DECEMBER 20, 2018
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On Dec. 13, 2018, the Internal Revenue Service and the Treasury Department issued proposed regulations (the Proposed Regulations) that provide certain guidance and relief from the regulatory burden associated with Sections 1471 through 1474 of the Internal Revenue Code (IRC), commonly referred to as Foreign Account Tax Compliance Act (FATCA), as well as with respect to withholding under Chapter 3 of the IRC (Withholding of Tax on Nonresident Aliens and Foreign Corporations). The Proposed Regulations also provide guidance on the definition of an “investment entity,” modify certain due diligence requirements of withholding agents, and revise certain provisions relating to refunds and credits of amounts overwithheld. This GT Alert summarizes the provisions of the Proposed Regulations.   More on FACTA Rates Here>
ProskauerThe IRS recently issued Notice 2018-95 to provide transition relief to 403(b) plans that erroneously excluded part-time employees from eligibility to make elective deferrals when the employees should have been eligible to participate under the “once-in-always-in” requirement (“OIAI”). Under the OIAI requirement, once an employee is eligible to make elective deferrals, the employee may not be excluded from eligibility for making elective deferrals in any later year on the basis that the employee is a part-time employee.  More on 403(b) Plans Here> 
Just in time for the season most associated with gifting, the Treasury and the IRS released proposed regulations that will prevent the recapture of additional taxes on the increased basic exclusion amount (BEA) used for gifts made from 2018 through 2025. More on Clawback Rule Here
The beginning of 2018 saw new major tax legislation, commonly known as the Tax Cuts and Jobs Act (TCJA), which has had a significant effect on estate planning for many individuals. Over the past year, the opportunity provided by TCJA to transfer an unprecedented amount of wealth free of any federal gift, estate and generation-skipping transfer (GST) taxes has been brought into sharper focus. Given that most TCJA provisions related to estate planning "sunset" on January 1, 2026, now is an ideal time to revisit estate plans to ensure they make full use of this opportunity. More on Year-End Estate Planning  Here

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