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New rules require disclosure of foreign financial accounts and foreign assets: expats and inpats face severe penalties for failure to disclose offshore bank accounts by June 30

USA - June 28 2012 In the past three years, Congress, U.S. Department of Treasury, and Internal Revenue Service (“IRS”) have introduced new laws and regulations designed to cause U.S. persons to disclose interests in foreign accounts and foreign assets.

Supreme Court holds severance pay subject to FICA

USA - March 25 2014 The Supreme Court has ruled that severance pay is subject to the Social Security (FICA) withholding tax, dashing the hopes of many employers who had…

U.S. Supreme Court ruling affects benefits for same-gender spouses

USA - June 28 2013 Wednesday's decision by the U.S. Supreme Court in United States v. Windsor striking down the federal Defense of Marriage Act (DOMA) has many…

Jonathan D. Karelitz, Joy Sellstrom, Fredric S. Singerman

IRS moves to limit de-risking lump sum distributions

USA - July 13 2015 On July 9, 2015, the IRS announced that it intends to amend the required minimum distribution regulations under Section 401(a)(9) of the Internal…

IRS announces 2012 inflation-adjusted benefit limits

USA - October 20 2011 The Internal Revenue Service has announced cost-of-living adjustments applicable to dollar limitations for retirement plans and other benefits for 2012.

Benjamin J. Conley