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Before 2020, the IRS had long taken the position that an ESOP, and any other retirement plan for that matter, must be adopted no later than the end of the first tax year in which the employer wished to claim a deduction

(PR-inside.com) LA MIRADA, CA / ACCESSWIRE / November 18, 2021 / For more than a decade now, the Internal Revenue Service (IRS) has regularly lamented the steady funding decline that has left it struggling with a chronic personnel shortage and a woefully outdated technological infrastructure. While lawmakers are currently not in agreement about the parameters of an IRS budget increase, there is a consensus that the agency does need more funds to resolve the issues that prevent it from operating at optimal efficiency. "The proposed $80 billion boost to IRS funding over the next ten years is considered excessive by some ..

The Internal Revenue Service has announced that the annual gift tax exclusion is increasing next year due to inflation. After four years of being at $15,000, the exclusion will be $16,000 per recipient for 2022the highest exclusion amount ever. Further, the annual amount that one may give to a spouse who is not a US citizen will increase to $164,000 in 2022. By: Morgan Lewis

Background (Effective elimination of determination letter process) - In Revenue Procedure 2016-37 the IRS eliminated the determination letter process for individually designed plans for all situations except initial plan qualification, qualification upon plan termination, and a few other special circumstances such as a plan merger in the event of a merger or acquisition involving unrelated entities. Prior to that time, plan sponsors could obtain a periodic blessing from the IRS as to the By: Foley & Lardner LLP

IRS ups transcript limit for tax pros to 30 Accounting Today

The IRS recently announced the 2022 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans. Generally, the IRS increased the applicable limits for 2022, although certain limits remained unchanged... By: Faegre Drinker Biddle & Reath LLP

Since their rise to prominence in the 1990s, limited liability companies (LLCs) have become one of the most valuable tools in the corporate lawyers toolkit. Amongst all of the possible corporate forms to choose from, LLCs are uniquely flexible from a governance perspective (no board of directors required!), are tax shape-shifters capable of being corporations, partnerships or being disregarded entirely and allow for limitless variations on how ownership is structured and profits and losses By: Bond Schoeneck & King PLLC

While Congress is busy debating changes to federal tax law, the IRS continues to operate on the basis of existing provisions

The founder and chief investment officer of Hayman Capital Management, Kyle Bass, has warned that governments will start to really clamp down on bitcoin. He predicts that "intense" crypto regulation will come out of the U.S. Treasury and the Internal Revenue Service (IRS) next year.

On Nov. 4, 2021, the IRS announced in Notice 2021-61 cost-of-living adjustments ("COLAS") to the tax-qualified retirement plan dollar limits for 2022. Most of the applicable dollar limits currently effective for 2021 will increase significantly compared with prior years. Below is a summary of the limits that are generally relevant for most retirement plans. By: Hanson Bridgett LLP

Before 2020, the IRS had long taken the position that an employee stock ownership plan (ESOP), and any other retirement plan for that matter, must be adopted no later than the end of the first tax year in which the employer wished to claim a deduction for a contribution to the plan. As a reminder, effective December 31, 2019, Section 201 of the SECURE Act extended that deadline from the end of the applicable tax year to the due date, including extensions, of the plan sponsors income tax return By: Morgan Lewis - ML Benefits

The IRS recently added new categories of tax fraud - In its recently updated Fraud Handbook, the IRS adds new categories of tax fraud, including concealing domestic or foreign bank accounts and digital assets such as virtual currency. By: Foodman CPAs & Advisors

Earlier this year, the IRS released draft versions of 2022 Forms W-4P and W-4R for pension and IRA withholding on payments, to be used beginning on or after January 1, 2022. In short, the draft forms split the existing W-4P form into two the Form W-4P to be used for periodic payments, and Form W-4R to be used for nonperiodic payments and eligible rollover distributions. The intent is to provide for more accurate federal income tax withholding, which unfortunately adds to the complexity of By: Groom Law Group, Chartered

The Internal Revenue Service (IRS) recently released 2022 cost-of-living adjustments applicable to dollar limitations for employer-sponsored health and welfare plans and retirement plans. By: Seyfarth Shaw LLP

The Internal Revenue Service announced the dollar limitations for retirement plans and other benefits, beginning January 1, 2021. Some of the limits are listed below. By: Bond Schoeneck & King PLLC