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5	<title> Tax, Wealth, and Risk Management Graduate Program Blog</title>
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230cursor:zoom-out;height:100vh;left:0;overflow:hidden;position:fixed;top:0;visibility:hidden;width:100%;z-index:100000}.wp-lightbox-overlay .wp-lightbox-close-button{align-items:center;cursor:pointer;display:flex;font-family:inherit;gap:8px;justify-content:center;line-height:1;min-height:40px;min-width:40px;padding:0 4px;position:absolute;right:calc(env(safe-area-inset-right) + 16px);top:calc(env(safe-area-inset-top) + 16px);z-index:5000000}.wp-lightbox-overlay .wp-lightbox-close-button:focus,.wp-lightbox-overlay .wp-lightbox-close-button:hover,.wp-lightbox-overlay .wp-lightbox-close-button:not(:hover):not(:active):not(.has-background){background:none;border:none}.wp-lightbox-overlay .wp-lightbox-close-button:has(.wp-lightbox-close-text:not([hidden])) .wp-lightbox-close-icon svg{height:1em;width:1em}.wp-lightbox-overlay .wp-lightbox-close-icon svg{display:block}.wp-lightbox-overlay .wp-lightbox-navigation-button-next,.wp-lightbox-overlay .wp-lightbox-navigation-button-prev{align-items:center;bottom:16px;cursor:pointer;display:flex;font-family:inherit;gap:4px;justify-content:center;line-height:1;min-height:40px;min-width:40px;padding:0 8px;position:absolute;z-index:2000002}.wp-lightbox-overlay .wp-lightbox-navigation-button-next[hidden],.wp-lightbox-overlay .wp-lightbox-navigation-button-prev[hidden]{display:none}@media (min-width:960px){.wp-lightbox-overlay .wp-lightbox-navigation-button-next,.wp-lightbox-overlay .wp-lightbox-navigation-button-prev{bottom:50%;transform:translateY(-50%)}}.wp-lightbox-overlay .wp-lightbox-navigation-button-next:focus,.wp-lightbox-overlay .wp-lightbox-navigation-button-next:hover,.wp-lightbox-overlay .wp-lightbox-navigation-button-next:not(:hover):not(:active):not(.has-background),.wp-lightbox-overlay .wp-lightbox-navigation-button-prev:focus,.wp-lightbox-overlay .wp-lightbox-navigation-button-prev:hover,.wp-lightbox-overlay .wp-lightbox-navigation-button-prev:not(:hover):not(:active):not(.has-background){background:none;border:none;padding:0 8px}.wp-lightbox-overlay .wp-lightbox-navigation-button-next:has(.wp-lightbox-navigation-text:not([hidden])) .wp-lightbox-navigation-icon svg,.wp-lightbox-overlay .wp-lightbox-navigation-button-prev:has(.wp-lightbox-navigation-text:not([hidden])) .wp-lightbox-navigation-icon svg{display:block;height:1.5em;width:1.5em}.wp-lightbox-overlay .wp-lightbox-navigation-button-prev{left:calc(env(safe-area-inset-left) + 16px)}.wp-lightbox-overlay .wp-lightbox-navigation-button-next{right:calc(env(safe-area-inset-right) + 16px)}.wp-lightbox-overlay .wp-lightbox-navigation-icon svg{vertical-align:middle}.wp-lightbox-overlay .lightbox-image-container{height:var(--wp--lightbox-container-height);left:50%;overflow:hidden;position:absolute;top:50%;transform:translate(-50%,-50%);transform-origin:top left;width:var(--wp--lightbox-container-width);z-index:2000001}.wp-lightbox-overlay .wp-block-image{align-items:center;box-sizing:border-box;display:flex;height:100%;justify-content:center;margin:0;position:relative;transform-origin:0 0;width:100%;z-index:3000000}.wp-lightbox-overlay .wp-block-image img{height:var(--wp--lightbox-image-height);min-height:var(--wp--lightbox-image-height);min-width:var(--wp--lightbox-image-width);width:var(--wp--lightbox-image-width)}.wp-lightbox-overlay .wp-block-image figcaption{display:none}.wp-lightbox-overlay button{background:none;border:none}.wp-lightbox-overlay .scrim{background-color:#fff;height:100%;opacity:.9;position:absolute;width:100%;z-index:2000000}.wp-lightbox-overlay.active{visibility:visible}@media not (prefers-reduced-motion){.wp-lightbox-overlay.active{animation:turn-on-visibility .25s both}.wp-lightbox-overlay.active img{animation:turn-on-visibility .35s both}.wp-lightbox-overlay.show-closing-animation:not(.active){animation:turn-off-visibility .35s both}.wp-lightbox-overlay.show-closing-animation:not(.active) img{animation:turn-off-visibility .25s both}.wp-lightbox-overlay.zoom.active{animation:none;opacity:1;visibility:visible}.wp-lightbox-overlay.zoom.active .lightbox-image-container{animation:lightbox-zoom-in .4s}.wp-lightbox-overlay.zoom.active .lightbox-image-container img{animation:none}.wp-lightbox-overlay.zoom.active .scrim{animation:turn-on-visibility .4s forwards}.wp-lightbox-overlay.zoom.show-closing-animation:not(.active){animation:none}.wp-lightbox-overlay.zoom.show-closing-animation:not(.active) .lightbox-image-container{animation:lightbox-zoom-out .4s}.wp-lightbox-overlay.zoom.show-closing-animation:not(.active) .lightbox-image-container img{animation:none}.wp-lightbox-overlay.zoom.show-closing-animation:not(.active) .scrim{animation:turn-off-visibility .4s forwards}}
230@keyframes show-content-image{0%{visibility:hidden}99%{visibility:hidden}to{visibility:visible}}@keyframes turn-on-visibility{0%{opacity:0}to{opacity:1}}@keyframes turn-off-visibility{0%{opacity:1;visibility:visible}99%{opacity:0;visibility:visible}to{opacity:0;visibility:hidden}}@keyframes lightbox-zoom-in{0%{transform:translate(calc((-100vw + var(--wp--lightbox-scrollbar-width))/2 + var(--wp--lightbox-initial-left-position)),calc(-50vh + var(--wp--lightbox-initial-top-position))) scale(var(--wp--lightbox-scale))}to{transform:translate(-50%,-50%) scale(1)}}@keyframes lightbox-zoom-out{0%{transform:translate(-50%,-50%) scale(1);visibility:visible}99%{visibility:visible}to{transform:translate(calc((-100vw + var(--wp--lightbox-scrollbar-width))/2 + var(--wp--lightbox-initial-left-position)),calc(-50vh + var(--wp--lightbox-initial-top-position))) scale(var(--wp--lightbox-scale));visibility:hidden}}
231/*# sourceURL=/wp-content/plugins/gutenberg-core/v24.1.0/build/styles/block-library/image/style.min.css */
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234ol,ul{box-sizing:border-box}:root :where(.wp-block-list.has-background){padding:var(--wp--style--block-background-padding,1.25em 2.375em)}
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236</style>
237<style id="wp-block-media-text-inline-css">
238.wp-block-media-text{box-sizing:border-box;direction:ltr;display:grid;grid-template-columns:50% 1fr;grid-template-rows:auto}.wp-block-media-text.has-media-on-the-right{grid-template-columns:1fr 50%}.wp-block-media-text.is-vertically-aligned-top>.wp-block-media-text__content,.wp-block-media-text.is-vertically-aligned-top>.wp-block-media-text__media{align-self:start}.wp-block-media-text.is-vertically-aligned-center>.wp-block-media-text__content,.wp-block-media-text.is-vertically-aligned-center>.wp-block-media-text__media,.wp-block-media-text>.wp-block-media-text__content,.wp-block-media-text>.wp-block-media-text__media{align-self:center}.wp-block-media-text.is-vertically-aligned-bottom>.wp-block-media-text__content,.wp-block-media-text.is-vertically-aligned-bottom>.wp-block-media-text__media{align-self:end}.wp-block-media-text>.wp-block-media-text__media{grid-column:1;grid-row:1;margin:0}.wp-block-media-text>.wp-block-media-text__content{direction:ltr;grid-column:2;grid-row:1;padding:0 8%;word-break:break-word}.wp-block-media-text.has-media-on-the-right>.wp-block-media-text__media{grid-column:2;grid-row:1}.wp-block-media-text.has-media-on-the-right>.wp-block-media-text__content{grid-column:1;grid-row:1}.wp-block-media-text__media a{display:block}.wp-block-media-text__media img,.wp-block-media-text__media video{height:auto;max-width:unset;vertical-align:middle;width:100%}.wp-block-media-text.is-image-fill>.wp-block-media-text__media{background-size:cover;height:100%;min-height:250px}.wp-block-media-text.is-image-fill>.wp-block-media-text__media>a{display:block;height:100%}.wp-block-media-text.is-image-fill>.wp-block-media-text__media img{border:0;clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px}.wp-block-media-text.is-image-fill-element>.wp-block-media-text__media{height:100%;min-height:250px;position:relative}.wp-block-media-text.is-image-fill-element>.wp-block-media-text__media>a{display:block;height:100%}.wp-block-media-text.is-image-fill-element>.wp-block-media-text__media img{height:100%;object-fit:cover;position:absolute;width:100%}@media (max-width:600px){.wp-block-media-text.is-stacked-on-mobile{grid-template-columns:100%!important}.wp-block-media-text.is-stacked-on-mobile>.wp-block-media-text__media{grid-column:1;grid-row:1}.wp-block-media-text.is-stacked-on-mobile>.wp-block-media-text__content{grid-column:1;grid-row:2}}
239/*# sourceURL=/wp-content/plugins/gutenberg-core/v24.1.0/build/styles/block-library/media-text/style.min.css */
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241<style id="wp-block-paragraph-inline-css">
242.is-small-text{font-size:.875em}.is-regular-text{font-size:1em}.is-large-text{font-size:2.25em}.is-larger-text{font-size:3em}.has-drop-cap:not(:focus):first-letter{float:left;font-size:8.4em;font-style:normal;font-weight:100;line-height:.68;margin:.05em .1em 0 0;text-transform:uppercase}body.rtl .has-drop-cap:not(:focus):first-letter{float:none;margin-left:.1em}p.has-drop-cap.has-background{overflow:hidden}:root :where(p.has-background){padding:var(--wp--style--block-background-padding,1.25em 2.375em)}:where(p.has-text-color:not(.has-link-color)) a{color:inherit}p.has-text-align-left[style*="writing-mode:vertical-lr"],p.has-text-align-right[style*="writing-mode:vertical-rl"]{rotate:180deg}
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245<style id="wp-block-library-inline-css-extra">
246.has-text-align-justify {
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253<style id="classic-theme-styles-inline-css">
254.wp-block-button__link{background-color:#32373c;border-radius:9999px;box-shadow:none;color:#fff;font-size:1.125em;
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258<style id="coblocks-inline-format-inline-css">
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376		<h1><a href="https://profwilliambyrnes.com/">Tax, Wealth, and Risk Management Graduate Program Blog</a></h1>
377		<h2>Professor William Byrnes (Texas A&amp;M University School of Law)</h2>
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700<div id="content">
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702		<div class="post-9457 post type-post status-publish format-standard sticky hentry category-uncategorized tag-business tag-economy tag-news tag-politics tag-technology" id="post-9457">
703			<h2><a href="https://profwilliambyrnes.com/2025/08/21/international-tax-transfer-pricing-certificates-or-ll-m-master-legal-studies-at-texas-am/" rel="bookmark">International Tax &amp; Transfer Pricing Certificates or LL.M. / Master Legal Studies at Texas&nbsp;A&amp;M</a></h2>
704			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on August 21, 2025</p>
705			<div class="entry">
706				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9457"></div><br/>
707<p class="wp-block-paragraph"><a href="https://www.law.tamu.edu/degrees-programs/certificates.html">International Tax &amp; Transfer Pricing (non-degree) Certificates</a> or <a href="https://www.law.tamu.edu/degrees-programs/llm-degree/international-tax.html">LL.M. (for law graduates)</a> / <a href="https://www.law.tamu.edu/degrees-programs/mls-degree/international-tax.html">Master Legal Studies (for accountants, economists, and financial professionals)</a> are designed for an in-depth study of tax risk management. Texas A&amp;M Law, as a public university, offers its graduate degree for a <a href="https://graduate.law.tamu.edu/financial-aid/">total tuition cost of $36,000</a>, making it the most corporate-reimbursement/budget/investment-return-friendly competitive program in the U.S. </p>
708
709
710
711<p class="wp-block-paragraph">Sample of Courses (see <a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">graduate programs catalog</a>)</p>
712
713
714
715<ul class="wp-block-list">
716<li>Transfer Pricing l &#8211; Methods, Econometrics, and Tangibles &#8211; <em>January start</em></li>
717
718
719
720<li>Transfer Pricing II &#8211; Services and Intangibles &#8211; <em>March start</em></li>
721
722
723
724<li>International Tax Risk Management I &#8211; Data, Analytics, and Technology</li>
725
726
727
728<li>International Taxation and Treaties I &#8211; residency issues &#8211; <em>August start</em></li>
729
730
731
732<li>International Taxation and Treaties II &#8211; source issues &#8211; <em>October start</em></li>
733
734
735
736<li>Inhouse Tax Counsel: Tax Systems and Risk Management &#8211; <em>Summer</em></li>
737
738
739
740<li>Domestic (Inbound) Tax Risk Management &#8211; <em>August start</em></li>
741
742
743
744<li>U.S. International Tax Risk Management &#8211; Data and Analytics &#8211; <em>Spring </em></li>
745
746
747
748<li>U.S. International Tax Risk Management &#8211; Law and Regulation &#8211; <em>Summer</em></li>
749
750
751
752<li>FATCA, CRS, and AEoI Risk Management &#8211;<em> Summer</em></li>
753
754
755
756<li>European Union Tax Risk Management &#8211; <em>March start</em></li>
757</ul>
758
759
760
761<p class="wp-block-paragraph"><strong><em>Example of Weekly Case Study</em></strong> for Domestic (Inbound) Tax Risk Management <strong>Week 1 (last week of August) </strong></p>
762
763
764
765<p class="wp-block-paragraph">A seven-week course case study, where you will serve as the new in-house international tax team, focused on its foreign operations, of Natmed Serland SA, one of the leading global FMCG Companies. The week before you must report to the office, your inhouse team has been provided Natmed&#8217;s operational briefing, department (functional) interviews briefing, and all relevant financials. Your team must come together before the first week and discuss Natmed because for your first week in the office, your team will hit the ground running. The Board of Directors has instructed the in-house tax department to brief the Operational Board weekly for one hour, over six weeks, on a specific tax risk topic area related to NatMed&#8217;s overall tax risk management and financial health. In the seventh week, at the annual Full Board meeting, your team has been granted an hour, hard-stop time slot on the agenda to provide its f
765inal tax risk management prognosis of Natmed Serland.&nbsp;</p>
766
767
768
769<p class="wp-block-paragraph">Your faculty case study facilitators consist of Pramod Kumar (International Tax Director, Michelin North America); Hafiz Choudhury (M Group Principal); Dr. Maji Rhee (Dean, Center for International Education; Professor, Faculty of International Research and Education, School of International Liberal Studies, Waseda University); and the course leader Professor William Byrnes.</p>
770
771
772
773<p class="wp-block-paragraph">For week 1, <strong>Pramod Kumar</strong>, our in-house tax director expert, will lead the week 1 and week 2 learning on tax risk management concerning our fictional Natmed Serland SA, one of the world’s largest natural-healthcare groups with revenues exceeding €1.28 billion and a legacy that stretches back more than a century, earns 95 percent of its turnover outside its small European home market. Natmed&#8217;s corporate managerial and tax department briefs, the corporate financials, and ancillary research information are posted in your Canvas classroom case study folder. Please review the weekly pre-recorded video lectures and podcasts as well.</p>
774
775
776
777<p class="wp-block-paragraph">During mid-August orientation week, U.S. trade officials announce an immediate 18 percent customs duty on imported herbal creams and toothpastes—core items within Natmed’s flagship “Natmed” and “Natca” ranges. Overnight, margins on American sales collapse. During mid-August Orientation week, the chief executive summons the in-house tax team. A lifeline has appeared: the founding family of GreenLeaf Botanicals LLC, a New Jersey contract manufacturer that already toll-produces half of Natmed’s leading balm for private-label chains, is willing to sell. For USD 640 million in cash, Natmed can acquire 100 percent of GreenLeaf, re-domesticating production and escaping the new tariff. Exclusivity on the offer, however, expires in ten calendar days. The tax department must determine whether the deal truly neutralizes the duty hit, estimate the combined U.S. effective tax rate under domestic tax rules, and craft the deal&#8217;s tax covenants before the board votes. </p>
778
779
780
781<p class="wp-block-paragraph">The chief executive officer and an operating officer (Professors Kumars and Byrnes), representing the executive team, will hold a Zoom Q&amp;A with a representative(s) of the tax department during week 1 on Monday and Thursday evenings for corporate brainstorming (and office hour Q&amp;A). </p>
782
783
784
785<p class="wp-block-paragraph">The executive leadership has entrusted the mandate to its in-house tax team with full autonomy—ask any questions, run any model, and decide based on the best information you can gather, submitting the report to the executive leadership before 8 pm Central time on Sunday of Week 1. The executive team will hold a Zoom presentation/Q&amp;A with a representative(s) of the tax department on Monday evening in week 2 to discuss the tax department&#8217;s recommendations.</p>
786
787
788
789<p class="wp-block-paragraph"><em><strong>Week 1 Analysis and deliverables</strong></em></p>
790
791
792
793<ul class="wp-block-list">
794<li>As the tax department, draft a one-page “Go / No-Go” executive memorandum that frames the deal’s upside, flags the unresolved risks, and proposes a tax covenant that the board could insist on before signing. This must be submitted to the board by 8 pm Central (Dallas) on Sunday of week 1.</li>
795
796
797
798<li>Prepare and deliver the tax department&#8217;s presentation to the executive board members&#8217; meeting via Zoom on Monday evening. A hard-copy presentation, such as a PPT, is NOT allowed. An agenda and any show-and-tell images, if helpful for understanding the recommendations, may be provided <em>if not clearly presented in the executive memorandum</em>.</li>
799
800
801
802<li>Meanwhile, William Byrnes will lead this week&#8217;s learning for U.S. international tax updates, such as the CFC&#8217;s Subpart F and NCTI regimes.  </li>
803
804
805
806<li><strong><em>Research Practicum</em></strong>: This week, William Byrnes will undertake a show-and-learn using the IBFD based on the case study.</li>
807</ul>
808
809
810
811<p class="wp-block-paragraph">Certificate and Degree candidates are exposed to (i) international tax laws, regulations, and policies in the international tax risk management field, (ii) technology and tax data management, and (iii) weekly practice case studies using Zoom and team groups.&nbsp;Individuals who complete the program will be able to synthesize scenarios, practice, and legal regulation in the international tax risk management field, providing analysis or judgments for consideration to organizational leadership with a nuanced perspective.</p>
812
813
814
815<p class="wp-block-paragraph">Courses are offered by asynchronous distance learning to provide a flexible schedule for working professionals. Interactive coursework includes case study assignments and regular interaction with classmates &amp; the faculty through twice-weekly Zoom meetings (recorded), pre-recorded videos, audio casts, discussion boards, and group breakout sessions.  For more information, contact Admissions: <a href="https://www.law.tamu.edu/admissions-aid/how-to-apply
