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

Archive for October, 2020

Estate Planning Update 2020-21 (Lexis)

Posted by William Byrnes on October 22, 2020


Texas Estate Planning Publication Update (2020) [Lexis permalink is here]

Highlights

Current Developments: In this Release 27 of Texas Estate Planning, Prof. William Byrnes analyzes the latest developments and decisions in the federal and Texas courts, including the 2017 Tax Cuts and Jobs Act, the Bipartisan Budget Act of 2018, the SECURE Act of 2019, as well as legislation and consideration resulting from the 2020 COVID-19 pandemic that impact estate planners.

Release 27 of Texas Estate Planning includes 21 chapter revisions of the latest rulings, regulations, cases, and inflationary adjustments, as well as the amendments and additions to law by the biennial 2019 86th Texas legislative session, the Tax Cuts and Jobs Act, the Bipartisan Budget Act of 2018, the SECURE Act of 2019, and CARES Act of 2020. Highlights of this release include:

The SECURE Act. The SECURE Act that took effect in 2020 specifically targets estate planning opportunities for individual retirement accounts. The impact is analyzed in Chapter 1.

T.D. 9884; Treas. Reg. § 20.2010-1(c). The I.R.S. confirmed that gifts made during 2018 through 2025 will attach the transfer tax exemption amount applicable on the date of the gift, and thus allow credit for the higher pre-2026 amount post-2026 even though the transfer tax exemption will have reverted to the pre-2018 amount (adjusted for inflation). The impact is analyzed in Chapter 2.

State Imposition of Tax on Trust Income. Some states attempt to tax trust income based on the residency of the beneficiary. In North Carolina Department of Revenue v. The Kimberly Rice Kaestner 1992 Family Trust, the State of North Carolina imposed an income tax on accumulated income of an irrevocable trust created in New York because of the residency of three beneficiaries in North Carolina. The U.S. Supreme Court in a decision based on the specific facts of the case held that the tax violated the Due Process Clause. See Chapter 31.

Impact of Tax Cuts and Jobs Act Exclusion. The IRS for 2018 reported that it received 34,092 total estate tax returns and 245,584 gift tax returns. Of the estate tax returns for 2018, the IRS reported that it received 5,484 taxable returns (which most likely relate to deaths in 2017) reporting $106 billion of estate gross assets and a tentative estate tax liability of $34 billion. The Urban Institute Tax Policy Center estimates that for 2020 only 1,900 estate tax returns will have tax owing of a total $16 billion.

Tax Cuts and Jobs Act Exclusion. The Tax Cuts and Jobs Act of 2017 (“TCJA”) increases from 2018 until 2026 the transfer tax exemption to $10 million per individual indexed for inflation so that for 2020 the amount is $11.58 million or $23.16 million per married couple. The 2020 annual gift tax exclusion for gifts made to a non-citizen spouse is $157,000. In 2026, the transfer tax exemption reverts back to the 2017 level indexed for inflation (in 2018 it would have been $5.6 million). All chapters have been updated to reflect these changes as well as the inflation adjustments of Rev. Proc. 2019-44.

U.S. Estate Tax Regime On High Net Wealth Immigrants. Chapter 7 analyzes planning strategies to mitigate exposure of foreign assets to U.S. estate tax.

IRS Settlement Offer For Microcaptives. See Chapter 5.

Author and Contributors

Professor William Byrnes of Texas A&M University School of Law and author of ten Lexis legal treatises is the author of Texas Estate Planning. He has assembled a team of preeminent subject matter experts as chapter contributors, including: Tena Fox (Leach & Fox), Terry Leach (Leach & Fox), Patrick McCormick (Drucker Scaccetti), Benjamin Terner (The Einstein Group), Kim Donovan Uskovich (Kelly Hart), and James Weller (Greenway Capital Advisors).

