The National Law Forum

The Blog of the The National Law Review

Tag Archives: Tax

IRS Identifies Certain Basket Derivatives as Reportable Transactions

On July 8, 2015, the Internal Revenue Service (the “IRS”) identified as reportable transactions certain derivative contracts that reference a basket of assets. The transactions identified by the IRS are referred to by the IRS as “basket option contracts” or “basket contracts.” In these transactions, a purchaser enters into a contract that is denominated as …

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IRS Announces Major Changes to its Determination Letter Program for Individually Designed Retirement Plans

Pink piggy bank with glasses standing on books next to a blackboard with retirement savings message. Sharp focus on the piggy bank with blackboard slightly blurred.

On July 21, 2015, the Internal Revenue Service (IRS) issued Announcement 2015-19 (the Announcement), which ends the five year remedial amendment cycles for individually designed plans effective January 1, 2017.  For remedial amendment cycles beginning after 2016, plan sponsors will no longer be able to apply for determination letters on their individually designed defined contribution …

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New IRS Guidance on 40% Excise Tax Previews Future Regulatory Complexity

tax man liftingwider

Although public opposition to the 40% excise tax on high-cost health care is rapidly growing, the IRS continued to develop a regulatory framework for administration of the excise tax through its issuance of Notice 2015-52 on July 30, 2015. Similar to the first notice on this topic, Notice 2015-52 merely identifies various administrative challenges without …

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How Does the King v. Burwell Decision Affect the Affordable Care Act?

Closeup of a doctor holding a tablet computer with a chalkboard screen with the words Affordable Care Act (Obamacare). Man is unrecognizable.

The Supreme Court handed the Obama administration a key victory, upholding the tax credits that allow many low-income Americans to purchase health care insurance in states where the federal government is running the insurance marketplace. These tax credits, available to Americans with household incomes between 100% and 400% of the federal poverty line, operate as a …

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Nonprofit Hospitals Face Additional Regulatory Burdens in Financial Assistance and Debt Collection

Roughly 60 percent of hospitals nationwide either have received or are seeking tax-exempt status under the United States Treasury Department (Treasury) and Internal Revenue Service (IRS) rules and regulations. With new final rules and regulations adopted by the Treasury and the IRS effective December 29, 2014, nonprofit hospitals (referred to in the Federal Register as …

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