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OCTOBER  22, 2019
 
 
 
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In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.

There is no log in to access the database and new articles are added hourly.
 
 
 
 
Five years or so years ago, the Internal Revenue Service (“IRS”) provided its first, and until this week, only formal advice on the taxation of cryptocurrency transactions in Notice 2014-21. This guidance, while helpful in some respects, left many questions unanswered. Additionally, the last five years have brought significant market developments in the digital asset space giving rise to new tax questions not addressed in the previous IRS guidance.  More on IRS Updated Guidance for Cryptocurrencies Here>
 
 
 
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Recently, several of the presidential candidates and other prominent Democrats have suggested a number of different tax policy proposals, including wealth taxes, mark-to-market taxation, a VAT, additional taxes, increased income tax rates, and increased gift and estate taxes. Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) have proposed similar wealth taxes. The Sanders proposal imposes a wealth tax of between 1% and 8% on individuals with a net worth of at least $16 million for single individuals or $32 million for married filers. Warren would impose a 2% wealth tax on net worth between $50 million and $1 billion, and a 3% wealth tax on net worth greater than $1 billion.  More On Democratic Presidential Candidates Tax Proposals Here > 
 
 
 
As previously announced, the Illinois Department of Revenue has begun a new amnesty program, running October 1 through November 15, 2019. All taxes paid to the Illinois Department of Revenue for taxable periods ending after June 30, 2011, and prior to July 1, 2018, are eligible for amnesty with relief from penalties and interest. Unlike prior Illinois programs, taxpayers who do not participate in amnesty will not be subject to double interest or penalty charges on subsequent audit assessments for taxes that were eligible for amnesty. A link to the Illinois Department of Revenue forms for its amnesty program is attached here.
The Illinois Secretary of State also offers an amnesty program running from October 1 through November 15, 2019, for corporate franchise taxes related to periods ending after March 15, 2008, and on or before June 30, 2019.More On Illinois' Tax Amnesty Program Here>
 
 
 
If your company sponsors a 401(k) or 403(b) plan that allows participants to take hardship distributions, you probably had a conversation with your plan recordkeeper last year about changes to the rules on hardship distributions under those plans.  Your company may even have already adopted related plan amendments or approved related plan operation changes, and that action was likely based on proposed hardship distribution regulations that the Internal Revenue Service (IRS) issued late last year (as described in this December, 2018, blog post from my colleague Belinda Morgan.
Last week, the IRS issued final 401(k)/403(b) plan hardship distribution regulations, found here. More on Final Regulations on Hardship Distributions Here >
 
 
 
 
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