Interested in the two volumes of Estate Planning book? See here

Posted in Pensions, Retirement Planning, Taxation, Uncategorized, Wealth Management | Tagged: | Leave a Comment »

USA and EU international tax case studies start on January 19

Posted by William Byrnes on October 19, 2020


U.S. Tax Risk Management (Data, Analytics & Technology) (Zoom Wednesday and Sunday at 8am Central Standard Dallas time zone)

E.U. Tax Risk Management 3 credits (Zoom Wednesday and Sunday at 8am Central Daylight Dallas time zone)

  • Week 1 March 8, 2021 General Framework & Fundamental Freedoms
  • Week 2 March 15, 2021 P/S + Interest / Royalty
  • Week 3 March 22, 2021 M&A directive
  • Week 4 March 29, 2021 Free Movement of Capital (investment funds) 
  • Week 5 April 5, 2021 Cross-Border Losses
  • Week 6 April 12, 2021 ATAD, DAC 6, Abuse
  • Capstone Week April 19: tax compliance and technology

Weekly course materials include the written materials, pre-recorded videos, PPTs, and audio files (listen at the gym or when driving). Access to the extensive Texas A&M library for case study research includes as examples: Lexis, Westlaw, IBFD, Kluwer-Cheetah, Thomson OneSource, BvD (Moodys), and S&P CapIQ.

Courses are limited to maximum 20 participants: Application HERE

Texas A&M, annual budget of $6.3 billion (FY2020), is the largest U.S. public university, one of only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space!

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14 transfer pricing case studies start on January 19

Posted by William Byrnes on October 16, 2020


Transfer Pricing Risk Management I and II: Tangibles, Methods, Economics, and Data, Intangibles, and Services

William Byrnes, author of the leading transfer pricing treatise, lead professor. Weekly case study teams work through, facilitated (Zoom) with a weekly expert/professor on Mondays at 9am Central (Dallas) time and then on Fridays at 9am the Teams present their proposals and results critiqued and discussed by the teams and professors.

  • Week 1 January 19 Arm’s Length Standard (v Formulary Approach) Dr. Bruno Da Silva
  • Week 2 Jan 25 CUP & Comparables Dr. Lorraine Eden
  • Week 3 Feb 1 Cost Plus & Resale Minus Dr. George Salis
  • Week 4 Feb 8: Comparable Profits Method & TNMMDr. George Salis
  • Week 5 Feb 15 Profit Split Dr. George Salis
  • Week 6 Feb 22 Best Method Dr. Lorraine Eden
  • Week 7 Capstone March 1 (Hands-On Week with Financial Databases for Comparables Management) Dr. Debora Correa Talutto Thomson OneSource, BvD (Moodys), and CrossBorder AI Solutions Dr. Debora Correa Talutto
  • Week 8 March 8 Intangibles Royalty Rates CUT, CPM Dr. Debora Correa Talutto
  • Week 9 March 15 CSA Intangibles Buy In/Out Dr. George Salis
  • Week 10 March 22 Digital Business Unitary Apportionment Dr. Bruno Da Silva
  • Week 11 March 39 Digital Value Chain, Internet of Things Dr. Lorraine Eden
  • Week 12 April 5 U.S. v OECD v UN Manual case study Extractive Industries, Financing Hafiz Choudhury
  • Week 13 April 12 Restructuring the Business, Services case study Hafiz Choudhury
  • Week 14 Capstone April 19 Hand-On Week with Tax Technology to Manage Risk William Byrnes
  • Other guest experts/professors will be joining with case studies

Weekly course materials include the written materials, pre-recorded videos, PPTs, and audio files (listen at the gym or when driving). Access to the extensive Texas A&M library for case study research includes as examples: Lexis, Westlaw, IBFD, Kluwer-Cheetah, Thomson OneSource, BvD (Moodys), and S&P CapIQ.

Courses are limited to maximum 30 participants: Application HERE

Texas A&M, annual budget of $6.3 billion (FY2020), is the largest U.S. public university, one of only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space!

