Tax & Accounting Blog

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U.S. District Court Rules that under ERISA and U.S. v. Windsor, Same-Sex Surviving Spouse Receives Death Benefit from Qualified Plan

On July 29, the United States District Court for the Eastern District of Pennsylvania issued an order that that a same-sex surviving spouse was entitled to receive the “surviving spouse” death benefit under an employer’s qualified employee benefit plan. The court found that the United States Supreme Court’s decision in United States v. Windsor, declaring … Read More

Federal district court in Arizona issues final decision in demutualization case

Federal district court in Arizona issues final decision in demutualization case

On April 19, 2013, the federal district court in Arizona issued a final decision in the Dorrance case.  2013 WL 1704907.  This follows a preliminary decision in July, 2012.  See our previous bulletin, “Open Transaction Doctrine does not apply in insurance company demutualization case,” July 16, 2012. Background: A mutual insurance company has no … Read More

March FATCA Webcasts for AP Departments and Trusts

March FATCA Webcasts for AP Departments and Trusts

This year is a pivotal time for new tax regulations. We’re here to help with webcasts throughout the year that address the new regulations head on. For March, we address how the rules affect accounts payable and U.S. payers in trust, bank and brokerage. Join us as Jerri LS Langer, JD, LLM and Marianne Couch, … Read More

IRS Adds Form 1099-B to the Combined Federal/State Reporting Program

IRS Adds Form 1099-B to the Combined Federal/State Reporting Program

The IRS has added Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, to the Combined Federal/State Reporting Program (CFSFP) beginning with the filing of Forms 1099-B for tax year 2012. As detailed in IRS Announcement 2013-3, this change is an important revision to the IRS electronic file specifications which originally were issued … Read More

New rules for Roth account conversions in retirement plans

New rules for Roth account conversions in retirement plans

The new American Taxpayer Relief Act, signed by the President on January 2, includes a change for Roth individual retirement accounts in employer plans.  The Act provides that, effective for transfers made after December 31, 2012, in taxable years ending after December 31, 2012, a broader range of amounts in employer-sponsored tax-deferred retirement plans may … Read More

IRS Issues New Guidance on Trust and Estate Administration Costs Subject to the 2% Floor

IRS Issues New Guidance on Trust and Estate Administration Costs Subject to the 2% Floor

In light of the Supreme Court’s decision in Knight v. Com., the IRS has withdrawn previously issued proposed regs and, consistent with that decision, provided new guidance on which costs incurred by estates and non-grantor trusts are subject to the Code Sec. 67(a)’s 2% floor for miscellaneous itemized deductions. In accord with the Knight decision, … Read More