The Bottom Line Almost a year after the SECURE 2.0 Act of 2022 was enacted as part of the Consolidated Appropriations Act, 2023, the IRS released guidance (Notice 2024-2) in the form of a grab bag Q&A aptly named “Miscellaneous Changes Under the SECURE 2.0 Act of 2022.” The Notice covers Continue Reading
Employee Relations Law Journal | The Need for Employers To Get ”Control” of IRS Controlled Group Rules
Business owners have wide discretion in determining the best corporate structure to use in setting up their businesses. Some use a single entity, while others use multiple entities, which can take the form of corporations, partnerships, and limited liability companies. Regardless of form, however, Continue Reading
Estate Planning Issues to Consider Before Selling Your Business
The Bottom Line Business owners can minimize taxes and maximize proceeds on the sale of his or her business by utilizing different estate planning strategies.It is critical, though, that the estate planning be done well in advance of the sale of the business or even before the preparation of a Continue Reading
New York State Introduces Elective Pass-Through Entity Tax
The Bottom Line Pass-through entities with New York income should examine whether to elect into the PTE Tax to potentially reduce the taxes of their owners.Those considering the election should consider whether the taxes are creditable against state taxes for non-residents. S corporations and Continue Reading
Additional Tax Credits to Employers Who Extend FFCRA Benefits Through September 2021
The Bottom Line Employers should coordinate with counsel as they decide whether to offer FFCRA leave through September 30, 2021 given the expanded employee coverage available under the law.Employers should also ensure that they have updated their policies to reflect expanded FFCRA (if being Continue Reading
Taxing Digital Advertisements Face Stiff Legal Challenges
The Bottom Line Attempts to tax various forms of digital activity is widespread as states look for ways to raise revenue to offset state and local budgets caused by COVID-19. Companies that engage in digital advertising and industry groups should closely monitor these developments.If Maryland is Continue Reading
The Agency 100 | States Seek to Tax Digital Advertising Revenue
Maryland Passes Digital Advertising Tax
The Bottom Line Businesses that may have revenue “derived from” digital advertising should consult with their tax advisors concerning forthcoming changes in the law, regulations, and legal challenges to see how Maryland’s digital advertising tax and potential imitators may affect them.Because of Continue Reading
IRS Provides Cafeteria Plans with Flexibility Due To COVID-19
The Bottom Line The IRS is allowing employers to amend their cafeteria plans for the 2020 tax year to permit employees to make new employee benefit elections with respect to their healthcare coverage, health FSAs and dependent care FSAs. Employers should work closely with their ERISA counsel to Continue Reading