Tax Law News and Insights

In How to avoid tax traps in life insurance, I mentioned that an employer-owned life insurance contract might not qualify for the usual exclusion from regular income tax because an "employer-owned life insurance contract" (a term that applied to much more than one would think) does not receive the exclusion unless...

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Getting divorced is hard to begin with, but can be even more difficult when tax debts are owed to the Internal Revenue Service arising from jointly filed income tax returns. Frequently, one spouse will allege that he or she is an "innocent spouse" and should not be held liable for...

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On October 9, 2019, the United States Treasury Department published proposed regulations that address the federal tax consequences of the expected phase-out of the London interbank offered rate (LIBOR) after 2021 and possible elimination of all interbank offered rates (IBORs). The intent of these regulations generally is to provide federal...

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