Section 199A: What do the proposed regulations mean?

Looking at a few points that amplify complexity. A Brief Primer Section 199A, enacted in December 2017 as part of the Tax Cuts and Jobs Act (“TCJA”), allows individuals and certain other non-corporate taxpayers to deduct up to 20 percent… Read more

October 26, 2018 | Tax

Retirement Security and Disclosure Burdens

By Neil V. Birkhoff

Executive Order Directs Department of Labor and Department of Treasury to Take Steps to Strengthen Retirement Security and Reduce Disclosure Burdens On August 31, 2018, President Trump signed an executive order (EO) announcing a goal of improving retirement security by… Read more

September 12, 2018 | Labor & Employment | Tax

Pass-Through Entities and the 2017 Tax Act

By Neil V. Birkhoff

The Tax Cuts and Jobs Act of 2017 contain several provisions applicable to pass-through business entities (“PTEs”), which include partnerships (and LLCs that are treated as partnerships for federal income tax purposes), S corporations, and sole proprietorships, and the owners… Read more

February 7, 2018 | Tax

The New Tax Reform & the HR Department

By Victor O. Cardwell, Leah M. Stiegler, Joshua C. Wykle

Sexual Harassment Settlements With Non-disclosure Agreements Are No Longer Tax Deductible. The 2017 Tax Cuts and Jobs Act (the “Act”) affects employers who settle sexual harassment claims and wish to keep the settlement from being disclosed. Payment of a… Read more

January 30, 2018 | Labor & Employment | Tax

Self-Settled Asset Protection Trusts

By Neil V. Birkhoff

An old curse of somewhat unsettled origin states: “May you live in interesting times.” For many individuals, a plan for interesting times should include consideration of the use of a self-settled asset protection trust. A self-settled asset protection trust (SSAPT)… Read more

November 20, 2017 | Estate Planning | Tax

Deferred Compensation and the Disability Claims Regulation

By Neil V. Birkhoff, Alton L. Knighton Jr.

The Department of Labor has issued a regulation that expands the procedural requirements for disability claims made under employee benefit plans. Plans are required to be in compliance with the regulation by January 1, 2018. This regulation, as might be expected,… Read more

October 9, 2017 | Tax

Executive Order 13798 Limits IRS Actions Against Religious Organizations Engaging in Political Campaign Activities

By Neil V. Birkhoff

On May 4, 2017, President Trump signed an executive order directing the agencies of the executive branch (principally the IRS) to limit enforcement of the “Johnson Amendment”. This amendment is a provision of the federal tax laws that prohibits organizations that… Read more

May 22, 2017 | Tax

Trump’s Tax Reform Proposals: A First Look

By Neil V. Birkhoff

Today, Wednesday, April 26, 2017, White House officials outlined President Trump’s tax plan proposals, and noted that the proposals would be the “biggest tax cut” in U.S. history. White House chief economic advisor Gary Cohn and Treasury Secretary Steven Mnuchin summarized… Read more

April 26, 2017 | Tax

Tax