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Legal Alert: Plan Ahead for Gift and Estate Transfers of Family-Controlled Entities

The IRS recently proposed new Regulations that, if finalized as written, will eliminate or severely affect, the ability to utilize valuation discounts on the transfer of an interest in a family-controlled entity, regardless of whether such entity operates an active or passive business.

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IRS Rules on Treatment of Dividends Under Section 162(m)

In a June 25, 2012 revenue ruling, the IRS issued guidance as to whether dividends and dividend equivalents related to restricted stock and restricted stock units (RSUs) that qualify as performance-based compensation for purposes of Internal Revenue Code Section 162(m) must separately qualify as performance-based. 

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TAGS: IRS, Section 162(m)
CONTACT: Mark E. Sims

IRS Issues Proposed Regulations Under Code Section 162(m)

Code Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code") precludes a tax deduction for remuneration paid to certain employees of publicly held companies in excess of $1,000,000.  On June 23, 2011 the IRS issued proposed regulations under Code Section 162(m) to clarify two provisions of existing treasury regulations. 

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CONTACT: Mark E. Sims

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IRS Circular 230 Disclosure: Unless we have specifically stated to the contrary in writing, any discussion of federal tax issues or submissions in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the United States federal tax laws or (2) promoting, marketing, or recommending to anyone any transaction or matter addressed herein.