Business Insights, Research & Perspectives

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September 3, 2013

IRS Takes "Place of Celebration" Approach to Same Sex Marriages (article)

The Treasury Department and the IRS announced on August 29 that they will take a place of celebration approach to recognizing same-sex marriages following the U.S. Supreme Court's June 26 decision to strike down Section 3 of the Defense of Marriage Act (DOMA). Same-sex couples who are legally married in jurisdictions that recognize their marriages will be treated as married for federal tax purposes regardless of whether or not the jurisdiction of their residence recognizes same-sex marriage, a senior Treasury official told reporters during a news conference in Washington, D.C.

August 27, 2013

To File or Not to File an Amended Partnership Tax Return Subject to TEFRA Rules (article)

Partners who receive an amended Schedule K-1 from a TEFRA partnership should file Form 8082 as an attachment to their original or amended individual tax return, and file a copy of Form 8082 with the IRS Center where the partnership filed its Form 1065 or Form 1065X. 

August 26, 2013

FATCA Reporting for Payments to Non-Financial Foreign Entities (article)

The Foreign Account Tax Compliance Act ("FATCA") requires withholding agents to withhold 30% on applicable payments to certain foreign entities unless documentation and reporting requirements are met. 

August 22, 2013

Transfer Pricing Enforcement Continues to Evolve at the IRS (article)

As part of its continuing efforts to curb perceived abuses by U.S. multinationals that shift profits off-shore, the IRS has reorganized, realigned and reinforced its transfer pricing compliance practice. While the impetus for these changes may have been to increase compliance efforts against the multinationals, the IRS also is able to focus increased attention on middle-market companies with transfer pricing issues. As a result, middle-market companies should take the necessary precautions to ensure that their transfer pricing is reasonable and properly documented.

August 14, 2013

New LB&I Procedures Simplify Code Sec. 199 Claims Under Audit Involving Contract Manufacturing

The IRS's Large Business and International Division (LB&I) has issued new procedures to its examiners (LB&I-04-0713-006) regarding claims for the Code Sec. 199 domestic activities production deduction by parties to a contract manufacturing arrangement (CMA). The procedures allow the parties themselves to determine who will claim the deduction where both parties have some of indicia of ownership of the property being produced.

August 13, 2013

Final Regs Clarify Application of 50-Percent Deduction Limit for Meals to Multi-Party Arrangements (article)

The IRS has issued final regs to clarify who is subject to the 50-percent limit on meal expense deductions under Code Sec. 274 – the employer or employee leasing company, the employee, or a third-party client. The regs permit the parties to determine who is subject to the 50-percent limit. If there is no agreement, the 50-percent limit applies to the party who pays the expenses under a reimbursement arrangement.

August 13, 2013

IRS Modifies Guidance for Deferring Income on Gift Card Sales to Reflect Evolving Use (article)

The IRS has modified 2011 guidance allowing taxpayers that sell gift cards redeemable for goods or services by an unrelated entity to defer income on those sales. Rev. Proc. 2013-29 modifies Rev. Proc. 2011-18.

August 8, 2013

Obesity Deemed a Disease, says the AMA

In June, during its annual House of Delegates meeting, the American Medical Association adopted a policy recognizing obesity as “a disease requiring a range of medical interventions to advance obesity treatment and prevention”.  What implications this may have for the administration of employee benefit plans and employment practices, if any, will surely evolve over the months and years to come. 

August 8, 2013

Comparative Investment Chart for Retirement Plan Participants: A One-time Opportunity Looms

Last year, the Department of Labor’s rules requiring fee disclosures to qualified retirement plan participants went into effect (for background information about these disclosure requirements, please refer to the December 2011, July 2012,  and August 2012 editions of At Issue).  These rules are intended to provide plan participants with regular information about fees that are assessed against their investments. 

August 8, 2013

Repeal of Massachusetts Fair Share Contribution Requirement and Employer HIRD Reporting

On July 12, 2013, Massachusetts Governor Patrick signed a law (H3538) that repeals the so-called fair shared contribution requirement.  As background, the Commonwealth enacted a universal health care coverage law in 2006. This law provides for an individual mandate, as well as four employer mandates including the fair share contribution requirement, a health insurance disclosure obligation, the maintenance of a Section 125 cafeteria plan, and a free rider surcharge. 

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