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Special report: new guidance on retirement plan lifetime income options

Proskauer Rose LLP
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USA
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February 9 2012

The Treasury Department released guidance last week to encourage the use of annuity options in defined contribution and other retirement plans

UK-controlled foreign companies reform

Proskauer Rose LLP
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United Kingdom
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February 8 2012

The UK's controlled foreign companies rules are designed to ensure that certain UK-controlled companies cannot shelter their profits offshore, in low tax jurisdictions, thereby minimising the actual profits subject to UK tax

IRS issues Revenue Ruling 2011-28

Proskauer Rose LLP
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USA
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January 9 2012

On December 5, 2011, the IRS issued Revenue Ruling 2011-28, holding that a grantor's retention of the power, exercisable in a non-fiduciary capacity, to acquire a life insurance policy held in a trust by substituting other assets of equal value will not cause inclusion of the policy in the grantor's gross estate under IRC Section 2042, as long as certain guidelines are met

McGowen v. Comm’r, 2011 U.S. App. Lexis 18407 (10th Cir., Sept. 2, 2011)

Proskauer Rose LLP
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USA
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November 15 2011

The Tenth Circuit has affirmed a Tax Court decision finding that a taxpayer who borrowed against the cash value of an insurance policy must realize income under I.R.C. 72 when the policy was terminated by the carrier

Tax Court finds that life insurance proceeds were estate tax includible on account of decedent’s retained incidents of ownership, that annuities were estate tax includible, and that estate was liable for failure to file timely penalty Estate of Coaxum v

Proskauer Rose LLP
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USA
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August 5 2011

In Coaxum v. Commissioner, the Tax Court found that the decedent retained incidents of ownership in six life insurance policies, rendering their values includible in the gross estate, that the value of the annuities owned by the decedent was includible in the gross estate, and that the estate was liable for a failure to file timely penalty

IRS releases guidance on Form W-2 informational reporting requirement

Proskauer Rose LLP
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USA
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April 4 2011

On March 29, 2011, the Internal Revenue Service ("IRS") released Notice 2011-28, which provides guidance to employers on the requirement under the Affordable Care Act (the "Act") to report the cost of employer-sponsored health coverage on employees' annual Forms W-2

State tax issues under the Affordable Care Act

Proskauer Rose LLP
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USA
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February 14 2011

In general, coverage under a group health plan for an employee, spouse, and other "eligible tax dependents" is excludable from the employee's gross income for federal tax purposes

IRS defers application of nondiscrimination rules for insured group health plans

Proskauer Rose LLP
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USA
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December 23 2010

On December 22, 2010, the Internal Revenue Service ("IRS") released Notice 2011-1, which defers application of certain nondiscrimination requirements applicable to insured group health plans under the Affordable Care Act (the "Act"

IRS announces how exempt organizations can claim new health care tax credit

Proskauer Rose LLP
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USA
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September 7 2010

In our April 7, 2010 blog entry on the health care tax credit, we explained that the credit was designed to encourage small employers, including exempt organizations, to offer health insurance coverage for the first time or maintain the coverage they already have

Important IRS guidance on tax treatment of health coverage for children under age 27

Proskauer Rose LLP
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USA
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April 28 2010

On April 27, 2010, the Internal Revenue Service (the "IRS") issued Notice 2010-38 (the "Notice"), which provides important guidance regarding the tax treatment of employer-provided health coverage to employees' adult children

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Special report: new guidance on retirement plan lifetime income options

UK-controlled foreign companies reform

IRS issues Revenue Ruling 2011-28

McGowen v. Comm’r, 2011 U.S. App. Lexis 18407 (10th Cir., Sept. 2, 2011)

Tax Court finds that life insurance proceeds were estate tax includible on account of decedent’s retained incidents of ownership, that annuities were estate tax includible, and that estate was liable for failure to file timely penalty Estate of Coaxum v

IRS releases guidance on Form W-2 informational reporting requirement

State tax issues under the Affordable Care Act

IRS defers application of nondiscrimination rules for insured group health plans

IRS announces how exempt organizations can claim new health care tax credit

Important IRS guidance on tax treatment of health coverage for children under age 27

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