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Byrnes & Bloink’s TaxFacts Intelligence (October 15, 2020)

Posted by William Byrnes on October 15, 2020


Questions? Contact customer service: TaxFactsHelp@alm.com| 800-543-0874

Prof. William H. Byrnes         Robert Bloink, J.D., LL.M.

This week we have new info on the definition of “business interest” as it relates to the 2017 tax reform and CARES Act modifications. The IRS has released both final and proposed regs on the matter, and there are new rule changes regarding some of the ancillary costs that can come with debt issuance, such as commitment fees and guaranteed payments that are broadly categorized as “substitute” interest costs. We also see new regs on the elimination of qualified transportations benefits and updated deadlines for Form 1095.

Texas A&M University School of Law’s online wealth and international tax risk management graduate curricula for industry professionals has attracted over 160 enrollment this fall semester. Apply now for courses that begin January 11 spring semester. See the international tax course list by > weekly topic here. <

Final Business Interest Regs Relax Definition of “Business Interest” 

The IRS has released final regulations and a new set of proposed regulations on the deduction for business interest, which was modified by the 2017 tax reform legislation.  The new proposed IRS regulations on the business interest expense implement many of the new CARES Act provisions designed to help small business owners in 2020 and future years. While the final regulations largely mirror earlier proposed rules, one significant change relaxes the previous definition of “business interest”.  Under the proposed regulations, interest included commitment fees, debt issuance costs, guaranteed payments and other “substitute” interest costs.  Under the final rules, commitment fees and debt issuance costs are excluded from the definition of interest. For more information on the business interest deduction and the 2020 CARES Act changes, visit Tax Facts Online. Read More

IRS Proposes Regs on TCJA Elimination of Qualified Transportation Benefits

The IRS issued proposed regulations on the 2017 tax reform legislation’s elimination of deductions for certain employer-provided transportation benefits.  Under the proposed rules, if the employer owns or leases the parking facility, the employer can elect to apply a general rule, or one of three simplified methods, for calculating the amount of nondeductible expenses.  Taxpayers may elect to apply the general rule or a simplified methodology for each taxable year and for each parking facility.  For more information on the simplified methods, visit Tax Facts Online. Read More

IRS Provides New ACA Transition Relief for Employer Reporting

As usual, the IRS has released transition relief to extend the deadline for providing Form 1095-C to individuals from February 1, 2021 to March 2, 2021.  However, unlike other years, the IRS has indicated that absent comments indicating a need for future extensions, this will be the last year the extension applies.  The due date to furnish the Forms 1095-B and 1095-C to requisite individuals is extended from February 1, 2021 to March 2, 2021.  Form 1094-C and Form 1095-C that must be provided to the IRS are not subject to the extension.  The employer must furnish these filings to the IRS by March 1, 2021 if the filing is on paper and March 31, 2021 if the employer is filing electronically.  For more information, visit Tax Facts Online. Read More

Texas A&M, annual budget of $6.3 billion (FY2020), is the largest U.S. public university, one of only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space!

Posted in Retirement Planning, Taxation, Uncategorized, Wealth Management | Tagged: | Leave a Comment »

Pillar 1 and 2 Reports from the OECD

Posted by William Byrnes on October 13, 2020


Texas A&M University School of Law’s online international tax risk management graduate curricula for industry professionals has attracted over 160 enrollment this fall semester. Apply now for courses that begin January 11 spring semester. See example case study team based discussions, library access, meet the faculty via the YouTube link weekly topic here. Courses are limited to maximum 30 participants.

Texas A&M, annual budget of $6.3 billion (FY2020), is the largest U.S. public university, one of only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space!

Transfer Pricing Risk Management: Tangibles, Methods, Economics, and Data (William Byrnes lead professor, weekly leader below, several other guests join for discussions and case studies)

Team-based case studies are live each Monday and Friday at 9am Central time.

