of Section 162(m) continue to be a consideration for state taxes....more

New Tax Reform Brings Changes to Taxation of Settlements

Settlements with the government and those related to sexual harassment claims, as well as certain attorney’s fees, will be impacted by newly disallowed deductions....more

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