815/index.html">https://www.law.tamu.edu/admissions-aid/how-to-apply/index.html</a>  </p>
816
817
818
819<p class="wp-block-paragraph"><strong>Most competitive tuition in the U.S.</strong> Texas A&amp;M Law, as a public university, offers its graduate degree for a <a href="https://graduate.law.tamu.edu/financial-aid/">total tuition cost of $36,000</a>, making it the most corporate-reimbursement/budget/investment-return-friendly competitive program in the U.S. </p>
820
821
822
823<p class="wp-block-paragraph"><strong>Top-ranked</strong>. Texas A&amp;M law school is <a href="https://taxprofblog.aals.org/2026/03/08/preview-of-the-2026-27-u-s-news-law-school-rankings-employment/">ranked #1</a> in the U.S. for <a href="https://taxprofblog.aals.org/2026/03/08/preview-of-the-2026-27-u-s-news-law-school-rankings-employment/">employment outcomes</a> (“gold standard” law jobs) for 2025 and 2026 &#8211; its sixth consecutive year ranked in the top 10 nationally. The law school is <a href="https://taxprof.typepad.com/taxprof_blog/2025/03/preview-of-the-2025-26-us-news-law-school-rankings-overall-ranking.html">ranked</a> in the <a href="https://www.usnews.com/best-graduate-schools/top-law-schools/texas-a-m-university-03179">first tier (#22 overall)</a>. The <a href="https://www.wsj.com/rankings/college-rankings/best-colleges-2025?gaa_at=eafs&amp;gaa_n=ASWzDAiUyLwD9nvX9mGawgPMavcefh0jp9JrsRVKjoQk5s5fNfiGMLjmBIeDC9JyJA%3D%3D&amp;gaa_ts=68a7800f&amp;gaa_sig=6ggKiPuI3QfWHV-PT-eOYLi1HXFnVWTeSnGBUQBAzx1tRC2Au4hGJlxJFdGvk8N6J54cnPdUVvlgsTULHMk3iw%3D%3D">Wall Street Journal</a>, focusing on career outcomes, ranks Texas A&amp;M <a href="https://www.wsj.com/rankings/college-rankings/best-colleges-2025">#12 of public universities</a> and #1 in Texas. In addition, Texas A&amp;M has surged to the No. 2 spot for most visible public universities and No. 8 among all U.S. institutions, according to <a href="https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Famericancaldwell.com%2Fguv-rankings&amp;data=05%7C02%7Clshenton%40tamu.edu%7Cbb6e0dd9fda6450fdcf008ddff7b4184%7C68f381e346da47b9ba576f322b8f0da1%7C1%7C0%7C638947627038104642%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=SIqcOc3SCa%2BV7FBW%2F4dLOvQtzpGOtdVvJi1XF4GKqHc%3D&amp;reserved=0">American Caldwell’s 2025–2026 Global University Visibility (GUV) Rankings</a>. <a href="https://www.usnews.com/education/best-colleges/the-short-list-college/articles/10-universities-with-the-biggest-endowments">Texas A&amp;M&#8217;s $20 billion (2025) foundation endowment is #2 for U.S. public universities</a>. Texas A&amp;M has the most CEOs (<a href="https://stories.tamu.edu/tag/fortune-500/" target="_blank" rel="noreferrer noopener">#1) of Fortune 500</a> and <a href="https://spirit.txamfoundation.com/spring-2020/did-you-know.aspx">Fortune 100</a> multinationals. Texas A&amp;M is among the top three largest U.S. public universities, with 80,000 students enrolled in undergraduate, graduate, and doctoral/postdoctoral programs.  Almost <a href="https://www.aggienetwork.com/">600,000 former Aggies</a> live worldwide and form a lifelong network across ages and academic disciplines, hosting many annual events and university-sports watch parties. </p>
824
825
826
827<p class="wp-block-paragraph"><strong>150-year old foundation</strong>. Texas A&amp;M system&#8217;s operating budget of $9.2 billion (<a href="https://news.tamus.edu/regents-approve-operating-budget-and-5-year-capital-plan/#:~:text=SAN%20ANTONIO%2C%20Texas%20%E2%80%94%20The%20Texas,for%20the%20next%20five%20years.">FY2027</a>), R&amp;D grants &amp; expenditure exceed <a href="https://news.tamus.edu/sharp-thanks-texas-legislature-for-historic-investments-in-education-research-and-service/#:~:text=About%20The%20Texas%20A&amp;M%20University,help%20drive%20the%20state's%20economy.">$1.5 billion</a>, and <a href="https://news.tamus.edu/stories/texas-am-system-board-of-regents-advance-major-investments-in-students-research-and-campus-infrastructure/">capital budget</a> of $6 billion includes the new<a href="https://fort-worth.tamus.edu/academics/"> billion-dollar Fort Worth integrated law-engineering-medical/public health, pharmacology, and multi-media five-building academic and research campus</a>! Texas A&amp;M is one of only 60 accredited universities of the Association of American Universities (R1: Doctoral Universities – Highe
827st Research Activity) and one of only 24 universities that hold the triple crown of universities: the U.S. statutory federal grants of Land, Sea, and Space.</p>
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831<p class="wp-block-paragraph"></p>
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910		<div class="post-9558 post type-post status-publish format-standard hentry category-uncategorized tag-ai tag-artificial-intelligence tag-business tag-chatgpt tag-tax-audit tag-technology" id="post-9558">
911			<h2><a href="https://profwilliambyrnes.com/2026/08/25/leveraging-artificial-intelligence-for-tax-authority-auditing-enforcement-and-detection-of-taxpayer-evasion/" rel="bookmark">Leveraging Artificial Intelligence for Tax Authority Auditing, Enfor
911cement, and Detection of Taxpayer&nbsp;Evasion</a></h2>
912			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on August 25, 2026</p>
913			<div class="entry">
914				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9558"></div><br/>
915<p class="wp-block-paragraph">Tuesday 25 August,  Workshop 1, 5:30 pm – 6:30 pm. Jesus College, Cambridge University (these are my lecture notes for today&#8217;s session, matching my slide deck).</p>
916
917
918
919<p class="wp-block-paragraph">Professor William Byrnes, Texas A&amp;M University School of Law; Co-author, Money Laundering, Asset Forfeiture and Recovery and Compliance: A Global Guide (Lexis); Co-author, FATCA &amp; CRS Compliance (Lexis)</p>
920
921
922
923<p class="wp-block-paragraph">Howdy!</p>
924
925
926
927<p class="wp-block-paragraph"><strong>Introduction: The Paradox and its Counter Paradox</strong></p>
928
929
930
931<p class="wp-block-paragraph">Tax authorities today face a paradox. We possess more information than any revenue administration in history—electronic returns, e-invoices, customs declarations, financial reports, property records, benef
931icial-ownership data, automatic exchanges of information, and digital-asset reporting. Yet the volume and complexity of that information exceed the practical capacity of human auditors to analyze it unaided.</p>
932
933
934
935<p class="wp-block-paragraph">Artificial intelligence addresses that mismatch. It can identify patterns across millions of records, prioritize cases, trace relationships among entities, detect transactions inconsistent with economic reality, and help auditors retrieve and summarize evidence. AI is therefore not merely an automation tool. It is a mechanism for converting data into enforcement capacity. Based on the research and analysis of my Texas A&amp;M colleague, Pramod Kumar, and me, we identify three principal drivers: <strong>(1) efficiency gains, (2) resource optimization, and (3) improved detection of fraud and evasion.</strong></p>
936
937
938
939<p class="wp-block-paragraph">But the same capability creates a second paradox. The more effective a tax authority becomes at observing, profiling, and predicting taxpayer conduct, the greater its responsibility to explain how state power is being exercised. A tax authority can be technically accurate and still act unlawfully. It can increase audit yield while producing discriminatory outcomes. It can place a human at the end of an automated process while giving that person no realistic ability to challenge the machine.</p>
940
941
942
943<p class="wp-block-paragraph">So the question for this class is not,&nbsp;<strong>“Should tax authorities use AI?”</strong>&nbsp;The evidence shows that they already do. The better question is:</p>
944
945
946
947<p class="wp-block-paragraph"><strong><em>How can a tax authority use AI to improve compliance while preserving legality, taxpayer rights, human judgment, and public trust?</em></strong><em></em></p>
948
949
950
951<p class="wp-block-paragraph">The OECD describes tax authorities as experienced public-sector users of AI, particularly in fraud detection, risk assessment, decision support, and taxpayer service. The IMF’s guidance for senior officials similarly treats AI adoption as an operational and governance decision requiring legal and ethical analysis, use-case assessment, strategy, and risk management.</p>
952
953
954
955<p class="wp-block-paragraph"><strong>Part I — What “AI” means in tax administration</strong></p>
956
957
958
959<p class="wp-block-paragraph">For today’s purposes, AI is a machine-based system that infers from its inputs how to generate predictions, recommendations, content, or decisions. In tax administration, that definition embraces a family of tools rather than a single technology: rules engines, supervised and unsupervised machine learning, natural-language processing, network analysis, computer vision, generative AI, and emerging agentic systems.</p>
960
961
962
963<p class="wp-block-paragraph"><strong>IA. Five Levels of Analytical Capability</strong></p>
964
965
966
967<p class="wp-block-paragraph">It is useful to distinguish five levels of analytical capability:</p>
968
969
970
971<ol class="wp-block-list">
972<li><strong>Rules-based automation</strong> applies an explicit test: for example, flag a refund above a threshold where required third-party documentation is missing.</li>
973
974
975
976<li><strong>Supervised learning</strong> studies previously labeled audits or fraud cases and predicts which new cases resemble productive historical cases.</li>
977
978
979
980<li><strong>Unsupervised learning</strong> searches unlabeled data for clusters, outliers, and relationships that officials did not specify in advance.</li>
981
982
983
984<li><strong>Generative AI</strong> summarizes, retrieves, translates, or drafts material from a controlled knowledge base.</li>
985
986
987
988<li><strong>Agentic AI</strong> can plan and execute multi-step tasks with greater autonomy—for example, gathering records, reconciling transactions, preparing an issue list, and routing the case for review. Greater autonomy must mean stronger authorization limits, logging, and intervention controls—not less oversight.</li>
989</ol>
990
991
992
993<p class="wp-block-paragraph"><strong>IB. The Distinct Tax Audit Steps: Selection, Investigation, and Decision</strong></p>
994
995
996
997<p class="wp-block-paragraph">A fundamental distinction is among <strong>selection</strong>, <strong>investigation</strong>, and <strong>decision</strong>. A model may select a return for review. It may then help an auditor gather or organize evidence. But the ultimate assessment, penalty, collection measure, or referral for prosecution remains a legal decision. We should resist designing one undifferentiated “AI enforcement system.” Each stage has different evidentiary standards, legal authority, and potential consequences.</p>
998
999
1000
1001<p class="wp-block-paragraph">With that vocabulary in place, let us follow an AI system from raw data to an enforcement outcome.</p>
1002
1003
1004
1005<p class="wp-block-paragraph">The following diagram illustrates the essential separation between lawful inputs, machine analysis, meaningful human judgment, proportional response, taxpayer recourse, and model monitoring.</p>
1006
1007
1008
1009<figure class="wp-block-image size-large is-resized"><a href="https://profwilliambyrnes.com/wp-content/uploads/2026/08/image.jpg"><img data-attachment-id="9559" data-permalink="https://profwilliambyrnes.com/2026/08/25/leveraging-artificial-intelligence-for-tax-authority-auditing-enforcement-and-detection-of-taxpayer-evasion/image-2/" data-orig-file="https://profwilliambyrnes.com/wp-content/uploads/2026/08/image.jpg" data-orig-size="935,624" data-comments-opened="1" data-image-title="image" data-image-description="" data-image-caption="" data-large-file="https://profwilliambyrnes.com/wp-content/uploads/2026/08/image.jpg?w=935" width="935" height="624" src="https://profwilliambyrnes.com/wp-content/uploads/2026/08/image.jpg?w=935" alt="" class="wp-image-9559" style="aspect-ratio:1.4975961538461537;width:623px;height:auto" srcset="https://profwilliambyrnes.com/wp-content/uploads/2026/08/image.jpg 935w, https://profwilliambyrnes.com/wp-content/uploads/2026/08/image.jpg?w=150 150w, https://profwilliambyrnes.com/wp-content/uploads/2026/08/image.jpg?w=300 300w, https://profwilliambyrnes.com/wp-content/uploads/2026/08/image.jpg?w=768 768w" sizes="(max-width: 935px) 100v
1009w, 935px" /></a></figure>
1010
1011
1012
1013<p class="wp-block-paragraph"><em>Figure 1: A responsible tax-AI lifecycle separates model-generated risk signals from human decisions, taxpayer safeguards, and continuous independent monitoring.</em><strong><br /></strong></p>
1014
1015
1016
1017<p class="wp-block-paragraph"><strong>Part II — The practical AI toolkit</strong></p>
1018
1019
1020
1021<p class="wp-block-paragraph"><strong>1. Risk scoring and predictive audit selection</strong></p>
1022
1023
1024
1025<p class="wp-block-paragraph">Eight years ago, my colleague here today, Dr. Dionysis Demetis, and I gave a similar workshop: tax auditing with big data and machine learning. Our main point in that workshop was to show the capabilities of big data analytics, as they existed in 2018, for risk scoring to allocate government resources.</p>
1026
1027
1028
1029<p class="wp-block-paragraph"><strong>Risk scoring asks</strong>:&nbsp;<strong><em>Which returns, transactions, or taxpayers merit scarce human attention?</em></strong>&nbsp;Inputs may include filing history, sector benchmarks, related-party dealings, customs activity, e-invoices, third-party reports, prior examinations, and payment behavior.</p>
1030
1031
1032
1033<p class="wp-block-paragraph">The output should not be “this taxpayer is guilty.” It should be a ranked lead accompanied by reason codes, confidence information, and the relevant discrepancies. A defensible model might say:&nbsp;<em>reported gross margin materially differs from comparable filers; purchases reported by counterparties exceed purchases claimed; and declared payroll is inconsistent with operational scale.</em>&nbsp;That is actionable intelligence. A bare score of “94” is not.</p>
1034
1035
1036
1037<p class="wp-block-paragraph"><strong>Case Use Example</strong>: The U.S. IRS supplies a useful current example. TIGTA reports that the IRS uses AI-related models for individual-return classification, corporate line-anomaly analysis, and large-partnership selection. The Line Anomaly Recommender estimates expected relationships among corporate-return line items and assigns risk based on deviations; the Large Partnership Compliance model identifies outliers across complex partnership filings. Importantly, outputs undergo human classification and expert review.</p>
1038
1039
1040
1041<p class="wp-block-paragraph">The lesson is not that AI should maximize assessments. It should reduce <strong><u>unproductive audits and unnecessary taxpayer burden</u></strong> while preserving representative or random audit programs needed to understand the compliance population. TIGTA found that the IRS had not yet established sufficient processes to demonstrate that some AI models outperformed prior methods in real-world conditions. It recommended incorporating feedback from examination outcomes, defining performance metrics, using ensemble methods where appropriate, and monitoring for model drift.</p>
1042
1043
1044
1045<p class="wp-block-paragraph"><strong>2. Anomaly detection and cross-database matching</strong></p>
1046
1047
1048
1049<p class="wp-block-paragraph"><strong>Anomaly detection asks a different question</strong>:&nbsp;<strong><em>What does not fit?</em></strong>&nbsp;An unsupervised model may compare a taxpayer with its own history, its industry, or economically similar entities. It may detect:</p>
1050
1051
1052
1053<ul class="wp-block-list">
1054<li>revenue growth without corresponding labor, inventory, or consumption changes;</li>
1055
1056
1057
1058<li>deductions that move independently of business activity;</li>
1059
1060
1061
1062<li>VAT purchases without corresponding seller declarations;</li>
1063
1064
1065
1066<li>a refund claim inconsistent with the taxpayer’s supply chain;</li>
1067
1068
1069
1070<li>property acquisitions inconsistent with reported income; or</li>
1071
1072
1073
1074<li>repeated changes in identity, address, director, or bank account associated with short-lived companies.</li>
1075</ul>
1076
1077
1078
1079<p class="wp-block-paragraph"><strong>Case Use Examples:</strong> Spain’s approach illustrates cross-database matching: property ownership, land-registry information, estate-agent records, and online rental advertisements can be compared with tax filings. The UK’s data environment similarly combines property, travel, border, vehicle, and rental information to i
1079dentify undeclared income or unexplained asset acquisition.</p>
1080
1081
1082
1083<p class="wp-block-paragraph">BUT caution is critical! This, Pramod Kumar and I argue, is a critical element of good AI tax audit governance: <strong>an inconsistency may reflect timing, classification, erroneous third-party data, or a lawful business explanation.</strong> </p>
1084
1085
1086
1087<p class="wp-block-paragraph"><strong>CAUTION</strong>: <strong><em>The AI system should preserve the underlying source and permit correction rather than convert mismatch into presumption</em></strong>. [Minority Report movie sci-fi reference. But sci-fi turned real life: UK Postmaster scandal that, to this day, accountability has not been upheld]</p>
1088
1089
1090
1091<p class="wp-block-paragraph"><strong>3. Network and graph analysis</strong></p>
1092
1093
1094
1095<p class="wp-block-paragraph">Many sophisticated schemes are not visible at the taxpayer level. They exist in the relationships among taxpayers.</p>
1096
1097
1098
1099<p class="wp-block-paragraph">Graph analysis represents taxpayers, companies, directors, addresses, bank accounts, invoices, customs declarations, and beneficial owners as nodes connected by transactions or affiliations. It can reveal circular invoice chains, repeated use of common contact information, rapidly changing shell entities, and clusters that move credits or losses without a plausible commercial pattern.</p>
1100
1101
1102
1103<p class="wp-block-paragraph"><strong>Case Use Example</strong>: This is especially valuable for&nbsp;<strong>VAT carousel fraud and false invoicing</strong>. A traditional audit might examine one invoice. But my colleague today Dr, Demetis was one of the very first experts in <strong>Graph and Relationship analysis</strong> which asks: (1) whether the invoice sits inside a circular or rapidly expanding network; (2) whether the supplier lacks employees, premises, or corresponding purchases; (3) whether the same bank account or address appears across nominally independent firms; and (4) whether value repeatedly returns to its origin.</p>
1104
1105
1106
