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William Byrnes (Texas A&M) tax & compliance articles

Archive for January, 2020

Byrnes & Bloink’s TaxFacts Intelligence Weekly for Financial Advisors (Jan 2d, 2020)

Posted by William Byrnes on January 3, 2020


Texas A&M University School of Law has launched its International Tax online graduate curriculum for tax professionals. Apply now for Jan 13 – April 19 transfer pricing courses.  Texas A&M University is a public university and is ranked 1st among public universities for its superior education at an affordable cost (Fiske, 2018) and ranked 1st of Texas public universities for best value (Money, 2018). To apply for the inaugural cohort opportunity, contact Jeff Green, Graduate Programs Coordinator, T: +1 (817) 212-3866, E: jeffgreen@law.tamu.edu or contact David Dye, Assistant Dean of Graduate Programs, T (817) 212-3954, E: ddye@law.tamu.edu. Texas A&M Admissions website: https://law.tamu.edu/distance-education/international-tax

Editor’s Note: Ending the Transportation and Parking Tax for Nonprofits, Wrangling the New Form W-4P, and Some SECURE Act Caveats for Inherited IRAs.

We continue to see odds and ends for the new year related to the passage of the SECURE Act. The Act eliminated the Transportation and Parking tax for nonprofits, and we also have an analysis of the caveats for the newly-limited stretch for inherited IRAs.

With the SECURE Act finally passed, the editorial team here at Tax Facts is working hard update all of the relevant content with the new changes. Tax Facts Online content is continually updated, and we will be compiling a white paper for our print customers outlining the changes with the new laws and how they track to the existing Tax Facts Q&As. As always, we strive to make accurate and insightful changes to Tax Facts that reflect the most current tax information available.

Tax-Exempt Entities Wave Goodbye to Tax Reform’s Transportation and Parking Tax
The Taxpayer Certainty and Disaster Relief Act of 2020, which contained the SECURE Act and addressed tax “extender” provisions, also repealed a controversial portion of IRC Section 512(a). Generally, tax-exempt entities were subject to a 21 percent tax on certain benefits, including use of parking facilities, provided to employees beginning in 2018. The new law repeals this expanded definition retroactively to the date of its enactment, to it is essentially as though the UBTI expansion was never enacted. For more information on the issue, visit Tax Facts Online. Read More
IRS Clears Up Questions on Tax Withholding from Retirement Accounts and Annuity Distributions in 2020
Tax withholding from retirement accounts and annuities is handled differently than ordinary employer income tax withholding. However, unless a taxpayer has opted out, payors of amounts from pensions, annuities and other sources are required to withhold for income taxes under Section 3405(a). The IRS guidance discusses how the new Form W-4P can be used for this, and notes that additional changes in later years may be considered. For more information on retirement plan withholding, visit Tax Facts Online. Read More
SECURE Act Limits the Stretch IRA After 2019—with Caveats
In previous years, as retirement accounts have grown in value, the idea of using the account to provide a tax-preferred legacy to future generations had grown in popularity. To offset some of the cost of the SECURE Act, Congress limited the value of the stretch for most taxpayers. Under the new law, most non-spouse account beneficiaries will be required to take distributions over a ten-year period. The new rule has some caveats, and applies for tax years beginning after December 31, 2019. For more information, visit Tax Facts Online. Read More

2020’s Tax Facts Offers a Complete Web, App-Based, and Print Experience

Reducing complicated tax questions to understandable answers that can be immediately put into real-life practice, Tax Facts works when and where you need it….on your desktop, at home on your laptop, and on the go through your tablet or smartphone.  Questions? Contact customer service: TaxFactsHelp@alm.com800-543-0874

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