News & Analysis as of

Internal Revenue Service Taxable Income Employee Benefits

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Whiteford

Client Alert: How the “One Big Beautiful Bill Act” Impacts Employers, Employees and Contractors

Whiteford on

The recently enacted One Big Beautiful Bill Act (the “Act”) introduces several significant amendments to the Internal Revenue Code (“IRC”) that directly affect U.S. employers and employees. Key provisions—particularly the...more

Jackson Lewis P.C.

Employers Who Administer PFML Programs Get Much-Needed Guidance from IRS

Jackson Lewis P.C. on

In response to taxpayer and state government requests, including a 2024 letter from governors of nine states imploring the Internal Revenue Service (IRS) to clarify the federal tax treatment of premiums and benefits under...more

Bricker Graydon LLP

Is Your ESOP Ready for the Spotlight?

Bricker Graydon LLP on

Last week, the IRS announced it was increasing enforcement strategies aimed at Employee Stock Ownership Plans “ESOPs”. The IRS stated this new focus on ESOPs is part of the effort to ensure tax laws are applied fairly and...more

Fox Rothschild LLP

The 2022 Increases for Retirement Plan Participants and Social Security Recipients

Fox Rothschild LLP on

Late last year, the IRS confirmed the widely expected cost-of-living adjustments to the various dollar limitations applicable to qualified retirement plans for 2022. Here are a few of the changes outlined in Notice 2021-61. ...more

Gerald Nowotny - Law Office of Gerald R....

Knock Yourself Out Resuscitating Taxpayers With Buyer’s Remorse!

One of the feelings that all of us living on the Planet including those who have walked before us, experience is the remorse for actions taken or sometimes not taken, i.e., buyer's remorse. Individual taxpayers report their...more

McDermott Will & Schulte

IRS Issues Regulations Affecting Compensation Arrangements at Tax-Exempt Organizations

On June 21, the IRS issued long awaited proposed regulations under Section 457 of the Internal Revenue Code that affect a broad range of compensation arrangements at tax exempt organizations. If a compensation arrangement is...more

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