1107<p class="wp-block-paragraph">If you saw our workshop in 2018 wherein Dr. Demetis presented his heat mapping exercise based on a substantial pool of the bank accounts for a EU member state, and movements among accounts, you’ll appreciate the mass data analytics capability of machine learning, but that it must be translated into something ‘usable’ by our human analytical abilities, such as visual representation via a graph and relationship analysis. &nbsp;</p>
1108
1109
1110
1111<p class="wp-block-paragraph"><strong>Case Use Example</strong>: China’s Golden Tax system uses data mining and anomaly detection across mandated e-invoice data to identify suspicious VAT refunds, shell companies, and illicit&nbsp;<em>fapiao</em>&nbsp;invoicing networks. Brazil’s electronic invoice and SPED bookkeeping environment similarly enables large-scale anomaly analysis, with human auditors validating findings before notices are issued.</p>
1112
1113
1114
1115<p class="wp-block-paragraph"><strong>4. Computer vision, images, and geospatial analysis</strong></p>
1116
1117
1118
1119<p class="wp-block-paragraph">AI can also analyze what is visible but not declared.</p>
1120
1121
1122
1123<p class="wp-block-paragraph"><strong>Case Use Study</strong>: Greece’s Independent Authority for Public Revenue has used satellite-image analysis, that we spoke about in our 2018 workshop, to identify potentially undeclared swimming pools and property improvements and compare them with declarations. Image recognition can similarly support property-tax mapping, construction monitoring, agricultural assessments, and customs inspection.<strong><br /></strong></p>
1124
1125
1126
1127<p class="wp-block-paragraph"><strong>CAUTION: Pramod Kumar and I caution in our forthcoming book: The legal and operational controls should be explicit</strong>. What imagery may be used? Is it public, acquired under statute, or purchased from a vendor? How recent and accurate is it? Can the model distinguish permanent improvements from temporary objects or visual artifacts? Before assessment, an official should verify the image, ownership, date, and governing tax rule.</p>
1128
1129
1130
1131<p class="wp-block-paragraph"><strong>5. Generative AI for auditors and taxpayers</strong></p>
1132
1133
1134
1135<p class="wp-block-paragraph">Generative AI is most defensible where it&nbsp;<strong>reduces cognitive burden without determining liability</strong>. A secure system can summarize contracts, extract clauses, compare a taxpayer submission against an information request, retrieve relevant guidance, draft a factual chronology, translate correspondence, or create a first draft of an examination memorandum.</p>
1136
1137
1138
1139<p class="wp-block-paragraph">For taxpayer service, virtual assistants can answer routine questions, route correspondence, explain filing obligations, and identify omissions before submission. These functions can improve c
1139ompliance because many errors arise from complexity rather than intent. Your materials emphasize chatbots and workflow support alongside enforcement; a reminder that AI should make lawful compliance easier, not merely make enforcement more powerful.</p>
1140
1141
1142
1143<p class="wp-block-paragraph">But a generative answer must not silently become official law. The system should use approved sources, display citations, distinguish authoritative law from guidance, preserve prompts and outputs where appropriate, protect return information, and require human approval for consequential communications.<strong><br /></strong></p>
1144
1145
1146
1147<p class="wp-block-paragraph"><strong>Part III — How AI exposes particular forms of tax evasion</strong></p>
1148
1149
1150
1151<ol class="wp-block-list">
1152<li><strong>VAT and refund fraud</strong></li>
1153</ol>
1154
1155
1156
1157<p class="wp-block-paragraph">AI can reconcile invoice-level seller and purchaser records; detect unusual refund ratios; trace circular trading; identify missing traders; and rank networks by expected fiscal exposure. China and Brazil demonstrate the value of e-invoice infrastructure, while India has applied transaction-network analysis to shell or “bogus” firms issuing false invoices.</p>
1158
1159
1160
1161<p class="wp-block-paragraph">The practical sequence should be:&nbsp;<strong>mismatch → network analysis → evidence retrieval → human verification → proportionate intervention.</strong>&nbsp;A prompt asking a taxpayer to correct a discrepancy may be appropriate before a full audit where the risk and likely harm are limited.</p>
1162
1163
1164
1165<ul class="wp-block-list">
1166<li><strong>Offshore noncompliance</strong></li>
1167</ul>
1168
1169
1170
1171<p class="wp-block-paragraph">Automatic exchange of information makes foreign account data available; AI can then match names and entities, identify non-filers, reconcile balances with declared income, and prioritize cases.&nbsp;Based on my research for my Lexis tax treatise called FATCA &amp; CRS Compliance, I reported here in my 2024 Cambridge lecture about the impact from 123 million financial accounts and EUR 12 trillion of assets shared within the referenced automatic exchange of information environment; and I described as a case study about Peru receiving information from 40 jurisdictions concerning 43,000 citizens and 57,000 foreign accounts.</p>
1172
1173
1174
1175<p class="wp-block-paragraph"><strong>CAUTION:</strong> Yet ownership matching is probabilistic. Transliteration, joint ownership, trusts, and duplicated names can produce false links. Entity-resolution confidence must therefore be reviewable before contact or assessment.</p>
1176
1177
1178
1179<ul class="wp-block-list">
1180<li><strong>Transfer pricing and complex groups</strong></li>
1181</ul>
1182
1183
1184
1185<p class="wp-block-paragraph">AI can compare related-party margins, customs values, country-by-country patterns, royalty flows, service charges, and year-to-year changes. Network tools can map legal ownership against functional and transaction flows. But officials should make the classroom distinction explicit:</p>
1186
1187
1188
1189<p class="wp-block-paragraph"><strong><em>A transfer-pricing anomaly is not itself evasion—and tax avoidance is not automatically fraud.</em></strong><em></em></p>
1190
1191
1192
1193<p class="wp-block-paragraph"><strong>AI identifies questions</strong>: persistent losses in a distributor, margins outside a defensible range, unexplained payments to low-tax affiliates, or trade values inconsistent with comparable goods. <strong><em>But it should not be relied upon for ‘judgment</em></strong>’<strong><em>.</em></strong> Human auditors must still apply the law, perform functional analysis, evaluate comparability, and distinguish error, dispute, avoidance, and intentional evasion. The source materials emphasize the scale and complexity of intercompany transfers and the value of specialized audit capacity rather than treating every adjustment as proof of misconduct.</p>
1194
1195
1196
1197<p class="wp-block-paragraph"><strong>Part IV — Comparative governance models</strong></p>
1198
1199
1200
1201<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><td><strong>Jurisdiction</strong></td><td><strong>Operational approach</strong></td><td><strong>Principal governance lesson</strong></td></tr></thead><tbody><tr><td><strong>European Union</strong></td><td>GDPR, administrative law, and the EU AI Act’s risk-based framework operate together.</td><td>GDPR Article 22 protects against solely automated legally significant decisions and provides safeguards including human intervention and contestability. Tax enforcement is not expressly listed in Annex III of the AI Act, so classification requires careful use-case analysis; nevertheless, its controls—data quality, logging, documentation, human oversight, accuracy, and cybersecurity—are a useful benchmark.</td></tr><tr><td><strong>United States</strong></td><td>AI supports classification and audit selection within a broader framework of return confidentiality, the Privacy Act, administrative law, appeals, and judicial review.</td><td>Oversight is predominantly institutional and ex post. TIGTA stresses outcome measurement and drift monitoring;
1201 GAO reported 126 active IRS AI use cases as of June 2025 but identified incomplete inventories, skills gaps, and lack of agency-wide investment management.</td></tr><tr><td><strong>United Kingdom</strong></td><td>HMRC Connect aggregates diverse data and generates intelligence for human officers; the jurisdiction favors sectoral and transparency-oriented governance.</td><td>Consequential outputs must remain explainable and contestable; publication of algorithmic transparency records offers a replicable accountability mechanism.</td></tr><tr><td><strong>India</strong></td><td>AI/ML-supported scrutiny selection draws on income, GST, high-value transaction, property, and securities data.</td><td>India relies more heavily on constitutional privacy, equality, natural justice, notification, assessment participation, and judicial review than on a GDPR-style statutory right against automated decisions.</td></tr><tr><td><strong>China</strong></td><td>Golden Tax uses e-invoice analytics, risk alerts, and cross-checking with customs, bank, and VAT data.</td><td>PIPL Article 24 emphasizes transparency, fairness, impartiality, explanation, and protections against unreasonable differential treatment, though oversight is more centralized and administrative.</td></tr><tr><td><strong>Brazil</strong></td><td>Receita Federal uses electronic invoice and SPED analytics while auditors validate findings.</td><td>LGPD Article 20 supplies review and explanation rights for decisions based solely on automated processing; the model combines advanced data use with contestability.</td></tr><tr><td><strong>Japan</strong></td><td>Data analytics and taxpayer-assistance tools operate under privacy law, administrative review, and largely soft-law AI guidance.</td><td>Executive responsibility, professional norms, and human validation can support accountability, but soft law should not substitute for clear remedies where consequences grow.</td></tr></tbody></table></figure>
1202
1203
1204
1205<p class="wp-block-paragraph">Two Dutch cases should shape every implementation discussion. In&nbsp;<strong>SyRI</strong>, a court rejected an opaque welfare-fraud risk system on privacy and human-rights grounds. In the childcare-benefits scandal, algorithmic profiling—including problematic use of nationality—contributed to wrongful treatment of thousands of families and prolonged difficulty obtaining human correction. These were not merely defective models; they were defective administrative systems in which suspicion hardened into adverse action and review failed.</p>
1206
1207
1208
1209<p class="wp-block-paragraph">I already mentioned the UK Postmaster scandal. The UK Postmaster scandal involved accounting software developed by Fujitsu corporation that turned out to be ‘buggy’ to say the least. In briefest summary, the system generated a consistent flow of false positives that local office postmasters were stealing. The UK government prosecuted over 900 postmasters for theft and fraud over a six-year period based on the software outputs, bankrupting most of these postmasters, imprisoning many; at least 13 postmaster suicides were attributed to these prosecutions. We only know now that the system was, as I politely call it, buggy, because of intense investigative journalism.     </p>
1210
1211
1212
1213<p class="wp-block-paragraph">U.S. academic research has focused on <strong><em>bias evidence</em></strong>, raising a related concern: an algorithm need not use race explicitly to create racial disparity. A comparative survey reports audit-rate disparities associated with models that emphasize certain low-income credits. The governance response is not to evaluate intent alone; it is to measure false-positive rates, audit burdens, no-change outcomes, and other effects across legally appropriate taxpayer segments, and only then investigate causal pathways.</p>
1214
1215
1216
1217<p class="wp-block-paragraph"><strong>Part V — A practical implementation blueprint</strong></p>
1218
1219
1220
1221<p class="wp-block-paragraph">So let me bring my address to a close, and then we can dive into the workshop discussion. Pramod Kumar and I recommend ten controls for any tax authority deploying consequential AI.</p>
1222
1223
1224
1225<ol class="wp-block-list">
1226<li><strong>Establish statutory and policy authority.</strong> Document the legal basis, purpose, permissible data, decision stage, retention period, and responsible official.</li>
1227
1228
1229
1230<li><strong>Maintain an enterprise AI inventory.</strong> Include internally developed, vendor-provided, sensitive, generative, and experimental systems. GAO’s IRS review demonstrates that incomplete inventory information prevents strategic oversight.gdpr-info+1</li>
1231
1232
1233
1234<li><strong>Conduct an algorithmic impact assessment.</strong> Evaluate privacy, equality, due process, security, accuracy, affected populations, alternatives, and remedies before deployment.</li>
1235
1236
1237
1238<li><strong>Use representative and legally permissible data.</strong> Document provenance, missingness, label quality, and proxy variables. More data are not always better data.</li>
1239
1240
1241
1242<li><strong>Define success before piloting.</strong> Measure additional productive leads, no-change audits, false positives, processing time, taxpayer burden, appeal reversals, and distributional effects—not gross assessments alone.</li>
1243
1244
1245
1246<li><strong>Require meaningful human review.</strong> The reviewer must understand the reasons, access underlying evidence, possess authority to override, and record the independent decision.</li>
1247
1248
1249
1250<li><strong>Provide explanation and correction.</strong> Protect sensitive anti-evasion parameters, but communicate the substantive discrepancy, data sources that may be challenged, and route to reconsideration.</li>
1251
1252
1253
1254<li><strong>Create model documentation and logs.</strong> Maintain model cards, versions, training periods, features, thresholds, reason codes, overrides, access records, vendor changes, and incident reports.</li>
1255
1256
1257
1258<li><strong>Monitor outcomes and drift.</strong> Compare model recommendations with completed audit results; test error rates and burden; retrain or suspend models when laws, taxpayer behavior, or data relationships change. TIGTA made precisely this feedback-and-measurement recommendation.tigta+1</li>
1259
1260
1261
1262<li><strong>Preserve institutional capability.</strong> Pair auditors, lawyers, data scientists, privacy officers, cybersecurity professionals, taxpayer-service experts, and appeals personnel. Procurement must not transfer practical control of public authority to an opaque vendor.</li>
1263</ol>
1264
1265
1266
1267<p class="wp-block-paragraph">Inevitably, the Ombudsman Office of a Tax Authority must have the authority and resources necessary to perform its role in the context of AI leveraging for audit. In the USA, we have the Taxpayer Advocate’s Office and TIGTA. But both would need a budget to be able to employ computer engineering technicians capable of ‘kicking the tires’ and challenging AI systems to determine annually whether it is doing what we want it to do, not doing what we do not want it to do, and whether appropriate governance and legal safeguards, like taxpayer rights, are being exercised.   </p>
1268
1269
1270
1271<p class="wp-block-paragraph"><strong><em>QUESTION: Who, by name or office, is accountable when the model is wrong—the model owner, data steward, auditor, vendor, chief information officer, or agency head?</em></strong><strong>&nbsp;If the organization cannot answer that question before deployment, it is not ready to deploy.</strong><strong><br /></strong></p>
1272
1273
1274
1275<p class="wp-block-paragraph"><strong>Part VI — The next frontier</strong></p>
1276
1277
1278
1279<p class="wp-block-paragraph">[Dionysis &#8211; this is your bailiwick so feel free to jump in] Generative and agentic systems will move beyond scoring into multi-stage case preparation. They may collect approved data, reconcile documents, identify issues, draft correspondence, schedule follow-up tasks, and learn from outcomes. That could greatly increase auditor capacity—but it also creates risks of hallucinated facts, unauthorized tool use, over-collection, automation bias, and actions taken before an official notices.</p>
1280
1281
1282
1283<p class="wp-block-paragraph"><strong><em>The appropriate architecture is </em>bounded autonomy</strong>: approved data only; role-based tool permissions; no autonomous assessment, penalty, seizure, disclosure, or referral; mandatory citations to source records; complete logs; confidence and exception reporting; and a readily available stop mechanism. The IMF, for example, treats AI strategy, use-case risk assessment, policy, and operational introduction as inseparable. </p>
1284
1285
1286
1287<p class="wp-block-paragraph">International coordination is also advancing. The U.N. Subcommittee on Tax Administration and Artificial Intelligence, established in October 2025, is preparing a practical guide covering fraud detection, risk assessment, taxpayer service, governance, data and gender bias, integrity, and confidentiality, with a draft due by October 2027 and a particular focus on developing countries. The OECD is examining AI across tax administration within its broader work on trustworthy government AI, while the IMF provides a use-case risk-assessment methodology for senior officials.</p>
1288
1289
1290
1291<p class="wp-block-paragraph">Finally, in our article Taxing the Intelligence Age published by Tax Notes, my colleague Prof. Pramod Kumar and I argued for a wider policy warning: AI policy can become fragmented when different levels of government pursue overlapping instruments without a common base, allocation rule, or coordinating mechanism. The administrative analog is clear—do not allow every audit division to procure its own model, use incompatible definitions, and create disconnected accountability regimes.<strong><br /></strong></p>
1292
1293
1294
1295<p class="wp-block-paragraph"><strong>Conclusion</strong></p>
1296
1297
1298
1299<p class="wp-block-paragraph">Artificial intelligence can help tax authorities see what was previously invisible: a hidden invoice network, an offshore account mismatch, an unexplained property improvement, an anomalous partnership structure, or a pattern distributed across millions of transactions.</p>
1300
1301
1302
1303<p class="wp-block-paragraph">But AI does not determine what the law means. It does not decide whether evidence is sufficient. It does not supply proportionality, judgment, compassion, or procedural fairness.</p>
1304
1305
1306
1307<p class="wp-block-paragraph">
1307The proper formula is therefore:</p>
1308
1309
1310
1311<p class="wp-block-paragraph"><strong><em>High-quality data, narrow lawful purpose, explainable analytics, meaningful human judgment, proportionate intervention, taxpayer recourse, and continuous accountability.</em></strong><em></em></p>
1312
1313
1314
1315<p class="wp-block-paragraph">The best AI-enabled tax authority will not be the one that generates the highest number of audit flags. It will be the one that identifies genuine noncompliance more accurately, reduces unnecessary burdens on compliant taxpayers, explains its actions, corrects its mistakes, and earns public confidence.</p>
