Defined benefit plan participants will have greater flexibility in choosing how to receive their pension benefits under final regulations issued by the IRS (T.D. 9783). The regulations finalized proposed rules issued in 2012 that permit participants to elect to receive split benefits of monthly annuity payments together with a lump-sum payout without disqualifying the plan. The IRS believes plan participants are better served against the possibility that they will outlive their retirement benefits when they can choose to bifurcate their benefits between the two options.
The Internal Revenue Service has issued final regulations redefining terms relating to marital status to include same-sex marriage for federal tax purposes, in accordance with Supreme Court decisions.
Health Care Law and You
Affordable Care Act & Taxes – At a Glance
This chart explains how the health care law affects you.
Implementation guidance on FASB’s new NFP standards
The new Financial Accounting Standards Board standards for nonprofits that were released in August represent the most significant changes in the not-for-profit reporting rules since 1993.
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In Rev. Proc. 2016-47, the IRS announced that a taxpayer who fails to meet the requirement to roll over distributions from retirement accounts within the normal 60-day period can make a written self-certification to an IRA trustee or plan administrator that a contribution meets one of the 11 specific reasons listed in the revenue procedure for excusing the missed 60-day deadline.
Nobody likes a back-seat driver, and nobody feels safe when the two people in the front seat are arguing about every element of a road trip. The same is true in a partnership. When management and the board disagree on direction, managing growth or any other key decision, the entire organization is at risk. Partners feel unsafe.
Payors of interest, dividends and other reportable payments must withhold income tax equal at a rate equal to the fourth lowest rate applicable to single filers if they fail to supply a federal id # or if they fail to certify that they are not subject to it.
The Internal Revenue Service is closing off admission to a program that allows large corporations to discuss and resolve their tax issues with the IRS before filing their tax returns, due to budget constraints.
An approach to product costing that assigns a representative portion of all types of manufacturing costs–direct materials, direct labor, variable factory overhead, and fixed factory overhead–to individual products.
The IRS has proposed higher user fees for taxpayers who enter into installment agreements.
The proposal, which would take effect on January 1 . . .