IRS Provides Simplified Method to Cure Late or Missed Portability Election

The Internal Revenue Service recently issued Rev. Proc. 2017-34 that provides a simplified method for certain estates to obtain an extension of time to make a “portability” election. The portability election, made by the executor of a decedent’s estate, enables the decedent to transfer the decedent’s unused exclusion amount (the “DSUE”) to the decedent’s surviving […]

Treasury Re-releases Proposed Regulations in Connection with New Partnership Audit Regime Set to Go into Effect January 1, 2018

On Tuesday, June 13, the U.S. Treasury Department and Internal Revenue Service released, for publication in the Federal Register, proposed regulations relating to the new centralized partnership audit regime that was enacted as part of the Bipartisan Budget Act of 2015.  The regulations, previously released in January, were subject to a regulatory freeze shortly thereafter […]

Department of Treasury Issues Notice 2017-38, Intends to Review Tax Regulations and Recommend Actions to Mitigate Burdens

Pursuant to Executive Order 13789, the U.S. Department of Treasury (“Treasury”) released Notice 2017-38 (the “Notice”), which contains an interim list of eight tax regulations that possibly impose an undue financial burden on U.S. taxpayers or add excessive complexity to the Federal tax laws. Background On April 21, 2017, President Trump signed Executive Order 13789 […]

President Trump Signs Executive Order Allowing Churches to Engage in More Political Activity

President Trump on Thursday signed an executive order to direct the Internal Revenue Service to relax enforcement of rules barring tax-exempt churches from participating in politics as part of a much-anticipated executive stance on religious liberties. Specifically, the order states “that the Department of the Treasury does not take any adverse action against any individual, […]

IRS Releases Examination Guidelines on Substantiation for 401(k) Hardship Distributions

Many 401(k) plans offer participants the opportunity to withdraw monies on account of hardship. Hardship is one of the exceptions to the requirement that a 401(k) plan be established for retirement and that funds in a 401(k) normally not be distributed until the employee separates from service or attains the retirement age under the plan. […]