Paley Rothman shares this library of resources with clients and friends of the firm to help them stay ahead of legal and business developments and trends. Here, you will find helpful tips and tools written by our attorneys.
The IRS updated the inflation-adjusted tax figures for 2014, increasing several federal gift tax annual exclusion amounts and the lifetime gift, estate and generation skipping tax exemption totals. Here are the specifics for each.
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On October 31, 2013 in Notice 2013-71 the IRS announced a modification to the “use or lose” rule for Health Flexible Spending Arrangements (Health FSAs). Health FSAs permit employers to reimburse employees for health care expenses, such as deductibles and co-pays. In general, these plans are funded by employees through salary reduction agreements.
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The Internal Revenue Code [IRC] allows taxpayers to take personal exemptions for themselves–and their dependents. In order to be legally eligible for an exemption, a dependent must be a “qualifying” child who meets the following criteria:
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On August 29, the IRS issued its much-anticipated guidance explaining the effect of the Supreme Court’s June 2013 decision in U.S. v Windsor on the application of the sections of the Internal Revenue Code that refer to a taxpayer’s marital status.
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As part of the IRS Fresh Start initiative to help employers obtain a “fresh start” with their tax obligations, the agency has outlined a new program for employers to create a “low cost” resolution to prior worker classification issues by voluntarily reclassifying their employees.
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