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The jury verdict in the St. David’s case and Revenue Ruling 2004-51 provide additional support and guidance for healthcare organizations that participate in 50/50 ancillary joint ventures.
By Annette Ahlers Esq, Todd Reinstein Esq
The Internal Revenue Service announced today those taxpayers who invested in an abusive tax shelter commonly known as "Son of Boss" will have until June 21 to accept an IRS settlement offer to resolve their tax issues and avoid litigation.
The focus by Congress, the Treasury Department, and the Internal Revenue Service on Corporate Tax Shelters has become intense. The types of transactions that may ultimately be considered corporate tax shelters are constantly changing. Thus, in addition to understanding what types of transactions may subject them to the tax shelter disclosure rules, companies need to know whether they are in compliance with disclosure, the registration obligations, and the list maintenance obligations.
On March 26, 2004, the Centers for Medicare & Medicaid Services ("CMS") issued the long-awaited Phase II regulations under the Stark Law. While subject to a comment period (comments are due by 5:00 p.m. on June 24, 2004), the regulations will take effect July 26, 2004. Phase I of the regulations was released on January 2, 2001 and covered only a portion of the Stark Law’s definitions and exceptions.
On April 20, 2004, the Labor Department issued the revised Fair Labor Standards Act final regulations governing overtime eligibility for certain "white-collar" employees. The revised federal regulations significantly change the tests utilized in determining whether an employee is entitled to overtime pay or exempt from the FLSA’s overtime requirements. The rules were published in the April 23, 2004 Federal Register and will take effect 120 days thereafter, on August 21, 2004. The final
Automatic enrollment of eligible employees in a 401(k) or 403(b) plan is attractive: it gives them a push toward participating in the plan and helps the plan meet Tax Code nondiscrimination tests. Uncertainty as to how far an employer could go with automatic enrollment design has deterred some employers, but new IRS guidance allows considerable flexibility and provides comfort for employers.
By L. Robert GuenthnerIII
On February 25, 2004, the Internal Revenue Service (the "Service") published in the Federal Register proposed regulations that, if adopted in their proposed form, will, on a prospective basis, resolve the ongoing questions of whether medical residents are subject to the provisions of the Federal Insurance Contributions Act ("FICA") and Federal Unemployment Tax Act ("FUTA"). If adopted, these regulations will apply FICA and FUTA to residents for services performed af
By Timothy Stanton, Sarah Millar
Employers are carefully evaluating what role the tax-advantaged "health savings accounts," or HSAs, created by the sweeping 2003 Medicare reform law could play in their health benefit programs, a task made somewhat easier by recent guidance on some potentially difficult issues.
By Joyce Meyer, Ann Kim
On March 24, 2004, the IRS issued proposed regulations under Code Section 411(d)(6)(B), which provide guidance on the conditions under which a retirement plan amendment may eliminate or reduce an early retirement benefit, a retirement-type subsidy, or an optional form of benefit.
By Annette Ahlers Esq, Todd Reinstein Esq
This article focuses on some of the often overlooked allocation opportunities and the hidden tax liabilities that are important to understand when a deal is being negotiated and priced. Many times, if these issues are not addressed prior to closing, the opportunities are lost.
By Annette Ahlers Esq, Kristin Jones Esq
Until recently, it was unclear whether a member of a consolidated group that realized cancellation of indebtedness ("COD") income that is excluded from gross income (either because the member is in a Title 11 proceeding ("the bankruptcy exception") or is insolvent ("the insolvency exception") would be required to reduce its separate tax attributes by the excluded COD income, including reduction of the tax basis of lower tier subsidiaries, or whether the attributes of the entire consolidated grou
Important new legislation that would significantly impact the real estate industry has been introduced in the Illinois General Assembly. Entitled the "Toxic and Pathogenic Mold Protection Act" (H.B. 4593), the proposed Act attempts to address the effects of indoor mold on human health as well as property interests. The provisions of the Act fall into two key areas: (1) establishment of various standards and guidelines; and (2) disclosure requirements for sellers, landlords, and tenants
By John Watson III
In early 2002, Congress passed the Brownfields Revitalization Act as a bipartisan compromise piece of legislation aimed at addressing at least some of the perceived ills embodied in the far reaching Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") or "Superfund" statute. At the heart of the Brownfields Revitalization Act lie expanded liability exemptions for categories of parties that might otherwise fall within the expansive net of liable "
The costs to remediate contaminated property can be substantial, and although over the years improved remediation technology and risk-based cleanup programs have resulted in more cost-effective cleanups, remediation costs can still approach millions of dollars. The Treasury Department and IRS recently issued two rulings clarifying the federal income tax treatment of environmental remediation costs.
As Corporations contemplate entering into corporate mergers or making acquisitions, a ready knowledge of the impact of Section 382 on the acquiring and/or the target company’s tax attributes will help the structuring and diligence processes proceed more smoothly.