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NOVEMBER  19, 2019
 
 
 
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Tax Legal News
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.

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The Internal Revenue Service (IRS) recently announced cost-of-living adjustments that affect limitations on qualified retirement plans and health plans. The increases take effect on January 1, 2020, and generally affect contribution limits, deferral limits, and income ranges and limitations.  Employee contribution limits (elective deferrals) for 401(k), 403(b), and most 457 plans will increase, along with the catch-up contribution limits for employees age 50 and over. The annual benefit limit for defined benefit plans and the contribution limit for defined contribution plans will increase slightly. More on IRS 2020 Benefit Plan Limits Here>
 
 
 
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While the IRS has been cracking down on syndicated conservation easements for over ten years, earlier this year Chuck Rettig, the Commissioner of the IRS, announced several campaign areas upon which the IRS would heighten focus in the coming year. Following through on this promise, on Nov. 12, 2019, the IRS announced a significant increase in enforcement actions for syndicated conservation easements in Issue Number IR-2019-182. More On IRS Enforcement Action Increases Here > 
 
 
 
On November 6, 2019, President Trump announced his intent to nominate Ms. Alina Ionescu Marshall and Mr. Christian N. Weiler to serve as Judges on the United States Tax Court (Tax Court). Mr. Travis Greaves was previously approved by the Senate Finance Committee to be a Tax Court Judge and is awaiting confirmation by the Senate. Judge Mark V. Holmes, who is currently a senior Judge on the Tax Court, was previously renominated by President Trump and is awaiting action by the Senate Finance Committee. For our prior coverage related to Mr. Greaves and Judge Holmes.  More OnTrump Nominations to Tax Court Here>
 
 
 
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 tax relief that minimizes the economic impact of the elimination of IBORs, including LIBOR.  More on IRS Proposed Regulations on LIBOR Phase-out  Here >
 
 
 
 
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