Recently, I discussed the impact of so-called “soft letters” sent by the IRS to various groups of taxpayers with offshore asset disclosure compliance issues (see this generic example of an IRS soft letter). As my prior piece predicted, the IRS announced the Offshore Voluntary Disclosure Program (OVDP) will close to new applicants on September 28, 2018. Now that the IRS has set a date certain for the OVDP to close, non-compliant taxpayers wishing to enter the OVDP should ... Keep Reading »
Tax Reform: Insurance Company Provisions
Recent tax legislation, informally known as the Tax Cuts and Jobs Act (the “Act”) contains several changes that affect the insurance industry. A centerpiece of the Act lowers the corporate income tax rate to 21 percent, which generally applies to all corporations. Other reforms not specific to the insurance industry will also significantly affect many insurance companies. These include eliminating the corporate alternative minimum tax, a reduction of the general ... Keep Reading »
Virtual Currency Tax Consequences
A growing number of startups are offering virtual currencies to investors through initial coin offerings (ICOs) as a way to raise capital, often with little or no awareness of the tax consequences of their actions. Many startups sell specially created cryptocurrencies to initial project backers who expect the currency to increase in value if the startup succeeds. These cryptocurrencies, or tokens, are initially issued in fixed, limited amounts which generally can be used ... Keep Reading »
Tax Incentive for Paid Family Medical Leave May Alleviate FMLA Benefit Complications
Not only does the Tax Cuts and Jobs Act contain a tax incentive to promote the offering of paid family medical leave (FML), but it creates a lower-cost way to eliminate common complications that arise when employees are unable to continue paying health plan premiums while on unpaid leave. Tax Incentive. Specifically, newly created IRC 45S provides a tax credit for employers with an eligible paid FML policy. Generally, the policy must provide for payment of at least 50 ... Keep Reading »
Practical Insights on DOL Guidance Affecting Retirement, Medical and Disability Plans
On January 5, the Department of Labor (DOL) announced that regulations it previously proposed will apply to certain retirement and medical disability claims filed after April 1. This article focuses on a few practical considerations. Practical Comments. We recommend employers consider the following when weighing whether the new regulations will impact benefit plans: Normally, when we think of “disability claims,” we think of medical plans or short or long term ... Keep Reading »
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