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The Taxpayer First Act, enacted July 1, 2019, requires tax-exempt organizations to electronically file information returns and related forms.

On August 17, 2021, Exempt Organizations Rulings & Agreements (EO R&A) office issued Interim Guidance (IG) memorandum (TEGE-07-0821-0016)...

Notice 2012-52, 2012-35 IRB 317 provides that contributions made to an LLC that is wholly owned by a domestic charity are deductible assuming all of the other requirements of IRC Section 170 are met.

There is no one-size-fits-all answer for closely held corporations when choosing to be taxed as an S-Corp or a C-Corp.

A redemption of stock owned by a shareholder of a corporation may be characterized as a "sale or exchange" under IRC Section 302 or as a "dividend" payment under IRC Section 301.

On June 22, the Senate Finance Committee will hold a hearing on governance and best practices of charities, charities accommodating tax shelters, donor gifts of tangible and intangible property, and current problems and issues in the charitable community. IRS Commissioner Mark Everson and private sector witnesses are expected to testify.

In the Flores case, the IRS argued that the couple was not entitled to any charitable deduction because they did not substantiate any of the contributions.

In the U.S. House, the Tax Cuts and Jobs Act ( H.R. 1) (the Act) was approved by a vote of 227-205 yesterday. The legislation lowers the top corporate rate of 35 percent to a flat 20 percent.

Last month, Illinois Governor J.B. Pritzker signed SB1257 into law enacting changes, in part, to the state's Income Tax Act.

To obtain an exemption from federal income tax, a charity must be organized and operated for charitable, religious, literary, educational and/or scientific purposes.

The IRS has issued a notice providing methods by which employers who have nonqualified deferred compensation plans may voluntarily correct specific types of failures to comply with plan document requirements under Code Section 409A and, in some cases, avoid or reduce the amount includible in a plan participant's income and additional taxes under 409A.

According to a recent report, the average student loan debt for a Class of 2016 graduate is $37,172. As recent graduates enter the work force, they often choose not to contribute to their employers'

The Puerto Rico Treasury Department recently issued Circular Letter No. 13-02, extending the deadline for employers that sponsor qualified retirement plans benefiting Puerto Rico employees to adopt amendments and file for determination letters on the qualified status of their plans under the 2011 Puerto Rico tax code.

On November 9, 2023, Alabama Governor Kay Ivey signed into law a bill that beginning on January 1, 2024, will make compensation received by full-time hourly wage-paid employees...

House of Representatives Committee on Ways and Means Chairman Dave Camp released the proposed Tax Reform Act of 2014.

Effective April 1, 2022, high-deductible health plans can once again offer first-dollar coverage for telehealth and other remote services without making participants ineligible for health savings account...

Internal Revenue Code Section 409A governs deferred compensation, which includes, with some exceptions, practically all agreements or plans in which an agreement is made in one year to pay an amount in a later year.

December 31, 2012, is the deadline for correcting certain errors in the written provisions of nonqualified deferred compensation arrangements that provide payments that are contingent on the recipient’s execution of a release of claims, or a restrictive covenant agreement or similar document.