As we indicated earlier this year, Congress waived the 2009 required minimum distribution requirement for defined contribution retirement plans (like 401(k) plans) and IRAs as a result of the financial market meltdown. Our March 6, 2009 Client Alert also advised our clients to hold off on making...

A participant in a qualified retirement plan must begin taking distributions by the April 1st following the later of the end of the calendar year in which the participant retires or attains age 70½. A participant who is a 5% owner must begin taking distributions by the April 1st following the end...

The Mexican Congress has approved the tax reform bill for 2010. The bill makes several changes to the income tax, VAT, and excise taxes as well as modifications to the consolidated tax regime that require certain tax benefits from consolidation to be recaptured after five years. The final bill has...

On Friday, November 6, 2009, President Obama signed a bill expanding and extending the net operating loss (NOL) carryback rules. The Worker, Homeownership, and Business Act (the Act) expands the NOL carryback provision for small businesses that was in the American Recovery and Reinvestment Act...

Pennsylvania's long overdue budget for the 2009-2010 fiscal year has finally been enacted (House Bill 1531, signed into law on October 9, 2009). The Budget Bill includes a tax amnesty program, to become effective in April of 2010. Among other tax changes, the legislation extends the Pennsylvania...

The Social Security Administration recently announced that the maximum amount of earnings subject to Social Security tax during 2010 will remain unchanged at $106,800.

On November 6, 2009, President Barack Obama signed into law the Worker, Homeownership, and Business Assistance Act of 2009 (the "Act"). The significant tax changes applicable to businesses under the Act are summarized below.

Individuals and businesses filing U.S. income tax returns should take note of the Worker, Homeownership and Business Assistance Act of 2009 (the “Act”), signed into law on November 6, 2009. Under the Act, most taxpayers may elect to carry back net operating losses (”NOLs”)...

On November 6, 2009, President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 (the Act). Among other things, the Act extends the period over which a net operating loss (NOL) may be carried back for tax years beginning in or ending in either 2008 or 2009.

In February 2008, Congress enacted the Economic Stimulus Act of 2008, which, among other things, amended Section 168(k) of the Internal Revenue Code to allow taxpayers to take an additional 50 percent first-year depreciation deduction for certain new property acquired after 2007 and placed in...

The U.S. Justice Department and the U.S. Treasury Department have increased their efforts to uncover U.S. taxpayers who are allegedly evading U.S. taxes by hiding assets in Switzerland. Switzerland has strict bank secrecy laws and a finding of tax fraud is required before any information is...

The IRS has extended the written plan document deadline for 403(b) plans.

The era of "good faith" compliance and transition relief for Section 409A of the Internal Revenue Code (Section 409A) is quickly coming to an end.

The Pennsylvania Supreme Court has granted oral argument in our closely-watched case that could determine whether software is tangible personal property subject to Pennsylvania sales and use tax.

As you may know, the Connecticut estate and gift taxes were recently changed. As a result of the budget compromise reached in the state legislature, there is new legislation as of September 8, 2009. The legislation includes an increase in the tax exemption, a reduction in the tax rate and an...

As we march quickly through the last quarter of 2008, consider the following for this year and for 2009.

The IRS recently issued Notice 2009-3, which provides relief with respect to the written plan document requirement for sponsors of Internal Revenue Code § 403(b) tax-sheltered annuity plans (also known as 403(b) annuities, or tax-deferred annuities).

The New York State Department of Taxation and Finance recently established the Voluntary Disclosure and Compliance (VDC) program to help solve the predicament faced by taxpayers who, unbeknownst to the government, owe overdue tax liabilities.

Following the fundamental changes to the UK residence, domicile, and remittance basis rules that took effect on 6 April 2008, there have been a number of consequential changes to the way in which HM Revenue & Customs (HMRC) treats taxpayers who are resident but not ordinarily resident (RNOR) or...

On December 8, 2008, the Internal Revenue Service and Treasury Department issued proposed regulations for calculating amounts includible in income under Section 409A of the Internal Revenue Code of 1986, as amended ("Section 409A"), as well as the 20% penalty and interest that also apply.