Posts tagged IRS.

On October 9, 2019, the Internal Revenue Service released the first new specific tax guidance regarding virtual currency since 2014 as part of its wider effort to educate taxpayers and enforce the tax laws in this rapidly changing area.  The new guidance, in the form of Revenue Ruling 2019-24 and a set of Frequently Asked Questions posted to its website, reiterates the Service’s position that virtual currency, including cryptocurrency such as Bitcoin, is property for federal income tax purposes.

The Internal Revenue Service has issued additional guidance regarding the qualified business income deduction under Code Section 199A in the form of a notice.  Notice 2019-07 contains a proposed revenue procedure that provides for a safe harbor, solely for purposes of Code Section 199A, under which certain rental real estate enterprises will be treated as a trade or business. For more information on this and other U.S. federal income tax issues, please contact Drew Griesser at 513-639-3909, Margaret Kubicki at 513-579-6913 or Mark Sims at 513-579-6966.

The IRS recently proposed new Regulations that, if finalized as written, will eliminate or severely affect, the ability to utilize valuation discounts on the transfer of an interest in a family-controlled entity, regardless of whether such entity operates an active or passive business.

In a June 25, 2012 revenue ruling, the IRS issued guidance as to whether dividends and dividend equivalents related to restricted stock and restricted stock units (RSUs) that qualify as performance-based compensation for purposes of Internal Revenue Code Section 162(m) must separately qualify as performance-based. 

Tags: IRS

Code Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code") precludes a tax deduction for remuneration paid to certain employees of publicly held companies in excess of $1,000,000.  On June 23, 2011 the IRS issued proposed regulations under Code Section 162(m) to clarify two provisions of existing treasury regulations. 

Jump to Page
Close