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Please Click HerePosted on May 4, 2011 by Ruder Ware Alumni
On August 5, 2010, the Tax Court applied an anti-abuse rule in the Treasury Regulations to hold that a leveraged partnership transaction designed to defer the recognition of gain on a nonrecognition contribution to a partnership was in actuality a “disguised sale” and an immediate taxable sale of assets. The case provides insights into the […]
Posted on April 15, 2011 by Derek L. Prestin
In July of 2010, domain name registries began allowing web site owners to register the top level domain “.co” as part of their domain name as an alternative to the ubiquitous “.com” top level domain. Prior to the July launch, the “.co” domain was restricted for use by the Columbian government, similar to the way […]
Posted on April 4, 2011 by Mary Ellen Schill
The Center for Medicare and Medicaid Services (CMS) announced March 31st that due to the overwhelming response, the early retiree reinsurance program will be closed to new applicants after May 5, 2011. ERRP allows employers that sponsor group health plans to seek reimbursement for certain health care expenses incurred by former employees age 55 and […]
Posted on April 1, 2011 by Mary Ellen Schill
As we wait for some sort of finality out of Madison relating to Wisconsin Act 10 (see our most recent alert “Implementation of Wisconsin Act 10 is Blocked Again by Dane County Circuit Court”), some governmental employers are already faced with the prospect of imposing mandatory Wisconsin Retirement System (WRS) contributions upon employees, due to […]
Posted on February 23, 2011 by Mary Ellen Schill
The Internal Revenue Service office of Federal, State & Local Governments (FSLG) has developed a self-assessment tool as a resource to help governmental entities understand and comply with the complex nature of their federal tax responsibilities. FSLG helps coordinate activities with IRS offices to work with governmental employers to resolve tax problems. FSLG developed […]
Posted on January 13, 2011 by Derek L. Prestin
On December 31, 2010, the Federal Trade Commission began enforcing the “Red Flags Rule” (the “Rule”), which may be found at 16 C.F.R. 681. However, on December 18, 2010, the Red Flag Program Clarification Act of 2010 was signed into law, which revised the scope of businesses to which the Rule applies. Consequently, the Rule […]
Posted on January 12, 2011 by Ruder Ware Alumni
Did you receive a notice from the IRS this year? Every year the IRS sends millions of letters and notices to taxpayers. There are various reasons the IRS sends notices to taxpayers. For example, the notice may request payment of taxes, notify you of a proposed deficiency of taxes or a change to your account, […]
Posted on January 7, 2011 by Mary Ellen Schill
Tax season for most taxpayers will begin on time, however, the Internal Revenue Service has advised many taxpayers to wait to file to allow the Service some time to reprogram its computers to reflect the 2010 Tax Relief Act’s changes. The taxpayers affected by Congress’s late passage of the Act are advised to wait until […]
Posted on December 22, 2010 by Mary Ellen Schill
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (“2010 Tax Relief Act”) provides a major change in the withholding of Social Security taxes from employees’ wages and provides for the extension of several other benefit related provisions that were set to expire on December 31, 2010. Attorney Melissa Kampmann recently authored […]
Posted on December 3, 2010 by Mary Ellen Schill
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2011. Effective January 1, 2011, the optional standard mileage rates will be 51 cents per mile for business transportation, and 19 cents per mile for travel relating to […]