  • Week 1 January 13 Arm’s Length Standard (v Formulary Approach) Dr. Bruno Da Silva
  • Week 2 Jan 20 CUP & Comparables Dr. Lorraine Eden
  • Week 3 Jan 27 Cost Plus & Resale Minus Dr. George Salis
  • Week 4 Feb 3: Comparable Profits Method & TNMMDr. George Salis
  • Week 5 Feb 10 Profit Split Dr. George Salis
  • Week 6 Feb 17 Best Method Dr. Lorraine Eden

Transfer Pricing Risk Management: Intangibles and Services (William Byrnes lead professor) Team-based case studies are live each Monday and Friday at 9am Central time.

  • Week 1 March 2 Intangibles Royalty Rates CUT, CPM Dr. Debora Correa Talutto
  • Week 2 March 16 CSA Intangibles Buy In/Out Dr. George Salis
  • Week 3 March 23 Digital Business Unitary Apportionment Dr. Bruno Da Silva
  • Week 4 March 30 Digital Value Chain, Internet of Things Dr. Lorraine Eden
  • Week 5 April 6 U.S. v OECD v UN Manual case study Extractive Industries, Financing Hafiz Choudhury
  • Week 6 April 13 Restructuring the Business, Services case study Hafiz Choudhury
  • Week 7 Capstone Hand-On Week with Financial databases “Tax Technology and the future of Transfer Pricing” Dr. Debora Correa Talutto April 20 – 26: Thomson OneSource, BvD (Moodys), and CrossBorder AI Solutions Dr. Debora Correa Talutto & William Byrnes

U.S. Tax Risk Management (Data, Analytics & Technology) 3 credits (Tuesday and Sunday at 8am Central Standard Dallas time zone)

  • Week 1 January 10, 2021 Outbound / FDII Melissa Muhammad (IRS LB&I) melissamuhammadesq@gmail.com
  • Week 2 January 17, 2021 Inbound / BEAT Melissa Muhammad
  • Week 3 January 24, 2021 [check the box] Form 1120 Documentation: Neelu Mehrotra: EY mehrotra.neelu@gmail.com
  • Week 4 January 31, 2021 [Subpart F & GILTI, PTEP ] Form 5471 Documentation: Neelu Mehrotra: EY
  • Week 5 February 7, 2021 M&A or topic and Neelu Mehrotra: EY
  • Week 6 February 14, 2021 FTCs; wrap-up: Melissa Muhammad

E.U. Tax Risk Management 3 credits (Tuesday and Sunday at 8am Central Dallas time zone)

  • Week 1 February 28, 2021 General Framework & Fundamental Freedoms
  • Week 2 March 7, 2021 P/S + Interest / Royalty
  • Week 3 March 21, 2021 M&A directive
  • Week 4 March 28, 2021 Cross-Border Losses
  • Week 5 April 4, 2021 Free Movement of Capital (investment funds)
  • Week 6 April 11, 2021 ATAD, DAC 6, Abuse – Dr. Bruno da Silva
  • Capstone Week: Build a client case study, wrap up

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Byrnes & Bloink’s TaxFacts Intelligence (October 8, 2020)

Posted by William Byrnes on October 8, 2020


 

Byrnes & Bloink’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. All four volumes of Tax Facts in print PLUS

  • Tax Facts Intelligence weekly newsletters
  • weekly strategy articles for client advisory
  • weekly transcribed debate discussion for client soft-skill discussion
  • among other weekly client advisory critical updates

Questions? Contact customer service: TaxFactsHelp@alm.com| 800-543-0874

 

Prof. William H. Byrnes
        Robert Bloink, J.D., LL.M.

Well, the August 31 deadline for repaying RMDs is a month behind us now, though the 60-day window still applies for later RMDs. Be sure to check out who is a qualifying individual below to see if the three-year repayment window applies. We also have some info on the new lifetime income estimates for 401(k) participants and some advice on making the most of an FSA this year.

