Tax Alerts


New Charitable Contribution Limits for SALT Credits

Wednesday, July 31, 2019

  Final Rules Limit Charitable Contributions Made for State and Local Tax (SALT) Credits The IRS has issued final regulations that require taxpayers to reduce the amount of any charitable contribution deduction by the amount of any SALT credit they receive or expect to receive in return. The rules are aimed at preventing taxpayers from […]

New Regulations on GILTI Related Matters

Wednesday, July 31, 2019

  Final and Proposed Regulations on Global Intangible Low-Taxed Income (GILTI) Related Matters Final regulations address the GILTI provisions of Internal Revenue Code (IRC) Section 951A. The final regulations retain the basic approach and structure of the proposed regulations published in October 2018. The final regulations address open questions and comments received on the proposed […]

Employers Can Offer HRAs Integrated with Individual Coverage

Wednesday, July 31, 2019

  Employers Can Offer Health Reimbursement Arrangements (HRAs) Integrated with Individual Coverage Employers can now use HRAs to reimburse employees for the purchase individual insurance coverage, including coverage on an Affordable Care Act Exchange. In addition, the rules allow “excepted benefit HRAs,” which would not have to be integrated with any coverage. The rules generally […]

Final Regulations for CPEO Requirements

Wednesday, July 31, 2019

  Final regulations provide requirements that a person must satisfy to become and remain a certified professional employer organization (CPEO), as well as the CPEO’s federal employment tax liabilities and other obligations. CPEOs Some employers contract with PEOs to complete and file tax returns, pay and withhold employment taxes on wages paid to employees, or […]

Regulations Allow Truncated Social Security Numbers on W-2

Wednesday, July 31, 2019

  The IRS has issued final regulations that permit employers to voluntarily truncate Social Security Numbers (SSNs) on copies of Form W-2, Wage and Tax Statement, furnished to employees. An SSN may appear in the form of a Truncated Taxpayer Identification Number (TTIN), which replaces the first five digits of the SSN with Xs or […]