News & Analysis as of August 31, 2025

Retirement Plan

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

IRS Clarifies Income Tax Withholding and Reporting Obligations for Uncashed Retirement Checks

Hanson Bridgett on 7/23/2025

When an employer (or the proper withholding agent, like a plan administrator) issues a retirement benefit, there is generally an obligation to withhold income tax on the payment and to report the payment on Form 1099-R....more

Weekly IRS Roundup July 24 – July 28, 2023

McDermott Will & Schulte on 8/2/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 24, 2023 – July 28, 2023. July 24, 2023: The IRS released Internal Revenue Bulletin 2023-30,...more

Weekly IRS Roundup December 12 – December 16, 2022

McDermott Will & Schulte on 12/20/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 12, 2022 – December 16, 2022...more

Weekly IRS Roundup November 21 – November 25, 2022

McDermott Will & Schulte on 11/29/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 21, 2022 – November 25, 2022...more

Weekly IRS Roundup August 1 – August 5, 2022

McDermott Will & Schulte on 8/9/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 1, 2022 – August 5, 2022...more

Is My Foreign Retirement Account Subject to IRS Information Return Reporting (FBAR, 3520, etc.)?

Freeman Law on 1/6/2022

United States citizens and residents[i] are subject to federal income tax on their worldwide income. For example, even if a United States citizen permanently relocates to a foreign country, he or she will generally continue...more

Weekly IRS Roundup April 29 – May 3, 2019

McDermott Will & Schulte on 5/6/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 29 – May 3, 2019. April 29, 2019: The IRS issued a news release urging taxpayers who had...more

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