1316
1317
1318
1319<p class="wp-block-paragraph">Our governance takeaway for today: <strong>AI should strengthen the rule of law, not become an alternative to it.</strong></p>
1320
1321
1322
1323<p class="wp-block-paragraph"><strong><u>Discussion questions for tax officials in workshop today</u></strong></p>
1324
1325
1326
1327<ol class="wp-block-list">
1328<li>Which compliance problem in your jurisdiction has sufficiently reliable data to justify an AI pilot?</li>
1329
1330
1331
1332<li>What should count as success: additional assessments, collections, fewer no-change audits, deterrence, or reduced taxpayer burden?</li>
1333
1334
1335
1336<li>At what point must a taxpayer be told that AI materially influenced the case?</li>
1337
1338
1339
1340<li>What explanation can be provided without disclosing parameters that would enable gaming?</li>
1341
1342
1343
1344<li>How will the authority test for indirect or proxy discrimination?</li>
1345
1346
1347
1348<li>Which actions must never be delegated to an autonomous system?</li>
1349
1350
1351
1352<li>Can the designated human reviewer genuinely reject the model—or will the reviewer merely rubber-stamp it?</li>
1353
1354
1355
1356<li>How should closed audits, appeals, and reversals feed back into model validation?</li>
1357
1358
1359
1360<li>What capability must remain in-house when a system is vendor-supplied?</li>
1361
1362
1363
1364<li>If an AI-supported action is wrong, who is accountable and what remedy will the taxpayer receive?</li>
1365</ol>
1366
1367
1368
1369<p class="wp-block-paragraph"></p>
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1448		<div class="post-9553 post type-post status-publish format-standard hentry category-uncategorized" id="post-9553">
1449			<h2><a href="https://profwilliambyrnes.com/2026/08/25/taxing-criminals-an-overlooked-weapon-in-the-fight-against-economic-crime/" rel="bookmark">Taxing Criminals: An Overlooked Weapon in the Fight Against Economic&nbsp;Crime</a></h2>
1450			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on August 25, 2026</p>
1451			<div class="entry">
1452				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9553"></div><br/>
1453<p class="wp-block-paragraph">Tuesday 25th August, Plenary Session 5: Taxing Criminals, Jesus College, Cambridge University</p>
1454
1455
1456
1457<p class="wp-block-paragraph"><em>Professor William Byrnes, Texas A&amp;M University School of Law</em><br /><em>Co-author, Money Laundering, Asset Forfeiture and Recovery and Compliance: A Global Guide</em></p>
1458
1459
1460
1461<p class="wp-block-paragraph">Howdy again! to the distinguished ministers, judges, prosecutors, revenue commissioners, bankers, compliance professionals, colleagues, and friends who each year traverse the globe to join together here at Jesus College, by Barry’s invitation.</p>
1462
1463
1464
1465<p class="wp-block-paragraph">It is an honor to participate in this symposium dedicated to a simple but profoundly important proposition: <strong>crime should not pay.</strong></p>
1466
1467
1468
1469<p class="wp-block-paragraph">That proposition is at the heart of asset recovery, forfeiture, anti-money laundering regulation, sanctions enforcement, and international cooperation.</p>
1470
1471
1472
1473<p class="wp-block-paragraph">
1473Yet today I would like to discuss a tool that often receives less attention than confiscation or criminal prosecution. I want to talk about <strong>taxation.</strong></p>
1474
1475
1476
1477<p class="wp-block-paragraph">The idea of taxing criminals sounds counterintuitive. Albeit not to former tax authority counsel on our panel today, like Caroline and James.</p>
1478
1479
1480
1481<p class="wp-block-paragraph">Why would governments seek tax revenue from drug traffickers, corrupt officials, organized crime groups, cybercriminals, fraudsters, sanctions evaders, or money launderers?</p>
1482
1483
1484
1485<p class="wp-block-paragraph">The answer is straightforward. Because criminals make money. And governments tax income. The fundamental principle is not that tax legitimizes crime. Rather, the principle is that <strong>illegal income is still income</strong>. Criminals should not enjoy better tax treatment than law-abiding citizens.</p>
1486
1487
1488
1489<p class="wp-block-paragraph">And throughout history, tax law has succeeded where other enforcement tools have failed.</p>
1490
1491
1492
1493<p class="wp-block-paragraph">We all know the most famous example. Al Capone evaded murder convictions, extortion charges, and racketeering allegations. Yet he ultimately went to prison for tax evasion. The lesson has echoed through nearly a century of enforcement practice. Sometimes the tax authority can establish financial wrongdoing when criminal investigators cannot establish the predicate offence beyond a reasonable doubt.</p>
1494
1495
1496
1497<p class="wp-block-paragraph">This principle remains relevant today.</p>
1498
1499
1500
1501<p class="wp-block-paragraph">In many cases involving corruption, cybercrime, human trafficking, narcotics trafficking, illegal gambling, sanctions evasion, or sophisticated money laundering networks, criminal prosecution may be delayed by jurisdictional disputes, evidentiary challenges, political interference, or international barriers.</p>
1502
1503
1504
1505<p class="wp-block-paragraph">Yet the financial footprint frequently remains visible.</p>
1506
1507
1508
1509<ul class="wp-block-list">
1510<li>Criminals may hide their identity.</li>
1511
1512
1513
1514<li>They may hide their assets.</li>
1515
1516
1517
1518<li>They may hide their transactions.</li>
1519</ul>
1520
1521
1522
1523<p class="wp-block-paragraph"><strong>But they cannot hide their wealth as easily.</strong></p>
1524
1525
1526
1527<p class="wp-block-paragraph">The tax system follows wealth. It follows expenditure. It follows unexplained increases in net worth. It follows luxury consumption. It follows discrepancies between declared income and observed economic reality.</p>
1528
1529
1530
1531<p class="wp-block-paragraph">Taxation therefore provides governments with a distinct enforcement advantage.</p>
1532
1533
1534
1535<p class="wp-block-paragraph">Indeed, it creates what I call a <strong>triple threat framework</strong>.</p>
1536
1537
1538
1539<ol class="wp-block-list">
1540<li><strong>First</strong>, tax authorities can assess previously undeclared income.</li>
1541
1542
1543
1544<li><strong>Second</strong>, tax authorities can impose penalties and interest that, in the US context of FBAR, for example, may total more than 100% of the underlying asset value.</li>
1545
1546
1547
1548<li><strong>Third</strong>, tax authorities can provide <strong>intelligence and evidence</strong> that supports broader criminal investigations.</li>
1549</ol>
1550
1551
1552
1553<p class="wp-block-paragraph">In effect, taxation becomes both a recovery mechanism and an investigative gateway.</p>
1554
1555
1556
1557<p class="wp-block-paragraph">However, we should not think of taxing criminals merely as an additional revenue source. Revenue recovery is welcome. But deterrence is the larger objective.</p>
1558
1559
1560
1561<p class="wp-block-paragraph">Organized crime functions as a commercial enterprise. Criminal organizations invest capital, assess risk, diversify activity, and seek return on investment. Their decision-making is fundamentally economic. If we want to change behavior, we must change economics.</p>
1562
1563
1564
1565<ul class="wp-block-list">
1566<li>When criminals face the prospect of confiscation alone, they may perceive a manageable risk.</li>
1567
1568
1569
1570<li>When they face imprisonment alone, they may perceive a manageable risk.</li>
1571
1572
1573
1574<li>But when they face imprisonment, confiscation, civil recovery, tax assessments, penalties, interest, and continuing financial scrutiny, the economic calculation changes dramatically.</li>
1575</ul>
1576
1577
1578
1579<p class="wp-block-paragraph">The expected return falls. The risk-adjusted reward collapses. The business model becomes less attractive. This is why coordination among government agencies matters.</p>
1580
1581
1582
1583<p class="wp-block-paragraph">Historically, many countries have maintained artificial boundaries between tax authorities, customs agencies, financial intelligence units, anti-corruption agencies, prosecutors, and police. Criminals do not respect those boundaries.</p>
1584
1585
1586
1587<p class="wp-block-paragraph">Why should governments?</p>
1588
1589
1590
1591<p class="wp-block-paragraph">The future belongs to integrated financial crime strategies.</p>
1592
1593
1594
1595<p class="wp-block-paragraph">Tax authorities possess extraordinary analytical capabilities. Revenue services often maintain the most comprehensive financial datasets available within government. Increasingly, they possess advanced data analytics, artificial intelligence systems, network analysis tools, and cross-border information-sharing mechanisms.</p>
1596
1597
1598
1599<p class="wp-block-paragraph">In many respects, tax administrations have become some of the most sophisticated financial intelligence organizations in the world. The challenge is not information. <strong><em>The challenge is integration.</em></strong></p>
1600
1601
1602
1603<ul class="wp-block-list">
1604<li>Revenue agencies see indicators.</li>
1605
1606
1607
1608<li>Banks see transactions.</li>
1609
1610
1611
1612<li>FIUs see suspicious reporting.</li>
1613
1614
1615
1616<li>Customs authorities see trade anomalies.</li>
1617
1618
1619
1620<li>Law enforcement sees criminal networks.</li>
1621</ul>
1622
1623
1624
1625<p class="wp-block-paragraph"><strong><em>Only by combining these perspectives do we see the full picture.</em></strong></p>
1626
1627
1628
1629<p class="wp-block-paragraph">This brings me to the role of the private sector.</p>
1630
1631
1632
1633<p class="wp-block-paragraph">Many of the leaders present today represent banks and other financial institutions. You are not merely reporters of suspicious transactions. You are strategic partners in protecting the integrity of the global financial system.</p>
1634
1635
1636
1637<ul class="wp-block-list">
1638<li>The same transactional information that supports anti-money laundering monitoring frequently supports tax enforcement.</li>
1639
1640
1641
1642<li>
1642The same beneficial ownership information that identifies money laundering risk frequently identifies tax evasion risk.</li>
1643
1644
1645
1646<li>The same analytical tools used to detect sanctions evasion frequently reveal concealed criminal profits.</li>
1647</ul>
1648
1649
1650
1651<p class="wp-block-paragraph">Financial institutions therefore <strong><em><u>stand at the intersection</u></em></strong> of tax compliance, AML compliance, fraud prevention, sanctions enforcement, and asset recovery.</p>
1652
1653
1654
1655<p class="wp-block-paragraph">The future requires breaking down silos not only within governments but also between governments and the private sector.</p>
1656
1657
1658
1659<p class="wp-block-paragraph">Technology now gives us opportunities that previous generations of investigators could scarcely imagine.</p>
1660
1661
1662
1663<ul class="wp-block-list">
1664<li>Artificial intelligence can identify behavioral anomalies across vast datasets.</li>
1665
1666
1667
1668<li>Blockchain analytics can trace cryptocurrency transactions that criminals once believed were anonymous.</li>
1669
1670
1671
1672<li>Network analysis can reveal beneficial ownership structures spread across multiple jurisdictions.</li>
1673
1674
1675
1676<li>Data matching can expose discrepancies between reported income and actual economic activity.</li>
1677</ul>
1678
1679
1680
1681<p class="wp-block-paragraph">BUT technology has increased criminal opportunity. Yet, technology has also increased governmental capability. The question is whether we will employ these tools collaboratively and intelligently.</p>
1682
1683
1684
1685<p class="wp-block-paragraph">There is, however, an important caution. In our enthusiasm to target criminal wealth, we must never lose sight of the rule of law.</p>
1686
1687
1688
1689<ul class="wp-block-list">
1690<li>Tax investigations should not become substitutes for due process.</li>
1691
1692
1693
1694<li>Asset recovery should not become punishment without adequate safeguards.</li>
1695
1696
1697
1698<li>Information sharing should not ignore privacy and legal protections.</li>
1699</ul>
1700
1701
1702
1703<p class="wp-block-paragraph">The rule of law is not an obstacle to effective enforcement. It is the source of its legitimacy.</p>
1704
1705
1706
1707<p class="wp-block-paragraph">History teaches us that governments may recover assets quickly through extraordinary powers, yet ultimately lose public trust if fairness is sacrificed.</p>
1708
1709
1710
1711<p class="wp-block-paragraph">The objective is not simply to seize assets. The objective is justice. And justice requires transparency, accountability, proportionality, and respect for legal rights.</p>
1712
1713
1714
1715<p class="wp-block-paragraph">As we consider the future, I suggest four priorities.</p>
1716
1717
1718
1719<ol class="wp-block-list">
1720<li>First, strengthen cooperation between tax authorities and criminal enforcement agencies.</li>
1721
1722
1723
1724<li>Second, expand analytical capabilities through advanced technology and data integration.</li>
1725
1726
1727
1728<li>Third, improve international information-sharing and mutual assistance.</li>
1729
1730
1731
1732<li>Fourth, ensure that all enforcement measures remain anchored firmly within the rule of law.</li>
1733</ol>
1734
1735
1736
1737<p class="wp-block-paragraph">If we accomplish those four objectives, taxation can become one of the most effective and underappreciated tools in the global fight against economic crime.</p>
1738
1739
1740
1741<p class="wp-block-paragraph">Let me conclude where I began. This symposium challenges us to move from rhetoric to results.</p>
1742
1743
1744
1745<p class="wp-block-paragraph">The criminal seeks profit. The state seeks justice. Between those two goals lies a financial battlefield.</p>
1746
1747
1748
1749<ul class="wp-block-list">
1750<li>Asset recovery is one weapon.</li>
1751
1752
1753
1754<li>Confiscation is another.</li>
1755
1756
1757
1758<li>Criminal prosecution is another.</li>
1759
1760
1761
1762<li>But taxation remains among the oldest, most flexible, and most effective tools available to governments.</li>
1763</ul>
1764
1765
1766
1767<p class="wp-block-paragraph">The lesson from Al Capone remains true today.</p>
1768
1769
1770
1771<ul class="wp-block-list">
1772<li>When criminals generate income, they create vulnerability.</li>
1773
1774
1775
1776<li>When they create wealth, they create exposure.</li>
1777
1778
1779
1780<li>And when governments follow the money intelligently, collaboratively, legally, and relentlessly, crime becomes less profitable.</li>
1781
1782
1783
1784<li>And when crime becomes less profitable, society becomes more secure.</li>
1785</ul>
1786
1787
1788
1789<p class="wp-block-paragraph">Thank you.</p>
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1869			<h2><a href="https://profwilliambyrnes.com/2026/08/24/do-auditors-contribute-to-the-failure-of-effective-and-efficient-asset-recovery/" rel="bookmark">Do Auditors Contribute to the Failure of Effective and Efficient Asset&nbsp;Recovery?</a></h2>
1870			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on August 24, 2026</p>
1871			<div class="entry">
1872				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9550"></div><br/>
1873<p class="wp-block-paragraph"><em>Professor William Byrnes, Texas A&amp;M University School of Law</em><br /><em>Co-author, Money Laundering, Asset Forfeiture and Recovery and Compliance: A Global Guide</em></p>
1874
1875
1876
1877<p class="wp-block-paragraph">Monday 24<sup>th</sup> August 2026 Plenary: Do auditors play a contributory role in facilitating the failure of effective and efficie
1877nt asset recovery? 15:15 Session 1: Identifying and understanding assets and their contextual parts: the main challenge in recoverability?&nbsp;</p>
1878
1879
1880
1881<p class="wp-block-paragraph">Howdy, distinguished colleagues of our annual Jesus College, Cambridge gathering. Today, I will address the important and <em>sometimes uncomfortable</em> question:</p>
1882
1883
1884
1885<p class="wp-block-paragraph"><strong>Do auditors play a contributory role in facilitating the failure of effective</strong> <strong>and efficient asset recovery?</strong></p>
1886
1887
1888
1889<p class="wp-block-paragraph">My response, from a United States perspective, and as a former accountancy department faculty member, is that the answer is “nuanced”.</p>
1890
1891
1892
1893<p class="wp-block-paragraph">Auditors are not the primary actors responsible for recovering assets. Yet, the quality of their work significantly influences whether assets are (1) identified, (2) valued, (3) preserved, and (4) ultimately recovered. When audits fall short, they can <em>unintentionally</em> contribute to asset-recovery failures.</p>
1894
1895
1896
1897<p class="wp-block-paragraph">Conversely, rigorous, <strong><em>professionally skeptical audits</em></strong> greatly enhance recoverability and reduce losses.</p>
1898
1899
1900
1901<p class="wp-block-paragraph">Recoverability assessments and impairment testing <em>demonstrate</em> that (a) identifying relevant assets, (b) estimating future cash flows, and (c) evaluating recoverability are complex tasks that require substantial judgment and accurate information.</p>
1902
1903
1904
1905<p class="wp-block-paragraph">To understand the auditor&#8217;s role, we must first understand what asset recovery means.</p>
1906
1907
1908
1909<p class="wp-block-paragraph">In the United States, asset recovery extends beyond recovering stolen funds or fraud proceeds. It includes: (1) the identification, (2) tracing, (3) valuation, (4) preservation, and (5) recovery of assets – in the context of: (a) bankruptcy proceedings, (b) fraud investigations, (c) corporate restructurings, (d) insolvencies, (e) regulatory enforcement actions, (f) financial reporting, and finally, (g) in the context of money laundering investigations regarding the proceeds of crimes and otherwise legitimate businesses, such as financial institutions.</p>
1910
1911
1912
1913<p class="wp-block-paragraph">Auditors occupy the unique position within this process. They are often the first <em>independent professionals</em> to comprehensively review a company&#8217;s financial condition. The auditors’ responsibilities include (1) evaluating internal controls, (2) assessing financial reporting risks, (3) examining asset valuations, and (4) identifying indicators of impairment or misstatement.</p>
1914
1915
1916
1917<p class="wp-block-paragraph">When auditors properly execute these responsibilities, they help detect (1) hidden risks, (2) overvalued assets, (3) related-party transactions, or (4) control weaknesses that threaten recoverability.</p>
1918
1919
1920
1921<p class="wp-block-paragraph">Recoverability assessments are specifically designed to determine whether assets can generate sufficient future economic benefits to justify their carrying values.</p>
1922
1923
1924
