Latest news, events, research and insights for Tax

Complying With the Patient-Centered Outcomes Research Fee
June 19, 2022

As part of the Patient Protection and Affordable Care Act of 2010, a new Patient-Centered Outcomes Research (PCOR) fee is imposed on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans. Read the full alert here.

The Severance Payments/FICA Taxation Saga Continues – IRS Petitions U.S. Supreme Court
June 7, 2022

The severance payments/FICA tax saga continues as the IRS petitions the U.S. Supreme Court—again. Read more here.

Marketplace Fairness Act Targets Online Sellers
May 16, 2022

The U.S. Senate has passed the Marketplace Fairness Act by a significant majority. Read more about its tax implications here.

Washington Report
May 10, 2022

Washington looks at taxes. Read more here.

FATCA Facts
April 30, 2022

The Foreign Account Tax Compliance Act (FATCA) was signed into law in March of 2010 and now applies to payments made on or after January 1, 2022.   The original target of the FATCA withholding tax was foreign banks with U.S. account holders.

The legislation’s drafting was so broad it captures payments to non-bank entities too.

Are you making payments to any non-U.S. payees?  Find out how to become compliant with these new rules. Learn more here.

Reporting Foreign Assets
April 22, 2022

The IRS has recently announced that it is obtaining information about U.S. taxpayers’ foreign financial accounts from non-U.S. banking institutions. Read the whole e-alert here.

Fiscal Year (FY) 2014 Budget Proposals
April 18, 2022

President Obama released a $3.77 trillion fiscal year (FY) 2014 federal budget on April 10, 2013, with a mix of individual and business tax proposals intended to raise revenue, reduce spending and encourage negotiations between the White House and the GOP on comprehensive tax reform. Read the full alert here.

Maryland’s Credit for Taxes Paid to Other States Applies to County Income Tax
April 11, 2022

Maryland will now apply credit for taxes paid to other states to county income tax. Read more here.

IRS National Office Says Certain OREO Costs Not Required to be Capitalized
April 2, 2022

The IRS National Office has reversed its position on aspects of OREO costs. Read the whole story here.

Unclaimed Property
March 18, 2022

Unclaimed property is a source of state revenue. Read more here.