The SECURE Act Modifies Several Retirement Plan Requirements

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) was passed as a part of the Further Consolidated Appropriations Act signed into law on December 20, 2019. The SECURE Act makes important changes to the requirements for retirement plan funding and distributions, as well as modifying other tax provisions including the kiddie tax rules. While most of the SECURE Act’s provisions expand opportunities for individuals to increase their savings, the legislation includes one change that will require some taxpayers to update their estate plans.

2019 Tax Law Change Update: Highlights of Spending Package’s Tax Law Changes

The federal government spending package titled the Further Consolidated Appropriations Act, 2020 and signed into law on December 20, 2019, averted a government shutdown that would have begun on December 19 and funds the government through September 30, 2020. The Act also includes various tax provisions. The tax legislation, which was the product of intense negotiations between congressional leaders and the White House, extends through 2020 some of the tax incentives for individuals and businesses, known as extenders, that had already expired or that were due to expire at the end of 2019.

Appealing an IRS Decision

Tax compliance controversies can involve proposed tax assessments, tax collection or other IRS actions. While many taxpayers believe that the first decision in an IRS tax compliance matter is final, almost all decisions are subject to review by the IRS Independent Office of Appeals.

4 Key Takeaways from Ben Miller’s Presentation on Transfer Pricing

Bennett Thrasher Tax Partner Ben Miller recently spoke at a seminar at K&Y on transfer pricing. During the presentation, Miller shared the common mistakes made by multinational companies when pricing intercompany transactions and offered insight and simple steps companies can take to confirm their transfer pricing is appropriate and how to build an audit defense file.

Changing Rules in Taxation of Digitalization of the Economy

On May 31, the Organization for Economic Co-operation and Development (“OECD”) issued a proposed approach to addressing challenges arising from the digitalization of the economy (the “Program of Work”).  If it reaches consensus, the Program of Work could change “how taxing rights on income generated from cross-border activities in the digital age should be allocated among countries.”

Update On Georgia Entertainment Incentives Webinar Recording

This webinar discusses recent legislative, regulatory and administrative updates that affect companies claiming Georgia entertainment tax credits. Join Peter Stathopoulos, head of Bennett Thrasher’s Entertainment Practice, for a discussion.

Peter Stathopoulos Breaks Down California’s Recent Economic Nexus Standard Law in Article for Total Retail

In an article for Total Retail published on August 19, 2019, Peter Stathopoulos discusses California’s recent enactment of sales tax legislation aimed at remote sellers and marketplace facilitators following the U.S. Supreme Court’s decision in South Dakota v. Wayfair, which ruled that states can require businesses without a physical presence in the state to collect and remit sales tax from their transactions.

Understanding IRS Letters and Notices

It is important for taxpayers to carefully read each piece of mail that the IRS sends them. In the past, the IRS would often initiate contact with a taxpayer via a phone call. Due to numerous telephone scams, including some involving the impersonation of IRS employees, the IRS now initiates all contact by mail.

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