Moving Beyond the August 31 RMD Repayment Deadline

Clients are excused from the RMD rules in 2020 because of the COVID-19 pandemic. Importantly, the IRS gave individuals until August 31, 2020 to repay any RMDs that were taken earlier in the year–even if the 60-day rollover window had already closed. Now that August 31 has come and gone, the usual 60-day rollover window will only help clients who took RMDs in July and August. However, clients should remember that “qualifying individuals” can repay their distributions at any time within three years of the distribution. Qualifying individuals include those who (1) have been diagnosed with COVID-19, (2) have a spouse or dependent who has been diagnosed, (3) have experienced financial hardship due to quarantine orders, layoffs, childcare obligations, etc. To learn more about who qualifies for repayment relief, visit Tax Facts Online. Read More

DOL Releases Rules on SECURE Act Lifetime Income Estimates for 401(k) Participants

The SECURE Act requires plan sponsors to provide plan participants with certain projections designed to increase awareness of their accounts’ income-producing potential. Under the DOL interim final rule implementing this law, 401(k) plans and other ERISA-covered defined contribution plans must show plan participants the estimated monthly payment they could receive based upon their account balance and life expectancy. For more information on how the DOL has interpreted the law, visit Tax Facts Online. Read More

Health FSA Checkup: Understanding the Facts to Make the Most of FSAs in the COVID Era

Tax-friendly health payment options may be more important than ever in the wake of the COVID-19 global health emergency. Employees should take the time to gain an understanding of the benefits and limitations of various options. Health flexible spending accounts (FSAs) allow employees to save up to $2,750 (in 2020) pre-tax for use on health expenses incurred during the year. At the plan’s discretion, up to $550 can be carried over to 2021. Because of the “use it or lose it” rule, it’s important for clients to understand just when their health expenses are deemed incurred. To learn more about health FSAs, visit Tax Facts Online. Read More

Texas A&M University School of Law’s online wealth and international tax risk management graduate curricula for industry professionals has attracted over 160 enrollment this fall semester. Apply now for courses that begin January 11 spring semester. See the international tax course list by > weekly topic here. <

Texas A&M, annual budget of $6.3 billion (FY2020), is the largest U.S. public university, one of only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space!

 

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14 weeks of U.S. international tax, EU tax, and transfer pricing case studies starts January 11

Posted by William Byrnes on October 6, 2020


Texas A&M University School of Law’s online international tax risk management graduate curricula for industry professionals has attracted over 160 enrollment this fall semester. Apply now for courses that begin January 11 spring semester. See example case study team based discussions, library access, meet the faculty via the YouTube link weekly topic here. Courses are limited to maximum 30 participants.

Texas A&M, annual budget of $6.3 billion (FY2020), is the largest U.S. public university, one of only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space!

 

Transfer Pricing Risk Management: Tangibles, Methods, Economics, and Data (William Byrnes lead professor, weekly leader below, several other guests join for discussions and case studies)

Team-based case studies are live each Monday and Friday at 9am Central time.

  • Week 1 January 13 Arm’s Length Standard (v Formulary Approach) Dr. Bruno Da Silva 
  • Week 2 Jan 20 CUP & Comparables  Dr. Lorraine Eden
  • Week 3 Jan 27 Cost Plus & Resale Minus  Dr. George Salis
  • Week 4 Feb 3: Comparable Profits Method & TNMM Dr. George Salis
  • Week 5 Feb 10 Profit Split Dr. George Salis
  • Week 6 Feb 17 Best Method Dr. Lorraine Eden 

Transfer Pricing Risk Management: Intangibles and Services (William Byrnes lead professor) Team-based case studies are live each Monday and Friday at 9am Central time.

