The aircraft carrier USS Theodore Roosevelt transits the Pacific Ocean while conducting training off the coast of California. Mass Communication Specialist 2nd Class Paul Archer | U.S. Navy WASHINGTON — The U.S. Navy announced Wednesday that the aircraft carrier sidelined for two months due to a coronavirus outbreak was back at sea. The USS Theodore Roosevelt […]

News Employee Benefits & Pensions By Sally P. Schreiber, J.D. {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The IRS in Rev. Proc. 2020-32 announced the annual inflation-adjusted limits on deductions for contributions to a health savings account (HSA) allowed for taxpayers with family coverage under a high-deductible health plan (HDHP) for calendar year 2021. […]

U.S. government debt prices were higher on Wednesday morning amid a volatile week on Wall Street, with investors monitoring progress on a coronavirus vaccine and economic reopening efforts. At around 2:10 a.m. ET, the yield on the benchmark 10-year Treasury note dipped to 0.6931% and the yield on the 30-year Treasury bond was down at 1.4181%. […]

U.S. government debt prices were higher Tuesday morning, coming off a surge during the previous session following news of promising early testing of an experimental coronavirus vaccine. At around 2:10 a.m. ET, the yield on the benchmark 10-year Treasury note was down at 0.7094% and the yield on the 30-year Treasury bond slipped to 1.4273%. Yields […]

News Corporations & Shareholders By Dave Strausfeld, J.D. {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The IRS on Wednesday issued final regulations (T.D. 9897) regarding the classification of certain related-party interests in corporations as stock vs. indebtedness. The distinction between debt and equity can have important tax consequences because, for instance, a corporation can […]

The IRS issued proposed regulations Wednesday (REG-104591-18) on the deductibility of fines, penalties, and certain other amounts after Sec. 162(f) was amended by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. The rules expand on the interim guidance in Notice 2018-23. Sec. 162(f), as amended by the TCJA, disallows a […]

As part of its response to the coronavirus pandemic, the IRS announced Tuesday in Notice 2020-29 that it is permitting increased flexibility for midyear elections under a Sec. 125 cafeteria plan during calendar year 2020 for employer-sponsored health coverage, health flexible spending arrangements (FSAs), and dependent care assistance programs. Elections under a Sec. 125 cafeteria […]

The IRS announced Friday that time is running out for taxpayers to go to the Get My Payment website to enter their direct deposit information in order to receive an electronic economic impact payment (IR-2020-92). Taxpayers must enter their bank account information, if needed, by noon on Wednesday, May 13. After that date, any stimulus […]

The IRS on Thursday issued proposed regulations (REG-113295-18) to clarify that certain deductions are allowed to an estate or nongrantor trust because they are not miscellaneous itemized deductions. According to the proposed rules, which formally adopt guidance first issued in Notice 2018-61, these deductions are not affected by the suspension of the deductibility of miscellaneous […]

The AICPA on Thursday made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic. In a letter from Christopher Hesse, CPA, chair of the AICPA Tax Executive Committee, to the chairs and ranking members of Congress’s tax-writing committees, the AICPA says the pandemic has “highlighted the antiquated […]