1925<p class="wp-block-paragraph">However, auditors can contribute to recoverability failures in several ways.</p>
1926
1927
1928
1929<p class="wp-block-paragraph"><strong><u>First</u></strong>, <strong><em>when I taught the basic audit course as a young lecturer in an accountancy department</em></strong>, I stressed that auditors should not <strong>place excessive reliance</strong> on management representations.</p>
1930
1931
1932
1933<p class="wp-block-paragraph">Asset recovery often depends on understanding the true nature and location of assets. Management may possess information that auditors cannot independently verify without considerable effort. If auditors fail to exercise sufficient professional skepticism, assets may be: (a) incorrectly classified, (b) concealed through complex corporate structures, or (c) valued using unrealistic assumptions.</p>
1934
1935
1936
1937<p class="wp-block-paragraph">Recoverability evaluations depend heavily on management estimates and forecasts, making independent challenges particularly important.</p>
1938
1939
1940
1941<p class="wp-block-paragraph"><strong><u>Second</u></strong>, auditors can underestimate the significance of contextual factors affecting asset value and recoverability. An asset&#8217;s recoverable value is rarely determined by its book value alone. Recoverability depends on market conditions, legal r
1941ights, competing claims, liquidity constraints, technological obsolescence, and future cash-generating ability. FASB accounting guidance emphasizes that assessing recoverability <strong><em>requires</em></strong> <strong>analyzing future cash flows and triggering events that may indicate impairment</strong>.</p>
1942
1943
1944
1945<p class="wp-block-paragraph"><strong><u>Third</u></strong>, auditors may be constrained by the scope of their engagement.</p>
1946
1947
1948
1949<p class="wp-block-paragraph">External auditors <strong><u>are not</u></strong> forensic investigators. Their objective is to provide reasonable assurance regarding financial statements, not to perform exhaustive asset-tracing exercises. As a result, sophisticated fraud schemes involving offshore structures, layered ownership arrangements, trusts, shell companies, cryptocurrency holdings, or cross-border transactions can remain undetected.</p>
1950
1951
1952
1953<p class="wp-block-paragraph">BUT when such assets later become the subject of recovery actions, investigators often discover that key warning signs were overlooked or insufficiently explored. However, I caution that it would be unfair to place primary blame on auditors. Many of the most significant barriers to asset recovery originate elsewhere.</p>
1954
1955
1956
1957<p class="wp-block-paragraph">Modern assets are becoming increasingly difficult to identify and understand. Traditionally, assets consisted of physical property, inventory, equipment, and financial accounts.</p>
1958
1959
1960
1961<p class="wp-block-paragraph">Today, organizations derive value from (a) intellectual property, (b) software, (c) algorithms, (d) digital platforms, (e) customer data, (f) cryptocurrencies, (g) tokenized assets, and (h) complex financial instruments.</p>
1962
1963
1964
1965<p class="wp-block-paragraph">The challenge is no longer simply finding an asset. It is understanding what the asset actually is, who controls it, what legal rights attach to it, and whether it possesses recoverable value.</p>
1966
1967
1968
1969<p class="wp-block-paragraph"><strong><em>This brings us to the critical issue of contextual factors.</em></strong></p>
1970
1971
1972
1973<p class="wp-block-paragraph">Assets rarely exist in isolation. <strong><u>Consider intellectual property</u>.</strong> Its recoverability depends on (a) enforceability, (b) licensing arrangements, (c) jurisdictional protections, (d) market demand, and (e) technological relevance. A patent worth hundreds of millions of dollars today may become virtually worthless tomorrow if a superior technology emerges.</p>
1974
1975
1976
1977<p class="wp-block-paragraph">Similarly, accounts receivable may appear valuable on a balance sheet, but their recoverability depends on (a) customer creditworthiness and (b) economic conditions. Guidance on revenue-cycle assets highlights how economic uncertainty can impair receivables, inventories, and contract assets, requiring significant judgment regarding future collectability and value.</p>
1978
1979
1980
1981<p class="wp-block-paragraph"><strong><u>Real estate presents another example</u></strong>. A property may have substantial appraised value, yet environmental liabilities, zoning restrictions, litigation risks, or illiquid market conditions can dramatically reduce recoverability. The same principle applies to distressed business assets whose value depends on future cash flows rather than historical cost. Recoverability testing under U.S. accounting standards specifically focuses on expected future cash generation rather than merely recorded amounts.</p>
1982
1983
1984
1985<p class="wp-block-paragraph">The challenge therefore extends beyond identification. Effective asset recovery requires a multidimensional understanding of value. Auditors, recovery professionals, attorneys, valuation experts, and regulators must all evaluate legal, operational, technological, financial, and market considerations simultaneously. Failure in any one of these areas can undermine recovery efforts.</p>
1986
1987
1988
1989<p class="wp-block-paragraph"><strong><u>From a U.S. governance perspective</u></strong>, the most effective approach is not to assign blame solely to auditors but to recognize that recoverability is a shared responsibility.</p>
1990
1991
1992
1993<p class="wp-block-paragraph">Auditors <strong><u>MUST</u></strong> strengthen (1) professional skepticism, (2) improve expertise in complex asset structures, (3) utilize advanced data analytics and especially AI, and (4) engage specialists when necessary.</p>
1994
1995
1996
1997<p class="wp-block-paragraph">
1997Organizations should maintain stronger internal controls and asset-tracking systems – <strong><em>and auditors should be professionally accountable for having tested such systems</em></strong>.</p>
1998
1999
2000
2001<p class="wp-block-paragraph">For their part, <strong><em>regulators should encourage transparency and disclosure practices</em></strong> that make assets easier to identify and evaluate.</p>
2002
2003
2004
2005<p class="wp-block-paragraph"><strong><u>In conclusion</u></strong>, auditors can indeed contribute to failures in effective and efficient asset recovery when they fail to challenge assumptions, overlook warning signs, or inadequately assess recoverability risks. However, they are only one part of a much broader ecosystem. The growing complexity of modern assets, combined with the need to understand their legal, economic, and operational context, creates challenges that extend well beyond traditional auditing.</p>
2006
2007
2008
2009<p class="wp-block-paragraph">Ultimately, successful asset recovery depends on two fundamental capabilities: accurately identifying assets and deeply understanding the contextual factors that determine their recoverable value. Auditors have an important role in that process, but achieving effective recovery requires coordinated efforts among management, auditors, regulators, investigators, legal professionals, and valuation specialists.</p>
2010
2011
2012
2013<p class="wp-block-paragraph">Thank you, and I look forward to joining you at the college bar tonight after the dinner speeches.</p>
2014<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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2087			
2088		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/uncategorized/" rel="category tag">Uncategorized</a> |    <a href="https://profwilliambyrnes.com/2026/08/24/do-auditors-contribute-to-the-failure-of-effective-and-efficient-asset-recovery/#respond">Leave a Comment &#187;</a></p>
2089		</div>
2090
2091	
2092		<div class="post-9542 post type-post status-publish format-standard hentry category-uncategorized tag-business tag-finance tag-financial-planning tag-retirement tag-wealth" id="post-9542">
2093			<h2><a href="https://profwilliambyrnes.com/2026/08/05/tax-facts-intelligence-july-30-aug-5/" rel="bookmark">Tax Facts Intelligence (July 30 &#8211; Aug&nbsp;5)</a></h2>
2094			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on August 5, 2026</p>
2095			<div class="entry">
2096				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9542"></div><br/>
2097<p class="wp-block-paragraph"><a href="https://www.thinkadvisor.com/tax-facts/">Weekly newsletter</a> of Prof. William Byrnes &amp; Robert Bloink of Texas A&amp;M Law&#8217;s wealth management program: full articles available on <a href="https://www.thinkadvisor.com/tax-facts/">ThinkAdvisor TaxFacts</a> (<a href="https://www.thinkadvisor.com/tax-facts/">https://www.thinkadvisor.com/tax-facts/</a>)</p>
2098
2099
2100
2101<p class="wp-block-paragraph">1. <strong>IRS Fixes 1035 Life Insurance Exchange Trap</strong>: IRC Section 1035 allows taxpayers to trade life insurance contracts and annuities for new contracts without creating an immediate taxable event. We discuss the new IRS regulations that provide clarity with respect to exchanges of life insurance contracts that qualify for nonrecognition treatment.</p>
2102
2103
2104
2105<p class="wp-block-paragraph">2. <strong>
2105IRS Announces 2027 Contribution Threshold for Premium Tax Credit Eligibility Purposes</strong>.</p>
2106
2107
2108
2109<p class="wp-block-paragraph">3. <strong>Trump Accounts Shine Spotlight on Kiddie Tax Rules</strong>. Now that Trump accounts have officially gone live, it&#8217;s important to understand the potential application of the so-called kiddie-tax when the beneficiary becomes entitled to withdraw Trump account funds or execute taxable Roth conversions.</p>
2110
2111
2112
2113<p class="wp-block-paragraph">4. Byrnes &amp; Bloink Debate: <strong>Should Congress deny tax benefits for retirement savings above $10 million</strong>?</p>
2114
2115
2116
2117<p class="wp-block-paragraph">5. <strong>DOL Clarifies How Mid-Day Commuting is Treated for FLSA Purposes</strong>.</p>
2118
2119
2120
2121<figure class="wp-block-image"><a href="https://www.thinkadvisor.com/tax-facts/"><img data-attachment-id="7987" data-permalink="https://profwilliambyrnes.com/2018/11/23/irs-provides-tax-inflation-adjustments-for-tax-year-2019/tax-facts-boosk-and-online-access/" data-orig-file="https://profwilliambyrnes.com/wp-content/uploads/2018/11/tax-facts-boosk-and-online-access.png" data-orig-size="633,282" data-comments-opened="1" data-image-title="Tax Facts Books and Online Access" data-image-description="" data-image-caption="" data-large-file="https://profwilliambyrnes.com/wp-content/uploads/2018/11/tax-facts-boosk-and-online-access.png?w=633" width="633" height="282" src="https://profwilliambyrnes.com/wp-content/uploads/2018/11/tax-facts-boosk-and-online-access.png" alt="" class="wp-image-7987" srcset="https://profwilliambyrnes.com/wp-content/uploads/2018/11/tax-facts-boosk-and-online-access.png 633w, https://profwilliambyrnes.com/wp-content/uploads/2018/11/tax-facts-boosk-and-online-access.png?w=150&amp;h=67 150w, https://profwilliambyrnes.com/wp-content/uploads/2018/11/tax-facts-boosk-and-online-access.png?w=300&amp;h=134 300w" sizes="(max-width: 633px) 100vw, 633px" /></a></figure>
2122
2123
2124
2125<p class="wp-block-paragraph"><strong>Tax Facts Intelligence</strong> sample of articles from July newsletters</p>
2126
2127
2128
2129<p class="wp-block-paragraph">1. <strong>IRS Raises Standard Mileage Rates for Remainder of 2026</strong>!</p>
2130
2131
2132
2133<p class="wp-block-paragraph">2. <strong>IRS Confirms QCD Code Y Optional in 2026</strong>. Code Y was introduced in 2025 to give taxpayers a method for reporting Qualified Charitable Distributions (QCDs) to the IRS and, thus, avoiding taxable distribution treatment upon failure to report QCDs.</p>
2134
2135
2136
2137<p class="wp-block-paragraph">3.<strong> SECURE Act 3.0: What Might Be Included</strong>? We report what Congress is bipartisan negotiating.</p>
2138
2139
2140
2141<p class="wp-block-paragraph">4.<strong> NLRB Stance on Non-Competes Flips Again</strong>. Most recently, the National Labor Relations Board (NLRB) Division of Advice issued a memorandum expressing the current General Counsel&#8217;s view on the use of post-employment non-compete agreements, flipping the script in favor of employers.</p>
2142
2143
2144
2145<p class="wp-block-paragraph">5. Debate: <strong>Should Congress be barred from trading in individual stocks? Or is disclosure enough?</strong></p>
2146
2147
2148
2149<ol class="wp-block-list">
2150<li><strong>Illinois Enacts First State-Level Digital Asset Tax</strong>. Illinois has created the nation’s first explicit tax on digital assets. Read the full newsletter and articles on&nbsp;<strong><a href="https://www.thinkadvisor.com/tax-facts">https://www.thinkadvisor.com/tax-facts</a></strong></li>
2151
2152
2153
2154<li><strong>Understanding the Interaction Between Unpaid FMLA Leave and Paid Time Off</strong>. Many employers wonder whether they may require employees to use any accrued paid time off (PTO) before accessing FMLA leave.</li>
2155
2156
2157
2158<li>I<strong>RS Announces Gift Tax Safe Harbor for Trump Account Contributions</strong>. Trump account contributions do not qualify for the annual gift tax exclusion (currently, $19,000).</li>
2159
2160
2161
2162<li><strong>Underappreciated Solo 401(k)s: A Game-Changer for the Self-Employed</strong>. There’s no question that the labor market has shifted in massive ways in the wake of the COVID-19 pandemic. By this point, many pre-pandemic common-law employees have no plans to return to more traditional employment settings, as they’ve found success in careers that operate entirely under their own control. Many self-employed and contract workers are at the point where they’re beginning to amass significant wealth and increasingly looking for ways to shelter larger portions of their income from taxation. Many of these so-called “gig” economy entrepreneurs have historically taken a DIY approach to their retirement income planning. In today’s market, fueled in part by President Trump’s executive orders that allow traditional retirement plans to invest in alternative assets, there is significant opportunity for advisors to introduce these entrepreneurs to the benefits of the solo 401(k).</li>
2163
2164
2165
2166<li><strong>Debate: Whether the current retirement plan startup tax credit is meaningful enough to encourage small business owners to adopt plans</strong>? William Byrnes argues yes, and Robert Bloink counters no. </li>
2167</ol>
2168
2169
2170
2171<p class="wp-block-paragraph">1.&nbsp;<strong>Self-Certification for SECURE Act 2.0 Hardship Withdrawal Expansions</strong>. The SECURE Act 2.0 significantly expanded the options for taking penalty-free withdrawals from tax-preferred retirement accounts. Read the&nbsp;<a href="https://www.thinkadvisor.com/tax-facts/news/">newsletter here</a>.</p>
2172
2173
2174
2175<p class="wp-block-paragraph">2.&nbsp;<strong>Federal Court Finds RSUs Exempt from “Regular Rate” for FLSA Overtime Purposes</strong>. A federal court in California ruled that Apple was correct in excluding restricted stock units (RSUs) when calculating overtime under the Fair Labor Standards Act (FLSA).</p>
2176
2177
2178
2179<p class="wp-block-paragraph">3.&nbsp;<strong>Tax Court Holds Staking Rewards Includable in Gross Income on Receipt</strong>. In the first opinion addressing the issue, the U.S. Tax Court held that cryptocurrency staking rewards must be included in gross income upon receipt.</p>
2180
2181
2182
2183<p class="wp-block-paragraph">4.&nbsp;<strong>Trump Accounts &#8211;
2183 A New Employee Benefit</strong>? As of July 4, 2026, Trump accounts are officially live. Parents, grandparents, and even employers can fund these kiddie IRAs. As the rules evolve, employers and advisors should pay close attention to opportunities to provide a valuable, potentially income-tax-deferred, employment benefit to help business clients attract and retain top talent as flexible and diverse benefit programs become more in demand. Full&nbsp;<a href="https://www.thinkadvisor.com/tax-facts/2026/07/06/trump-accounts---a-new-employee-benefit/">article is here</a>.</p>
2184
2185
2186
2187<p class="wp-block-paragraph">5.&nbsp;<strong>Debate about HSAs Healthcare Affordability</strong>? William Byrnes and Robert Bloink debate opposing political viewpoints about whether HSAs are the answer for making healthcare more affordable overall. The&nbsp;<a href="https://www.thinkadvisor.com/tax-facts/2026/07/06/hsas-healthcare-affordability/">full debate is here</a>.</p>
2188
2189
2190
2191<p class="wp-block-paragraph"></p>
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2265			
2266		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/uncategorized/" rel="category tag">Uncategorized</a> | Tagged: <a href="https://profwilliambyrnes.com/tag/business/" rel="tag">Business</a>, <a href="https://profwilliambyrnes.com/tag/finance/" rel="tag">Finance</a>, <a href="https://profwilliambyrnes.com/tag/financial-planning/" rel="tag">financial planning</a>, <a href="https://profwilliambyrnes.com/tag/retirement/" rel="tag">Retirement</a>, <a href="https://profwilliambyrnes.com/tag/wealth/" rel="tag">Wealth</a> |    <a href="https://profwilliambyrnes.com/2026/08/05/tax-facts-intelligence-july-30-aug-5/#respond">Leave a Comment &#187;</a></p>
2267		</div>
2268
2269	
2270		<div class="post-9532 post type-post status-publish format-standard hentry category-uncategorized category-wealth-management tag-alternative-asset-class tag-art tag-art-investment tag-finance tag-fine-art tag-inflation-hedge tag-investing" id="post-9532">
2271			<h2><a href="https://profwilliambyrnes.com/2026/07/07/is-art-an-alternative-investment-that-beats-inflation-what-reliable-data-shows-over-the-short-and-long-term/" rel="bookmark">Is Art an Alternative Investment that Beats Inflation? What Reliable Data Shows Over the Short and Long&nbsp;Term.</a></h2>
2272			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on July 7, 2026</p>
2273			<div class="entry">
2274				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9532"></div><br/>
2275<p class="wp-block-paragraph"><em>By Professor William Byrnes, Texas A&amp;M University School of Law, and founder of the Wealth Management graduate program. This is the first part of a multi-part series regarding art from the perspective of investment and taxation.</em></p>
2276
2277
2278
2279<p class="wp-block-paragraph">For generations, high-net-worth families have viewed art collections as something to personally admire and display for social or status reasons. But the value of art as a tangible, movable asset was not lost on them. A robust art collection represented family wealth that served as a stable asset buffer, such as the custody of gold bars (without the weight), and could be passed to grandchildren with estate tax mitigation through favorable valuation.</p>
2280
2281
2282
2283<p class="wp-block-paragraph">Over the past two decades, however, art has been increasingly viewed through a more sophisticated financial lens: as an alternative asset class that can complement a diversified investment portfolio.<a href="#_ftn1" id="_ftnref1">[1]</a> For example, an art-focused investment fund platform was established in 2001 that successfully launched eight art investment funds.<a href="#_ftn2" id="_ftnref2">[2]</a></p>