  • Week 1 March 2 Intangibles Royalty Rates CUT, CPM  Dr. Debora Correa Talutto
  • Week 2 March 16 CSA Intangibles Buy In/Out Dr. George Salis
  • Week 3 March 23 Digital Business Unitary Apportionment Dr. Bruno Da Silva
  • Week 4 March 30 Digital Value Chain, Internet of Things Dr. Lorraine Eden
  • Week 5 April 6 U.S. v OECD v UN Manual case study Extractive Industries, Financing Hafiz Choudhury
  • Week 6 April 13 Restructuring the Business, Services case study Hafiz Choudhury
  • Week 7 Capstone Hand-On Week with Financial databases “Tax Technology and the future of Transfer Pricing” Dr. Debora Correa Talutto April 20 – 26: Thomson OneSource, BvD (Moodys), and CrossBorder AI Solutions Dr. Debora Correa Talutto & William Byrnes

U.S. Tax Risk Management (Data, Analytics & Technology) 3 credits (Tuesday and Sunday at 8am Central Standard Dallas time zone)

  • Week 1 January 10, 2021 Outbound / FDII Melissa Muhammad (IRS LB&I) melissamuhammadesq@gmail.com
  • Week 2 January 17, 2021 Inbound / BEAT Melissa Muhammad
  • Week 3 January 24, 2021 [check the box] Form 1120 Documentation: Neelu Mehrotra: EY mehrotra.neelu@gmail.com
  • Week 4 January 31, 2021 [Subpart F & GILTI, PTEP ] Form 5471 Documentation: Neelu Mehrotra: EY
  • Week 5 February 7, 2021 M&A or topic and Neelu Mehrotra: EY
  • Week 6 February 14, 2021 FTCs; wrap-up: Melissa Muhammad 

E.U. Tax Risk Management 3 credits (Tuesday and Sunday at 8am Central Dallas time zone)

  • Week 1 February 28, 2021 General Framework & Fundamental Freedoms
  • Week 2 March 7, 2021 P/S + Interest / Royalty
  • Week 3 March 21, 2021 M&A directive
  • Week 4 March 28, 2021 Cross-Border Losses
  • Week 5 April 4, 2021 Free Movement of Capital (investment funds)
  • Week 6 April 11, 2021 ATAD, DAC 6, Abuse – Dr. Bruno da Silva
  • Capstone Week: Build a client case study, wrap up

Posted in Uncategorized | Leave a Comment »

Byrnes & Bloink’s TaxFacts Intelligence (October 5, 2020)

Posted by William Byrnes on October 5, 2020


Byrnes & Bloink’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.

  • all Tax Facts books
  • Tax Facts Intelligence weekly newsletters
  • weekly strategy articles for client advisory
  • weekly transcribed debate discussion for client soft-skill discussion
  • among other weekly client advisory critical updates

Questions? Contact customer service: TaxFactsHelp@alm.com| 800-543-0874

 

Prof. William H. Byrnes
        Robert Bloink, J.D., LL.M.

This week we see a reminder from the IRS on tax treatment of unemployment compensation. This may be especially important this year with a large number of people receiving unemployment benefits, and the benefit levels being raised considerably for several months to deal with the COVID pandemic. Because withholding is not mandated, there is a greater risk of taxpayers owing a lot of money next year for unemployment benefits received this year.

IRS Reminder on Tax Treatment of Unemployment Compensation

In response to the fact that an unprecedented number of Americans are currently claiming unemployment benefits, the IRS has issued a reminder that these benefits are fully taxable. However, the IRS reminds taxpayers that withholding is completely optional. Taxpayers can elect to have a flat 10% withheld from their unemployment compensation and paid over automatically to the IRS. For more information on the rules for making estimated payments, visit Tax Facts Online. Read More

Proposed Regs on Post-TCJA Qualified Plan Loan Offsets

The IRS proposed regulations help clients with timing for rollover of qualified plan loan offset amounts. The ability to take a qualified plan loan can offer a valuable source of funding in an emergency. However, plan loans are governed by strict repayment rules. Violations can result in the participant’s account balance being reduced (offset) to repay the unpaid balance (after which it is treated as a taxable distribution). These rules are problematic if the employee is terminated or if the plan itself is terminated. TCJA gave these employees extra time to roll over qualified plan loan amounts to prevent unintended consequences. Instead of the 60-day rollover period, the borrower has until the income tax filing deadline to rollover the offset amount. The regulations provide that if the taxpayer files on time, an additional six-month window to complete the rollover will apply even if the taxpayer doesn’t request the extension. For more information, visit Tax Facts Online. Read More

