Tax Law News and Insights

After a change in IRS personnel and three years of relentless taxpayer complaints, the IRS made a welcome announcement last week. At the ABA Tax Section meeting, an IRS spokesperson confirmed that they will not finalize the 2019 proposed section 382 regulations that would have eliminated the ability to increase...

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Some might consider it a good problem to have: Saving too much  money for college. But if the money is held in a Section 529 college savings plan, there could be tax consequences to overfunding the account. THE TAX MAN GIVETH 529 plans are tax-advantaged accounts designed to help families save money...

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Legislative Lowdown Bipartisan Innovation Act: More Tax Talk. The conference committee to reconcile the House-passed America Creating Opportunities for Manufacturing, Pre-Eminence in Technology and Economic Strength Act (COMPETES, H.R.4521) and the Senate-passed U.S. Innovation and Competition Act (USICA, S.1260) will soon officially begin its work. First, the Senate must vote on...

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