2284
2285
2286
2287<p class="wp-block-paragraph">This shift is not merely anecdotal. Family offices, wealth managers, private banks, and sophisticated investors now routinely include fine art and other collectibles (which, from a U.S. tax perspective, includes fine art) as a potential investment to mix with private equity, real estate, and venture capital strategies. These discussions are straightforward. Investors seek hard assets that may provide diversification benefits, are not necessarily correlated with public equity markets, and can preserve value during periods of inflation or market uncertainty. A Deloitte 2025 survey found that 40 percent of younger collectors (millennials and Gen Z) reported owning an art collection, and 98 percent consider these art holdings part of their overall wealth management strategy.</p>
2288
2289
2290
2291<p class="wp-block-paragraph">Yet investing in art differs fundamentally from investing in stocks, bonds, mutual funds, or real estate. Unlike publicly traded securities, art lacks standardized valuation pricing (e.g., financial ratios, EPS), transparent reporting (many sales are private or the buyer is anonymous), and liquid secondary markets (a role that auction houses, galleries, and art fairs vie for). This article surveys several reliable return-on-art financial studies that help investors considering art as an asset class understand both the opportunities and the unique risks. </p>
2292
2293
2294
2295<p class="wp-block-paragraph"><strong>Recent Market Sales Data</strong></p>
2296
2297
2298
2299<p class="wp-block-paragraph"><em>Fine Art Market Size</em></p>
2300
2301
2302
2303<p class="wp-block-paragraph">The premier fine art fair, Art Basel, and UBS co-publish the Art Market Report 2026, now in its tenth edition, authored by the fine art market specialist economist Dr. Clare McAndrew.<a href="#_ftn3" id="_ftnref3">[3]</a> After two years of market contraction, Dr. McAndrew’s data showed that total fine art sales rose four percent in 2025 to $59.6 billion, based on 41.5 million transactions.<a href="#_ftn4" id="_ftnref4">[4]</a> U.S. sales, she found, grew five percent to reach $26 billion, representing 44 percent of total global sales revenue. Yet, she cautions that the art market is subject to geopolitical tensions, tariff uncertainty, and economic volatility, which may suppress sellers&#8217; willingness to dispose of their valuable artworks or limit cross-border sales.<a href="#_ftn5" id="_ftnref5">[5]</a></p>
2304
2305
2306
2307<p class="wp-block-paragraph"><em>Personalized Experience for High-Value Goods</em></p>
2308
2309
2310
2311<p class="wp-block-paragraph">Online art sales revenue, which spiked to 25 percent during the COVID pandemic, has fallen to 15 percent of the market.<a href="#_ftn6" id="_ftnref6">[6]</a>
2311 Moreover, online sales for auction houses focus on the middle and lower price ranges, with almost two-thirds of sales generated by artworks priced at less than $50,000, representing the $5,000 to $50,000 range. While the modern economy transforms into digital business models, high-value goods, and high net wealth individuals purchasing them overwhelmingly close a sale 87 percent in person, after inspection and human interaction.<a href="#_ftn7" id="_ftnref7">[7]</a></p>
2312
2313
2314
2315<p class="wp-block-paragraph">Bank of America’s U.S. Art Market Report of 2026 reported that from 2023 through 2025, the substantial growth in auction volume of Sotheby’s, Christie’s, and Philips in New York is driven by artworks priced under $50,000, the lower end of the price spectrum, which comprised 61.3 percent of total lots sold.<a href="#_ftn8" id="_ftnref8">[8]</a> The BOA 2026 report found that the big three auction houses experienced a broad flight to quality in fine art sales of Modern, Post-War, and Impressionist artists, with other categories experiencing sharp price corrections.<a href="#_ftn9" id="_ftnref9">[9]</a></p>
2316
2317
2318
2319<p class="wp-block-paragraph"><strong>Historical Investment Return Data?</strong></p>
2320
2321
2322
2323<p class="wp-block-paragraph">Stanford Business School researchers, examining data from the auction database BASI (Blouin Art Sales Index) from 1972 until 2010, concluded that art, as an asset class, generated an average annual return of 6.5 percent (though the BASI reported 10 percent).<a href="#_ftn10" id="_ftnref10">[10]</a> These same economists computed a risk ratio, known as the Sharpe Ratio, based on 20,538 paintings repeatedly sold between 1972 and 2010, and determined that the Sharpe Ratio for art is 0.04, rather than the previously reported 0.24, compared with 0.30 for U.S. equities over the same period.<a href="#_ftn11" id="_ftnref11"><sup>[11]</sup></a></p>
2324
2325
2326
2327<p class="wp-block-paragraph">However, in 2010, Deloitte published a report based on several academic and institutional studies spanning 30 years, finding that art prices rose above inflation for other goods but were highly sensitive to economic slowdowns when demand dropped sharply.<a href="#_ftn12" id="_ftnref12">[12]</a> The Deloitte study looked back over 10 years and found that the compounded annual return for art was 4.15 percent versus only 0.5 percent for all equities (recall the 2008 financial crisis).<a href="#_ftn13" id="_ftnref13">[13]</a> A Morgan Stanley study concluded after the financial crisis that blue-chip fine art maintained returns during inflationary pressures.<a href="#_ftn14" id="_ftnref14">[14]</a></p>
2328
2329
2330
2331<p class="wp-block-paragraph">Two more academic studies found that art’s annual real return from 1951 to 2007 was 4 percent, noting that it beat bonds but trailed equities.<a href="#_ftn15" id="_ftnref15">[15]</a> An analysis of the financial sales data over 60 years (1957 – 2016) showed a 6.24 percent nominal return, similar to the Stanford study finding.<a href="#_ftn16" id="_ftnref16">[16]</a> From 2000 to 2025, the MM Continental Art Price Indices for the Americas, tracking auction sales of over 43,000 artworks by nearly 8,000 artists globally, using data from Sotheby’s, Christie’s and Phillips, found that art delivered a 4.4 percent CAGR.<a href="#_ftn17" id="_ftnref17"><sup>[17]</sup></a></p>
2332
2333
2334
2335<p class="wp-block-paragraph">Looking back over 50 years as a long-term investment holding, Deloitte’s 2025 report found that art’s cumulative annual return of 9.06 percent was comparable to equities&#8217; 9.56 percent. This Deloitte study, using the Mei Moses All Art Index, concluded that the 10-year look-back risk favored art, not equities, at 13.8 percent to 20 percent.<a href="#_ftn18" id="_ftnref18">[18]</a> However, over 50 years, the risk substantially converged until favoring equities, 17.8 percent to 17.2 percent. In 2024, Morgan Stanley began including art in its capital markets analysis and estimated that art would deliver 4.9 percent annual returns over seven- and 20-year horizons.<a href="#_ftn19" id="_ftnref19">[19]</a> &nbsp;&nbsp;</p>
2336
2337
2338
2339<p class="wp-block-paragraph"><strong>Is Art An Accepted Investment Asset?</strong></p>
2340
2341
2342
2343<p class="wp-block-paragraph">In its 2025 Art &amp; Finance Report, Deloitte, based on extensive annual surveying, found 76 percent of collectors support integrating art into wealth management offerings.<a href="#_ftn20" id="_ftnref20">[20]</a> 37 percent stated that they were collecting art for its own sake, driven by emotional, aesthetic, and cultural value, not with an investment outlook.<a href="#_ftn21" id="_ftnref21">[21]</a>
2343 Yet, when Deloitte factored in age, the firm found that 98 percent of younger collectors consider their art holdings as part of their overall wealth management strategy. Moreover, 40 percent of the younger collectors, millennials and Gen Z, reported owning an art collection, compared to only 17 percent of baby boomers and Generation X.</p>
2344
2345
2346
2347<p class="wp-block-paragraph"><strong>Why Are Investors Turning to Art?</strong></p>
2348
2349
2350
2351<p class="wp-block-paragraph">The appeal of art as an investment begins with scarcity. A publicly traded company can issue additional shares. Governments can issue additional debt. An established artist, however, can only create a finite body of work.</p>
2352
2353
2354
2355<p class="wp-block-paragraph">Scarcity, combined with growing global wealth and the interests of millennials/Gen Z, has assisted long-term value appreciation for many categories of art. High-net-worth individuals increasingly compete for works by established artists, while museums, corporations, and international collectors add additional demand.</p>
2356
2357
2358
2359<p class="wp-block-paragraph">Art also offers a psychological benefit that few financial assets can match. A share certificate or brokerage statement provides little emotional value. A painting displayed in a home, office, or building, can generate daily personal enjoyment, generate external social and wealth status, and simultaneously serve as a tangible investment. For many investors, that combination of personal enjoyment and potential value appreciation, or at least maintaining value in relation to inflation, creates a compelling proposition.</p>
2360
2361
2362
2363<p class="wp-block-paragraph"><strong>Opaque Valuation</strong></p>
2364
2365
2366
2367<p class="wp-block-paragraph">But artists, artworks, and art trends present opaque valuation challenges for investment forecasting. A substantial portion, 77 percent, of sales revenue for 2025 was derived from private collectors.<a href="#_ftn22" id="_ftnref22">[22]</a> When adding sales to art advisors and interior designers who act on behalf of private collectors, individuals account for 87 percent of fine art revenue. Many first-time collectors start off at lower price points through smaller galleries.<a href="#_ftn23" id="_ftnref23">[23]</a></p>
2368
2369
2370
2371<p class="wp-block-paragraph">Robust, transparent market data related to emerging artists or art trends is lacking. Time consuming substantial personal research, and reliance on curator expertise (without the legal fiduciary duties), is required if seeking to be first in on an art trend and identifying emerging artists that allow upside value growth. Determining value often requires appraisals, auction comparisons, gallery sales data, and inevitably, professional judgment.</p>
2372
2373
2374
2375<p class="wp-block-paragraph">Potential art collectors and investors read the anecdotal stories about paintings purchased for a few thousand dollars (e.g., at an estate sale, a secondhand store, or directly from an ‘unknown’ artist) that later sold for millions. It happens, and these stories attract headlines. But actual investors realize these are limited exceptions, like an angel-round investment in private equity that generates a 30x return on an earlier-than-expected exit.</p>
2376
2377
2378
2379<p class="wp-block-paragraph">Blue-chip artists whose works are regularly sold through major auction houses operate in a vastly different, data-available market than emerging artists selling through regional galleries or online platforms. Returns vary dramatically depending on timing (e.g., the adage that the death of a popular artist leads to wealthy family members with a remaining supply of finished works), the artist&#8217;s reputation as seen through a public lens, provenance, art trends, and broader economic conditions.</p>
2380
2381
2382
2383<p class="wp-block-paragraph">Inevitably, successfully earning returns for art investments requires extensive research. Yet this statement is just as true for any investment. But the data sought is different. Investors should investigate factors such as an artist&#8217;s exhibition history, gallery representation, collector base, museum exposure, auction results, and critical reception.</p>
2384
2385
2386
2387<p class="wp-block-paragraph">Also, before the purchase of a high-value artwork, an investor needs provenance diligence, which is like obtaining ‘clean title’ in real estate. The documented ownership history of a classic fine artwork is particularly important. Incomplete provenance records create legal r
2387isks of prior theft and expropriation. Moreover, the fine art market has struggled with forgeries and attribution disputes. Thus, artwork authentication is critical but adds to the transaction’s costs.</p>
2388
2389
2390
2391<p class="wp-block-paragraph"><strong>Diversification Benefits?</strong></p>
2392
2393
2394
2395<p class="wp-block-paragraph">One of the strongest arguments collectors and curators make for art ownership is tangible asset diversification, as previously discussed. Traditional portfolios are heavily influenced by stock and bond market performance. Art values are often driven by different factors, including collector demand, cultural trends, museum exhibitions, and artist recognition. Because these drivers differ from those affecting public securities, art may provide disjunctive portfolio diversification benefits.</p>
2396
2397
2398
2399<p class="wp-block-paragraph">However, investors should avoid viewing art as a substitute for a properly diversified investment portfolio. Art is probably best approached as a complementary asset within a holding of alternative assets. It is well known that financial advisors recommend alternative assets without liquid markets, which occupy only a modest percentage of an investor&#8217;s overall portfolio.</p>
2400
2401
2402
2403<p class="wp-block-paragraph"><strong>Liquidity, Transaction Costs, and Time Horizon</strong></p>
2404
2405
2406
2407<p class="wp-block-paragraph">The greatest challenge for art versus traditional public equities is liquidity. Art may require weeks, months, or even years to sell at an acceptable price. The liquidity challenge is not insurmountable. Selling closely held businesses, partnership interests, and collectibles also face this challenge. Finding a buyer often involves galleries, dealers, private brokers, auction houses, or collector networks, which may incur high transaction costs. Seller commissions, auction fees, insurance expenses, transportation costs, and storage fees can materially reduce the net return. Thus, art as an investment asset needs to be balanced with a longer time horizon for realization than many conventional investments.</p>
2408
2409
2410
2411<hr class="wp-block-separator has-alpha-channel-opacity" />
2412
2413
2414
2415<p class="wp-block-paragraph"><a href="#_ftnref1" id="_ftn1">[1]</a> Arthur Korteweg, Roman Kräussl, and Patrick Verwijmeren, Is Art a Good Investment? Insights (Stanford Business, October 21, 2013), available at <a href="https://www.gsb.stanford.edu/insights/research-art-good-investment" rel="nofollow">https://www.gsb.stanford.edu/insights/research-art-good-investment</a>.</p>
2416
2417
2418
2419<p class="wp-block-paragraph"><a href="#_ftnref2" id="_ftn2">[2]</a> <em>See </em>The Fine Art Group, Art Investment, at <a href="https://www.fineartgroup.com/services/art-investment" rel="nofollow">https://www.fineartgroup.com/services/art-investment</a>.</p>
2420
2421
2422
2423<p class="wp-block-paragraph"><a href="#_ftnref3" id="_ftn3">[3]</a> Dr. Clare McAndrew, The Art Basel and UBS Art Market Report 2026 by Arts Economics, at 19, 35 (Art Basel and UBS 2026), available at <a href="https://theartmarket.artbasel.com">https://theartmarket.artbasel.com</a>. Art Economics is exclusively focused on the fine and decorative art market for private and institutional clients.</p>
2424
2425
2426
2427<p class="wp-block-paragraph"><a href="#_ftnref4" id="_ftn4">[4]</a> See also Investing in Art: A Growing Asset Class, Insights (Citron Cooperman, Aug. 4, 2025).</p>
2428
2429
2430
2431<p class="wp-block-paragraph"><a href="#_ftnref5" id="_ftn5">[5]</a> Dr. Clare McAndrew, The Art Basel and UBS Art Market Report 2026 by Arts Economics, at 25, (Art Basel and UBS 2026), available at <a href="https://theartmarket.artbasel.com" rel="nofollow">https://theartmarket.artbasel.com</a>.</p>
2432
2433
2434
2435<p class="wp-block-paragraph"><a href="#_ftnref6" id="_ftn6">[6]</a> Dr. Clare McAndrew, The Art Basel and UBS Art Market Report 2026 by Arts Economics, at 30, (Art Basel and UBS 2026), available at <a href="https://theartmarket.artbasel.com" rel="nofollow">https://theartmarket.artbasel.com</a>.</p>
2436
2437
2438
2439<p class="wp-block-paragraph"><a href="#_ftnref7" id="_ftn7">[7]</a> How High–Net Worth Consumers Shop For Luxury Goods: New Research Shows Just 10% Do So Exclusively Online, Anna Perling, Forbes, Apr. 22, 2026, available at <a href="https://www.forbes.com/sites/forbes-personal-shopper/article/how-high-net-worth-consumers-shop-for-luxury-goods/" rel="nofollow">https://www.forbes.com/sites/forbes-personal-shopper/article/how-high-net-worth-consumers-shop-for-luxury-goods/</a>.</p>
2440
2441
2442
2443<p class="wp-block-paragraph"><a href="#_ftnref8" id="_ftn8">[8]</a> 2026 U.S. Art Market Report, Bank of America, in association with ArtTactic, at 17, <a href="https://www.privatebank.bankofamerica.com/content/dam/ust/articles/pdf/US-Art-Market-Report.pdf" rel="nofollow">https://www.privatebank.bankofamerica.com/content/dam/ust/articles/pdf/US-Art-Market-Report.pdf<
2443/a>.</p>
2444
2445
2446
2447<p class="wp-block-paragraph"><a href="#_ftnref9" id="_ftn9">[9]</a> 2026 U.S. Art Market Report, Bank of America, in association with ArtTactic, at 24, <a href="https://www.privatebank.bankofamerica.com/content/dam/ust/articles/pdf/US-Art-Market-Report.pdf" rel="nofollow">https://www.privatebank.bankofamerica.com/content/dam/ust/articles/pdf/US-Art-Market-Report.pdf</a>.</p>
2448
2449
2450
2451<p class="wp-block-paragraph"><a href="#_ftnref10" id="_ftn10">[10]</a> Arthur Korteweg, Roman Kräussl, and Patrick Verwijmeren, Is Art a Good Investment? Insights (Stanford Business, October 21, 2013), available at <a href="https://www.gsb.stanford.edu/insights/research-art-good-investment" rel="nofollow">https://www.gsb.stanford.edu/insights/research-art-good-investment</a>.</p>
2452
2453
2454
2455<p class="wp-block-paragraph"><a href="#_ftnref11" id="_ftn11">[11]</a> Arthur Korteweg, Roman Kräussl, and Patrick Verwijmeren, Is Art a Good Investment? Insights (Stanford Business, October 21, 2013), available at <a href="https://www.gsb.stanford.edu/insights/research-art-good-investment" rel="nofollow">https://www.gsb.stanford.edu/insights/research-art-good-investment</a>.</p>
2456
2457
2458
2459<p class="wp-block-paragraph"><a href="#_ftnref12" id="_ftn12">[12]</a> Why should art be considered an asset class? Adriano di Torcello, Deloitte Luxembourg (2010), available at <a href="https://www.deloitte.com/lu/en/services/consulting-financial/research/art-as-investment.html" rel="nofollow">https://www.deloitte.com/lu/en/services/consulting-financial/research/art-as-investment.html</a>.</p>
2460
2461
2462
2463<p class="wp-block-paragraph"><a href="#_ftnref13" id="_ftn13">[13]</a> Why should art be considered an asset class? Adriano di Torcello, Deloitte Luxembourg (2010), available at <a href="https://www.deloitte.com/lu/en/services/consulting-financial/research/art-as-investment.html" rel="nofollow">https://www.deloitte.com/lu/en/services/consulting-financial/research/art-as-investment.html</a>.</p>