October 15 Deadline for Creditable Coverage Notice

Medicare-eligible individuals who do not enroll in Medicare Part D when first available, but who enroll later, must pay higher premiums permanently unless they have creditable prescription drug coverage. Higher premiums apply if the individual goes at least 63 consecutive days without creditable coverage. To help avoid this, employers are required to provide notice each year as to whether employer-provided coverage is creditable. This year, these notices are due by October 15, 2020. For more information on the creditable coverage requirement, visit Tax Facts Online. Read More

Texas A&M University School of Law’s online wealth and international tax risk management graduate curricula for industry professionals has attracted over 160 enrollment this fall semester. Apply now for courses that begin January 11 spring semester. See the international tax course list by > weekly topic here. <

Texas A&M, annual budget of $6.3 billion (FY2020), is the largest U.S. public university, one of only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space!

Posted in Retirement Planning, Taxation, Wealth Management | Tagged: | Leave a Comment »

Byrnes & Bloink’s TaxFacts Intelligence (October 2, 2020)

Posted by William Byrnes on October 2, 2020


Byrnes & Bloink’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.

  • all Tax Facts books
  • Tax Facts Intelligence weekly newsletters
  • weekly strategy articles for client advisory
  • weekly transcribed debate discussion for client soft-skill discussion
  • among other weekly client advisory critical updates

Questions? Contact customer service: TaxFactsHelp@alm.com| 800-543-0874

 

Prof. William H. Byrnes
        Robert Bloink, J.D., LL.M.

We don’t normally cover a lot from the EEOC here at Tax Facts, but this week has some relevant guidance pertaining to ending telework options. Right now companies are sending mixed signals about returning the office work, and it looks like the EEOC is recognizing that the situation may be different for different employers. We also have updates on using 401(k) funds for adoption expenses and Roth IRA conversions in the COVID era.

EEOC Confirms: Employers Are Not Required to Permit Telework Forever

The EEOC released guidance last week clarifying that employers who have permitted employees to work remotely during the pandemic are not required to continue to permit telework indefinitely. The EEOC guidance clarifies that the rules haven’t changed, so that employers are not required to continue to permit telework as a “reasonable accommodation” under the law. However, an employee’s ability to successfully complete all essential job requirements remotely may be a factor in considering whether a request for remote work is reasonable. For more information, visit Tax Facts Online. Read More

IRS Provides Guidance on Exception for 401(k) Withdrawals for Qualified Birth or Adoption

The SECURE Act amended the IRC to allow qualified plan participants to withdraw up to $5,000 for a qualified birth or adoption without becoming subject to the 10% penalty on early distributions. The distribution must be taken within the one-year period following the birth or adoption. For more information, visit Tax Facts Online. Read More

Enhanced Benefits of Roth Conversions in the COVID-19 Era

Clients who have been considering a Roth conversion might want to take a second look, as 2020 has created a unique opportunity for clients to maximize the value of the Roth conversion strategy. The combination of relatively low tax rates and the potential for future tax hikes might make 2020 the ideal time to convert. Clients who convert traditional retirement funds to a Roth opt to pay income taxes on retirement funds now in exchange for a source of tax-free income in the future. With the federal deficit skyrocketing and the election just around the corner, it’s widely expected that tax rates will be higher in the near future than they are today. Clients might consider taking action to “lock in” 2020 tax rates by converting to a Roth. For more information about the details of a Roth conversion strategy, visit Tax Facts Online. Read More

Texas A&M University School of Law’s online wealth and international tax risk management graduate curricula for industry professionals has attracted over 160 enrollment this fall semester. Apply now for courses that begin January 11 spring semester. See the international tax course list by > weekly topic here. <

Texas A&M, annual budget of $6.3 billion (FY2020), is the largest U.S. public university, one of only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space!

Posted in Retirement Planning, Taxation, Wealth Management | Tagged: | Leave a Comment »

 
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