2464
2465
2466
2467<p class="wp-block-paragraph"><a href="#_ftnref14" id="_ftn14">[14]</a> Reviewing Art as an Asset Class and Its Historical and Potential Returns, Global Investment Committee, March 27, 2025, available at <a href="https://advisor.morganstanley.com/the-davis-yost-group/documents/field/d/da/davis-yost-group/Research_Reviewing_Art_as_an_Asset_Class.pdf" rel="nofollow">https://advisor.morganstanley.com/the-davis-yost-group/documents/field/d/da/davis-yost-group/Research_Reviewing_Art_as_an_Asset_Class.pdf</a>.</p>
2468
2469
2470
2471<p class="wp-block-paragraph"><a href="#_ftnref15" id="_ftn15">[15]</a> Renneboog, L D R &amp; Spaenjers, C 2009, Buying Beauty: On Prices and Returns in the Art Market, Center Discussion Paper, vol. 2009-15, Finance, Tilburg, available at <a href="https://repository.tilburguniversity.edu/bitstreams/311df4f3-ec07-4d7d-8569-39965eafb044/download" rel="nofollow">https://repository.tilburguniversity.edu/bitstreams/311df4f3-ec07-4d7d-8569-39965eafb044/download</a>. <em>See also</em>, Rachel Campbell, Art as a Financial Investment, The Journal of Alternative Investments, Spring 2008, 10(4) 64 – 81, DOI: 10.3905/jai.2008.705533 (using the Mei Moses, acquired in 2016 by Sotheby&#8217;s, and Art Market Research art indices as the two most widely quoted indicators of art market performance).</p>
2472
2473
2474
2475<p class="wp-block-paragraph"><a href="#_ftnref16" id="_ftn16">[16]</a> Updated investment data analysis by Prof. Luc Renneboog, Investing in Art: Returns, Risks, and Market Dynamics Over Six Decades, May 22, 2025, <a href="https://financialforum.be/en/bfw-digitaal/investing-in-art-returns-risks-and-market-dynamics-over-six-decades">https://financialforum.be/en/bfw-digitaal/investing-in-art-returns-risks-and-market-dynamics-over-six-decades</a>. The dataset includes 2,874,652 auction records of paintings by 155,156 artists, with a median nominal price of $4,000.</p>
2476
2477
2478
2479<p class="wp-block-paragraph"><a href="#_ftnref17" id="_ftn17">[17]</a> Art &amp; Finance Report 2025, Deloitte 399 (2025).</p>
2480
2481
2482
2483<p class="wp-block-paragraph"><a href="#_ftnref18" id="_ftn18">[18]</a> <em>Also see</em>, Demystifying Art Indices, Morgan Stanley (Feb. 9, 2026), <a href="https://www.morganstanley.com/articles/art-market-indexes" rel="nofollow">https://www.morganstanley.com/articles/art-market-indexes</a>.</p>
2484
2485
2486
2487<p class="wp-block-paragraph"><a href="#_ftnref19" id="_ftn19">[19]</a> Reviewing Art as an Asset Class and Its Historical and Potential Returns, at 5, Global Investment Committee, March 27, 2025, available at <a href="https://advisor.morganstanley.com/the-davis-yost-group/documents/field/d/da/davis-yost-group/Research_Reviewing_Art_as_an_Asset_Class.pdf">https://advisor.morganstanley.com/the-davis-yost-group/documents/field/d/da/davis-yost-group/Research_Reviewing_Art_as_an_Asset_Class.pdf</a>.</p>
2488
2489
2490
2491<p class="wp-block-paragraph"><a href="#_ftnref20" id="_ftn20">[20]</a> Art &amp; Finance Report 2025, Deloitte 193 (2025), <a href="http://www2" rel="nofollow">http://www2</a> .deloitte.com/content/dam/Deloitte/lu/Documents/financial-services/artandfinance/lu-art-finance-report.pdf<
2491/p>
2492
2493
2494
2495<p class="wp-block-paragraph"><a href="#_ftnref21" id="_ftn21">[21]</a> Art &amp; Finance Report 2025, Deloitte 194 (2025), <a href="http://www2" rel="nofollow">http://www2</a> .deloitte.com/content/dam/Deloitte/lu/Documents/financial-services/artandfinance/lu-art-finance-report.pdf</p>
2496
2497
2498
2499<p class="wp-block-paragraph"><a href="#_ftnref22" id="_ftn22">[22]</a> Dr. Clare McAndrew, The Art Basel and UBS Art Market Report 2026 by Arts Economics, at 98, (Art Basel and UBS 2026), available at <a href="https://theartmarket.artbasel.com" rel="nofollow">https://theartmarket.artbasel.com</a>.</p>
2500
2501
2502
2503<p class="wp-block-paragraph"><a href="#_ftnref23" id="_ftn23">[23]</a> Dr. Clare McAndrew, The Art Basel and UBS Art Market Report 2026 by Arts Economics, at 94, (Art Basel and UBS 2026), available at <a href="https://theartmarket.artbasel.com" rel="nofollow">https://theartmarket.artbasel.com</a>.</p>
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2582		<div class="post-9496 post type-post status-publish format-standard hentry category-uncategorized tag-donald-trump tag-economy tag-politics tag-tariffs tag-trump" id="post-9496">
2583			<h2><a href="https://profwilliambyrnes.com/2026/02/20/supreme-court-nulls-the-trump-tariffs/" rel="bookmark">Supreme Court Nulls the Trump&nbsp;Tariffs</a></h2>
2584			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on February 20, 2026</p>
2585			<div class="entry">
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2587<figure class="wp-block-image size-large"><a href="https://profwilliambyrnes.com/wp-content/uploads/2026/02/pramod-william.jpeg"><img data-attachment-id="9497" data-permalink="https://profwilliambyrnes.com/2026/02/20/supreme-court-nulls-the-trump-tariffs/pramod-william/" data-orig-file="https://profwilliambyrnes.com/wp-content/uploads/2026/02/pramod-william.jpeg" data-orig-size="456,324" data-comments-opened="1" data-image-meta="{&quot;orientation&quot;:&quot;1&quot;}" data-image-title="Pramod William" data-image-description="" data-image-caption="" data-large-file="https://profwilliambyrnes.com/wp-content/uploads/2026/02/pramod-william.jpeg?w=456" width="456" height="324" src="https://profwilliambyrnes.com/wp-content/uploads/2026/02/pramod-william.jpeg?w=456" alt="" class="wp-image-9497" srcset="https://profwilliambyrnes.com/wp-content/uploads/2026/02/pramod-william.jpeg 456w, https://profwilliambyrnes.com/wp-content/uploads/2026/02/pramod-william.jpeg?w=150 150w, https://profwilliambyrnes.com/wp-content/uploads/2026/02/pramod-william.jpeg?w=300 300w" sizes="(max-width: 456px) 100v
2587w, 456px" /></a></figure>
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2591<p class="wp-block-paragraph">On February 20, 2026, the U.S. Supreme Court in <a href="https://www.supremecourt.gov/opinions/25pdf/24-1287_4gcj.pdf">Learning Resources, Inc. v. Trump</a><a href="#_ftn1" id="_ftnref1">[1]</a> (avaialble on Lexis <a href="https://plus.lexis.com/api/permalink/1853872c-8bec-40c1-99f5-982697ead9b2/?context=1530671">here</a>) provided its 6-3 majority answer in a 170-page, multi-part decision to the question whether the International Emergency Economic Powers Act’s (‘IEEPA’) authorization to &#8216;regulate&#8230;importation&#8217; provides the executive branch broad power to impose tariffs?<a href="#_ftn2" id="_ftnref2">[2]</a> And if so, under what conditions?<a href="#_ftn3" id="_ftnref3">[3]</a> </p>
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2595<p class="wp-block-paragraph"><strong>The Brass Tacks of the Supreme Court Decision</strong></p>
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2598
2599<p class="wp-block-paragraph">The Court held, simply stated, that “IEEPA does not authorize the President to impose tariffs.”<a href="#_ftn4" id="_ftnref4">[4]</a> What is relevant for our (tax) readers is that the Supreme Court remanded the case to the D.C. Federal District for dismissal for lack of jurisdiction.<a href="#_ftn5" id="_ftnref5">[5]</a> Why for ‘lack of jurisdiction’? Recall that this case originated with the United States Court of International Trade&#8217;s nullification of the tariffs, that is, the Presidential Orders establishing them, in the May 28, 2025, decision in <em>V.O.S. Selections, Inc. v. United States</em>.<a href="#_ftn6" id="_ftnref6">[6]</a></p>
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2603<p class="wp-block-paragraph">The underlying consequence of this order, by our understanding,<a href="#_ftn7" id="_ftnref7">[7]</a> is that the Court has also ruled that only the Court of International Trade has exclusive jurisdiction over tariff disputes. Given that the Court of International Trade vacated the tariff orders,<a href="#_ftn8" id="_ftnref8">[8]</a> the U.S. government will need to refund approximately $200 billion to importers, by our estimates, a substantial majority of which has been collected upon goods from China.<a href="#_ftn9" id="_ftnref9">[9]</a> &nbsp;&nbsp;</p>
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2607<p class="wp-block-paragraph">The 21-page majority decision, authored by Chief Justice Roberts, consists of five parts addressing distinct jurisprudential arguments. Four concurrence opinions add another 62 pages (for a total of 83 pages within the majority analysis). The five-part majority that attracted six votes (including the Chief Justice as author) did not attract all six Justices to sign on to each part of the underlying legal reasoning for the ultimate holding. Chief Justice Roberts authored the majority opinion in parts I, II–A–1, and II-B, which were joined by the five Justices Gorsuch, Barrett, Sotomayor, Kagan, and Jackson. Parts II-A-2 and III, only Justices Gorsuch and Barrett joined. Justice Gorsuch wrote a 46-page concurring opinion, as did Justice Barrett at four pages. Justice Kagan authored, joined by Justices Sotomayor and Jackson, an additional seven-page concurrence, followed by an independent concurrence of five pages by Justice Jackson.</p>
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2611<p class="wp-block-paragraph">In the dissent, Justice Thomas authored an initial 18-page dissent, followed by a 63-page dissent authored by Justice Kavanaugh, joined by Justices Thomas and Alito.</p>
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2614
2615<p class="wp-block-paragraph">The Court’s six-vote summary decision language of part III is as follows:<a href="#_ftn10" id="_ftnref10">[10]</a> &nbsp;</p>
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2619<p class="wp-block-paragraph">“The President asserts the extraordinary power to unilaterally impose tariffs of unlimited amount, duration, and scope. In light of the breadth, history, and constitutional context of that asserted authority, he must identify clear congressional authorization to exercise it. IEEPAs grant of authority to regulate . . . importation falls short. IEEPA contains no reference to tariffs or duties. The Government points to no statute in which Congress used the word regulate to authorize taxation. And until now no President has read IEEPA to confer such power.”</p>
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2621
2622
2623<p class="wp-block-paragraph">Note that Justice Sotomayor stated in the oral arguments for the case that 16 statutes used the term taxes simultaneously, “when Congress intended &#8216;regulate&#8217; to mean taxing…”<a href="#_ftn11" id="_ftnref11"><sup>[11]</sup></a></p>
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2627<p class="wp-block-paragraph"><strong>What We Thought The Decision Would Be Based on Oral Arguments.</strong></p>
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2631<p class="wp-block-paragraph">We previously read the U.S. Supreme Court’s 185-page oral argument transcript in this tariff case (<em>Learning Res., Inc. v. Trump</em>).<a href="#_ftn12" id="_ftnref12"><sup>[12]</sup></a> We concluded in our initial discernment, based on the statements embedded in the questions of six of the justices, that the Supreme Court would likely decide that the Executive branch may not impose import duties (i.e., tariffs
2631) under the IEEPA.<a href="#_ftn13" id="_ftnref13"><sup>[13]</sup></a> Six justices asked pointed questions, indicating they would hold that the authority to levy taxes remains the exclusive purview of Congress.<a href="#_ftn14" id="_ftnref14"><sup>[14]</sup></a> Our premonition was not unique, though. Several respected financial news organizations, such as the Wall Street Journal,<a href="#_ftn15" id="_ftnref15"><sup>[15]</sup></a> also reported a likely six-Justice majority, as did many actual constitutional law scholars.</p>
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2635<p class="wp-block-paragraph"><strong>The Crux of the Arguments of the Executive Branch</strong></p>
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2639<p class="wp-block-paragraph">In order to exercise powers granted by Congress within the IEEPA, the President must first declare a national emergency with respect to an “unusual and extraordinary threat” … “to the national security, foreign policy, or economy of the United States…”.<a href="#_ftn16" id="_ftnref16"><sup>[16]</sup></a> In the first instance of its IEEPA analysis, the Supreme Court (the “Court”) will need to rule whether the President has met this IEEPA statutory language requirement for a declared national emergency. To this point, the Administration’s (the Executive branch, i.e., President Trump) case, represented and argued by the U.S. Solicitor General John Sauer, opened the oral arguments with the presentation of the Administration’s basis of an ‘unusual and extraordinary threat’:<a href="#_ftn17" id="_ftnref17"><sup>[17]</sup></a></p>
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2643<p class="wp-block-paragraph">“On April 2, President Trump determined that our exploding trade deficits had brought us to the brink of an <em>economic and national security catastrophe</em>. He further pronounced that the traffic of fentanyl and other opioids into our country has created a public health crisis, taking hundreds of thousands of American lives. … President Trump has declared that these emergencies are country-killing and not sustainable, that they threaten the bedrock of our <em>national and economic security</em> …”</p>
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2647<p class="wp-block-paragraph">The current administration is hardly the first to declare a national emergency pursuant to the IEEPA. The non-partisan Congressional Research Service (the ‘CRS’), which provides research reports to Congress, reports that 77 national emergencies invoking the IEEPA (which was enacted in 1977) have been declared by Presidents, of which 46 continue to be in effect as of September 2025.<a href="#_ftn18" id="_ftnref18"><sup>[18]</sup></a> Moreover, the CRS found that such national emergencies often have a shelf life of nearly a decade, yet some remain considerably longer.<a href="#_ftn19" id="_ftnref19"><sup>[19]</sup></a> Presidents average just under four IEEPA national emergency declarations per term.</p>
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2650
2651<p class="wp-block-paragraph"><strong>What Powers Did Congress Grant the Executive in the IEEPA?</strong></p>
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2655<p class="wp-block-paragraph">What Presidential remediation actions has Congress authorized in the IEEPA under a declaration of a national emergency? &nbsp;The pertinent language of the IEEPA that the administration relied upon for its remediation action in the form of tariffs is as follows:<a href="#_ftn20" id="_ftnref20"><sup>[20]</sup></a></p>
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2658
2659<p class="wp-block-paragraph">“… the President may … investigate, block during the pendency of an investigation, <strong><em>regulate</em></strong>, direct and compel, nullify, void, prevent or prohibit, any acquisition, holding, withholding, use, transfer, withdrawal, transportation, importation or exportation of, or dealing in, or exercising any right, power, or privilege with respect to, or transactions involving, any property in which any foreign country or a national thereof has any interest by any person, or with respect to any property, subject to the jurisdiction of the United States; …” (emphasis added).</p>
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2661
2662
2663<p class="wp-block-paragraph">The above IEEPA paragraph does not mention the term &#8220;tariffs,&#8221; as the Supreme Court majority holding points out. Part II-A-2 for which Justice Gorsuch and Justice Barrett joined the Chief Justice elaborates:<a href="#_ftn21" id="_ftnref21">[21]</a></p>
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2665
2666
2667<p class="wp-block-paragraph">“IEEPA authorizes the President to “investigate, block during the pendency of an investigation, regulate, direct and compel, nullify, void, prevent or prohibit . . . importation or exportation.”&nbsp; §1702(a)(1)(B). Absent from this lengthy list of specific powers is any mention of tariffs or duties.&nbsp; Had Congress intended to convey the distinct and extraordinary power to impose tariffs, it would have done so expressly, as it consistently has in other tariff statutes.”</p>
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2669
2670
2671<p class="wp-block-paragraph">Typically, Presidents have exercised authority granted by the IEEPA through sanctions and the seizure of property owned by a foreign government, its nationals, or its state enterprises.<a href="#_ftn22" id="_ftnref22"><sup>[22]</sup></a> Until 2025, no administration has mandated tariffs as a remedial tool under the IEEPA.<a href="#_ftn23" id="_ftnref23"><sup>[23]</sup></a> Tariffs, a form of taxation collected via import duties, are an aspect of governance granted by the U.S. Constitution to Congress, as follows: “<em>The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises&nbsp;…”</em>
2671.<a href="#_ftn24" id="_ftnref24"><sup>[24]</sup></a></p>
2672
2673
2674
2675<p class="wp-block-paragraph">In the oral arguments, Chief Justice Roberts emphasized this aspect of Article I in his question to the Solicitor General:<a href="#_ftn25" id="_ftnref25"><sup>[25]</sup></a> “[W]ho pays the tariffs?” The Solicitor General responded that tariffs are borne by a combination of foreign manufacturers and importers, i.e., foreign taxpayers, but, to the Chief Justice’s point, also by U.S. taxpayers.<a href="#_ftn26" id="_ftnref26"><sup>[26]</sup></a> Then the Chief Justice followed: “…it&#8217;s been suggested that the tariffs are responsible for significant reduction in our deficit. I would say that&#8217;s raising revenue domestically.” To which the Solicitor General defended: “…there certainly is incidental and collateral effect of the tariffs that they do raise revenue, but it&#8217;s very important that they are regulatory tariffs, not revenue-raising tariffs.”<a href="#_ftn27" id="_ftnref27"><sup>[27]</sup></a></p>
2676
2677
2678
2679<p class="wp-block-paragraph"><strong>The Executive’s Reliance on Prior Court Decisions Related to Similar Language in Previous Legislation</strong></p>
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2682
2683<p class="wp-block-paragraph">The Administration argued that the language of the 1977 IEEPA should be understood in the context of prior court opinions based on substantially similar language in the 1917 Trading with the Enemy Act (‘TWEA’).<a href="#_ftn28" id="_ftnref28"><sup>[28]</sup></a> The TWEA language concerning regulation of foreign commerce did not include the term tariff.<a href="#_ftn29" id="_ftnref29"><sup>[29]</sup></a> The TWEA states that during war time, the President may:<a href="#_ftn30" id="_ftnref30"><sup>[30]</sup></a></p>
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2686
2687<p class="wp-block-paragraph">“…investigate, regulate, direct and compel, nullify, void, prevent or prohibit, any acquisition holding, withholding, use, transfer, withdrawal, transportation, importation or exportation of, or dealing in, or exercising any right, power, or privilege with respect to, or transactions involving, any property in which any foreign country or a national thereof has any interest …”.</p>
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2689
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2691<p class="wp-block-paragraph"><a></a>Three federal appellate court decisions held that, pursuant to the language of the TWEA, President Nixon had been afforded by Congress the authority to declare a state of emergency because of an imbalance of trade of the U.S. with its trading partners, and pertaining thereto, afforded the authority of Congress to impose a 10 percent supplemental tariff on all dutiable goods entering the United States in order that the President may regulate foreign commerce.<a href="#_ftn31" id="_ftnref31"><sup>[31]</sup></a> We will examine the first decision as representative of the three.</p>
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2693
2694
2695<p class="wp-block-paragraph">In the decision <em>U.S. v. Yoshida International</em>, the Appellate Court provides a contextual historical statement that is potentially applicable to President Trump’s underlying justification of a national emergency: “During the summer of 1971, the United States was faced with an economic crisis. The nation suffered&nbsp;under an exceptionally severe and worsening balance of payments deficit.”<a href="#_ftn32" id="_ftnref32"><sup>[32]</sup></a> President Nixon’s authority for levying the 10 percent tariff on all trading partners was enunciated by the President as follows:<a href="#_ftn33" id="_ftnref33"><sup>[33]</sup></a></p>
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2699<p class="wp-block-paragraph">“… pursuant to the authority vested in him by the Constitution and the statutes, including, but not limited to, the Tariff Act of 1930, … and the Trade Expansion Act of 1962…, the President entered into, and proclaimed tariff rates under, trade agreements with foreign countries;”</p>
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2701
2702
2703<p class="wp-block-paragraph">In its analysis of the executive branch’s issuing of the tariff, the Appellate Court acknowledges the elephant in the room:<a href="#_ftn34" id="_ftnref34"><sup>[34]</sup></a></p>
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2707<p class="wp-block-paragraph">“But neither need nor national emergency will justify the exercise of a power by the Executive not inherent in his office nor delegated by the C
2707ongress. Expedience cannot justify the means by which a deserving and beneficial national result is accomplished. To indulge in judicial rationalization in order to sanction the exercise of a power where no power in fact exists is to strike the deadliest of blows to our Constitution.”</p>
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2709
2710
2711<p class="wp-block-paragraph"><br />Thus, the Appellate Court undertook a deep dive into understanding whether Congress which levies duties as a regulatory tool to regulate imports, delegated to the President this same power to regulate imports using the same regulatory tool, for use in national emergencies.<a href="#_ftn35" id="_ftnref35"><sup>[35]</sup></a> Cutting to the chase, it concluded that, via the TWEA, Congress authorized the President during an emergency: “to exercise the delegated substantive power, i.e., to &#8220;regulate importation,&#8221; by imposing an import duty surcharge or by other means appropriately and reasonably related, … to the particular nature of the emergency declared.<a href="#_ftn36" id="_ftnref36"><sup>[36]</sup></a></p>
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2715<p class="wp-block-paragraph"><a></a>However, the Appellate Court cautioned that the President may not “impose whatever tariff rates he deems desirable simply by declaring a national emergency”.<a href="#_ftn37" id="_ftnref37"><sup>[37]</sup></a> Each Presidential action requires a facts and circumstances analysis to determine if it is appropriate and that it will not subvert the manifest Congressional intent to maintain control over its Constitutional power to levy tariffs. In the context of President Nixon’s tariffs, the Appellate Court observed that the relevant notice specifically stated that the imposition of the additional duty of 10 percent would only be charged up to the maximum tariff rate already promulgated by Congress, i.e., the tariff rate before any concessions.<a href="#_ftn38" id="_ftnref38"><sup>[38]</sup></a> The Appellate Court’s analysis found that:<a href="#_ftn39" id="_ftnref39"><sup>[39]</sup></a></p>
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2719<p class="wp-block-paragraph">“It is clear that the surcharge herein had, as its primary purpose, the curtailment, i.e., the regulation, of imports. What was sought was an offset to actions of our foreign trading partners which had led to loss of our favorable balance of trade and to a serious negative balance…”.</p>
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2723<p class="wp-block-paragraph">In conclusion, the Appellate Court reasoned that President Nixon’s limited surcharge, as a temporary measure, calculated to meet a particular national emergency, did not fall afoul of imposing “whatever tariff rates he deems desirable”.<a href="#_ftn40" id="_ftnref40"><sup>[40]</sup></a></p>
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2727<p class="wp-block-paragraph"><strong>The Supreme Court’s Rejection of the Application of the Prior Decisions</strong></p>
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2731<p class="wp-block-paragraph">Regarding the Executive’s reasoning, the Supreme Court’s six-vote majority in Part II-B countered that:</p>
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2735<p class="wp-block-paragraph">“While this Court sometimes assumes that Congress incorporates judicial definitions into legislation, we do so only when [the] terms meaning was well-settled before the adoption. … A single, expressly limited opinion from a specialized intermediate appellate court does not clear that hurdle. The tariff authority asserted by President Nixon, moreover, was far removed from TWEAs original purposes of sanctioning foreign belligerents. We are therefore skeptical that Congress enacted IEEPA with an eye toward granting that novel power (citations omitted).”<a href="#_ftn41" id="_ftnref41">[41]</a></p>
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2739<hr class="wp-block-separator has-alpha-channel-opacity" />
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2743<p class="wp-block-paragraph"><a></a><a href="#_ftnref1" id="_ftn1">[1]</a> Learning Res., Inc. v. Trump, 2026 U.S. LEXIS 714, 2026 LX 89981 (Feb. 20, 2026).</p>
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2747<p class="wp-block-paragraph"><a href="#_ftnref2" id="_ftn2">[2]</a> Learning Res., Inc. v. Trump, 2026 U.S. LEXIS 714, *1; 2026 LX 89981, referring to 91 Stat. 1626.</p>
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2751<p class="wp-block-paragraph"><a href="#_ftnref3" id="_ftn3">[3]</a>
2751 Note that we will provide a more informative, expansive article early next week. Shabbat has limited our time for this one to just two hours of discussion and writing.</p>
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2755<p class="wp-block-paragraph"><a href="#_ftnref4" id="_ftn4">[4]</a> Learning Res., Inc. v. Trump, 2026 U.S. LEXIS 714, *3; 2026 LX 89981</p>
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2759<p class="wp-block-paragraph"><a href="#_ftnref5" id="_ftn5">[5]</a> The Learning Resources case originated with Learning Res., Inc. v. Trump, 784 F. Supp. 3d 209 (May 29, 2025), 2025 U.S. Dist. LEXIS 103492, 2025 LX 183012.</p>
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2763<p class="wp-block-paragraph"><a href="#_ftnref6" id="_ftn6">[6]</a> V.O.S. Selections, Inc. v. United States, 772 F. Supp. 3d 1350, 2025 Ct. Intl. Trade LEXIS 67, SLIP OP. 2025-66, 2025 LX 120769.</p>
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2767<p class="wp-block-paragraph"><a href="#_ftnref7" id="_ftn7">[7]</a> Note that we claim a proficient understanding, even a scholarly one, of various topic areas of taxation, but we are not constitutional law scholars.</p>
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2771<p class="wp-block-paragraph"><a href="#_ftnref8" id="_ftn8">[8]</a> V.O.S. Selections, Inc. v. United States, 772 F. Supp. 3d 1350, 1383; 2025 Ct. Intl. Trade LEXIS 67, *65; SLIP OP. 2025-66; 2025 LX 120769.</p>
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2773
2774
2775<p class="wp-block-paragraph"><a href="#_ftnref9" id="_ftn9">[9]</a> Our estimate is based upon the U.S. Customs and Border Protection Trade Statistics available at <a href="https://www.cbp.gov/newsroom/stats/trade">https://www.cbp.gov/newsroom/stats/trade</a>. See also CBP’s press release of Dec. 16, 2025, “Thanks To President Trump, CBP announces record-breaking $200 billion in tariff revenue”, available at <a href="https://www.cbp.gov/newsroom/national-media-release/thanks-president-trump-cbp-announces-record-breaking-200-billion">https://www.cbp.gov/newsroom/national-media-release/thanks-president-trump-cbp-announces-record-breaking-200-billion</a>. Treasury annual and monthly tariff statistics collected and disseminated by USA Facts, “How much revenue does the federal government collect from tariffs?”, available at <a href="https://usafacts.org/answers/how-much-revenue-does-the-federal-government-collect-from-tariffs/country/united-states/">https://usafacts.org/answers/how-much-revenue-does-the-federal-government-collect-from-tariffs/country/united-states/</a>. We also refer to the data analysis of the Yale-hosted The Budget Lab, “Tracking the Economic Effects of the Budget (Feb. 18, 2026), available at <a href="https://budgetlab.yale.edu/research/tracking-economic-effects-tariffs">https://budgetlab.yale.edu/research/tracking-economic-effects-tariffs</a>.</p>
2776
2777
2778
2779<p class="wp-block-paragraph"><a href="#_ftnref10" id="_ftn10">[10]</a> Learning Res., Inc. v. Trump, 2026 U.S. LEXIS 714, *34; 2026 LX 89981.</p>
2780
2781
2782
2783<p class="wp-block-paragraph"><a href="#_ftnref11" id="_ftn11">[11]</a> Learning Res., Inc. v. Trump, Doc. No. 24-1287, trans. at 15.<sup></sup></p>
2784
2785
2786
2787<p class="wp-block-paragraph"><a href="#_ftnref12" id="_ftn12">[12]</a> The case is a consolidation of two cases. See the previous appellate decision <a href="https://plus.lexis.com/api/document/collection/cases/id/6GS9-V4C3-RTJJ-005Y-00000-00?cite=2025%20U.S.%20App.%20LEXIS%2024105&amp;context=1530671">Learning Res., Inc. v. Trump, 2025 U.S. App. LEXIS 24105</a> and the Supreme Court current citation is <a href="https://plus.lexis.com/api/document/collection/cases/id/6GPF-VFW3-RST8-K2KT-00000-00?cite=2025%20U.S.%20LEXIS%202783&amp;context=1530671">Learning Res., Inc. v. Trump, Doc. No. 24-1287, 2025 U.S. LEXIS 2783</a>; and the second case’s current citation, consolidated with <em>Learning Resources</em>, <a href="https://plus.lexis.com/api/document/collection/cases/id/6GPF-VFW3-RST8-K2KV-00000-00?cite=2025%20U.S.%20LEXIS%202782&amp;context=1530671">Trump v. V.O.S. Selections, Inc., 2025 U.S. LEXIS 2782</a>. The oral arguments transcript is available at <a href="https://www.supremecourt.gov/oral_arguments/argument_transcripts/2025/24-1287_097c.pdf">https://www.supremecourt.gov/oral_arguments/argument_transcripts/2025/24-1287_097c.pdf</a>. <sup></sup></p>
2788
2789
2790
2791<p class="wp-block-paragraph"><a></a><a href="#_ftnref13" id="_ftn13">[13]</a> The International Emergency Economic Powers Act, Title II, Pub. L. 95–223, 91 Stat. 1626 (Dec. 28, 1977). We published an article via Kluwer Law’s International Tax blog with our lengthy analysis, available at <a href="https://legalblogs.wolterskluwer.com/international-tax-law-blog/to-tariff-or-not-to-tariff-that-is-the-question-before-the-us-supreme-court/">https://legalblogs.wolterskluwer.com/international-tax-law-blog/to-tariff-or-not-to-tariff-that-is-the-question-before-the-us-supreme-court/</a>. In that article, we also asked AI what it thought and included its conclusion in the final part of that article. <sup></sup></p>
2792
2793
2794
2795<p class="wp-block-paragraph"><a href="#_ftnref14" id="_ftn14">[14]</a> U.S. Constitution, Art. I, § 8, Cl. 1, available at <a href="https://constitution.congress.gov/browse/e
2795ssay/artI-S8-C1-1-1/ALDE_00013387/">https://constitution.congress.gov/browse/essay/artI-S8-C1-1-1/ALDE_00013387/</a>. <sup></sup></p>
2796
2797
2798
2799<p class="wp-block-paragraph"><a href="#_ftnref15" id="_ftn15">[15]</a> Supreme Court Appears Skeptical of Trump’s Tariffs, WSJ (Nov. 5, 2025), available at <a href="https://www.wsj.com/livecoverage/supreme-court-tariffs-case-stock-market-11-05-2025">https://www.wsj.com/livecoverage/supreme-court-tariffs-case-stock-market-11-05-2025</a>. <sup></sup></p>
2800
2801
2802
2803<p class="wp-block-paragraph"><a href="#_ftnref16" id="_ftn16">[16]</a> 50 U.S. Code § 1701 [Unusual and extraordinary threat; declaration of national emergency; exercise of Presidential authorities] available at <a href="https://www.law.cornell.edu/uscode/text/50/1701">https://www.law.cornell.edu/uscode/text/50/1701</a>. <sup></sup></p>
2804
2805
2806
2807<p class="wp-block-paragraph"><a href="#_ftnref17" id="_ftn17">[17]</a> Learning Res., Inc. v. Trump, Doc. No. 24-1287, trans. at 4.<sup></sup></p>
2808
2809
2810
2811<p class="wp-block-paragraph"><a href="#_ftnref18" id="_ftn18">[18]</a> For an overview of the history of the IEEPA, see The International Emergency Economic Powers Act: Origins, Evolution, and Use, CRS Rep. 45618 (Sep. 1, 2025) available at <a href="https://www.congress.gov/crs-product/R45618">https://www.congress.gov/crs-product/R45618</a>. Referred to hereafter as the ‘CRS IEEPA Report’.<sup></sup></p>
2812
2813
2814
2815<p class="wp-block-paragraph"><a href="#_ftnref19" id="_ftn19">[19]</a> CRS IEEPA Report at 18, 20. President Jimmy Carter’s declaration of a national security emergency regarding Iran, pursuant to the IEEPA, remains in place over fifty years later to this day. <em>See</em> Executive Order 12170 of Nov. 14, 1979, 44 FR 65729.<sup></sup></p>
2816
2817
2818
2819<p class="wp-block-paragraph"><a></a><a href="#_ftnref20" id="_ftn20">[20]</a> 50 U.S. Code § 1702 [Presidential authorities] available at <a href="https://www.law.cornell.edu/uscode/text/50/1702">https://www.law.cornell.edu/uscode/text/50/1702</a>. <sup></sup></p>
2820
2821
2822
2823<p class="wp-block-paragraph"><a></a><a href="#_ftnref21" id="_ftn21">[21]</a> Learning Res., Inc. v. Trump, 2026 U.S. LEXIS 714, *6; 2026 LX 89981.</p>
2824
2825
2826
2827<p class="wp-block-paragraph"><a href="#_ftnref22" id="_ftn22">[22]</a> CRS IEEPA Report at 32.<sup></sup></p>
2828
2829
2830
2831<p class="wp-block-paragraph"><a href="#_ftnref23" id="_ftn23">[23]</a> CRS IEEPA Report at 60.<sup></sup></p>
2832
2833
2834
2835<p class="wp-block-paragraph"><a href="#_ftnref24" id="_ftn24">[24]</a> U.S. Constitution, Art. I, § 8, Cl. 1, available at <a href="https://constitution.congress.gov/browse/essay/artI-S8-C1-1-1/ALDE_00013387/" rel="nofollow">https://constitution.congress.gov/browse/essay/artI-S8-C1-1-1/ALDE_00013387/</a>.<sup></sup></p>
2836
2837
2838
2839<p class="wp-block-paragraph"><a href="#_ftnref25" id="_ftn25">[25]</a> Learning Res., Inc. v. Trump, Doc. No. 24-1287, trans. at 37.<sup></sup></p>
2840
2841
2842
2843<p class="wp-block-paragraph"><a href="#_ftnref26" id="_ftn26">[26]</a> Learning Res., Inc. v. Trump, Doc. No. 24-1287, trans. at 38.<sup></sup></p>
2844
2845
2846
2847<p class="wp-block-paragraph"><a href="#_ftnref27" id="_ftn27">[27]</a> Learning Res., Inc. v. Trump, Doc. No. 24-1287, trans. at 38.<sup></sup></p>
2848
2849
2850
2851<p class="wp-block-paragraph"><a href="#_ftnref28" id="_ftn28">[28]</a> An Act to define, regulate, and punish trading with the enemy, and for other purposes, Pub. L. 65–91, 40 Stat. 411. Commonly referred to as the Trading with the Enemy Act (‘TWEA’).<sup></sup></p>
2852
2853
2854
2855<p class="wp-block-paragraph"><a href="#_ftnref29" id="_ftn29">[29]</a> CRS IEEPA Report at 64.<sup></sup></p>
2856
2857
2858
2859<p class="wp-block-paragraph"><a href="#_ftnref30" id="_ftn30">[30]</a> 50 U.S.C. § 5(b)(1)(B).<sup></sup></p>
2860
2861
2862
2863<p class="wp-block-paragraph"><a href="#_ftnref31" id="_ftn31">[31]</a> In United States v. Yoshida International, Inc., 526 F.2d 560, 573, 1975 CCPA LEXIS 119 (Cust. &amp; Pat. App. 1975), the Court of Customs and Patent Appeals held that it was &#8220;incontestable that [TWEA] does in fact delegate to the President, for use during war or during national emergency only, the power to &#8216;regulate importation'&#8221; and upheld the President&#8217;s action imposing a 10 percent tariff to all trading partners because it was reasonably related to the emergency confronted. Cited at CRS IEEPA Report at 64. <em>Also see</em> Alcan Sales v. United States, 534 F.2d 920 (Cust. &amp; Pat. App.), cert. denied, 429 U.S. 986, 97 S. Ct. 506 (1976). <em>Also see</em> Alcan Sales, Div. of Alcan Aluminum Corp., v. United States, 693 F.2d 1089 (Fed. Cir. 1982).<sup></sup></p>
2864
2865
2866
2867<p class="wp-block-paragraph"><a></a><a href="#_ftnref32" id="_ftn32">[32]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/3S4X-3JY0-003S-M14S-00000-00?cite=63%20C.C.P.A.%2015&amp;context=1530671">
2867United States v. Yoshida International, Inc., 63 C.C.P.A. 15, 17; 526 F.2d 560, 567; 1975 CCPA LEXIS 119, *5-6</a>.<sup></sup></p>
2868
2869
2870
2871<p class="wp-block-paragraph"><a href="#_ftnref33" id="_ftn33">[33]</a> United States v. Yoshida International, Inc., 63 C.C.P.A. 15, 18-19, 526 F.2d 560, 568, 1975 CCPA LEXIS 119, *8-9.<sup></sup></p>
2872
2873
2874
2875<p class="wp-block-paragraph"><a href="#_ftnref34" id="_ftn34">[34]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/3S4X-3JY0-003S-M14S-00000-00?cite=63%20C.C.P.A.%2015&amp;context=1530671">United States v. Yoshida International, Inc., 63 C.C.P.A. 15, 21, 526 F.2d 560, 570, 1975 CCPA LEXIS 119, *15.</a><sup></sup></p>
2876
2877
2878
2879<p class="wp-block-paragraph"><a href="#_ftnref35" id="_ftn35">[35]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/3S4X-3JY0-003S-M14S-00000-00?cite=63%20C.C.P.A.%2015&amp;context=1530671">United States v. Yoshida International, Inc., 63 C.C.P.A. 15, 25, 526 F.2d 560, 574, 1975 CCPA LEXIS 119, *25.</a><sup></sup></p>
2880
2881
2882
2883<p class="wp-block-paragraph"><a href="#_ftnref36" id="_ftn36">[36]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/3S4X-3JY0-003S-M14S-00000-00?cite=63%20C.C.P.A.%2015&amp;context=1530671">United States v. Yoshida International, Inc.</a><a href="https://plus.lexis.com/api/document/collection/cases/id/3S4X-3JY0-003S-M14S-00000-00?cite=63%20C.C.P.A.%2015&amp;context=1530671">, 63 C.C.P.A. 15, 28, 526 F.2d 560, 576-577, 1975 CCPA LEXIS 119, *32</a>.<sup></sup></p>
2884
2885
2886
2887<p class="wp-block-paragraph"><a href="#_ftnref37" id="_ftn37">[37]</a> United States v. Yoshida International, Inc., 63 C.C.P.A. 15, 28, 526 F.2d 560, 577, 1975 CCPA LEXIS 119, *33.<sup></sup></p>
2888
2889
2890
2891<p class="wp-block-paragraph"><a href="#_ftnref38" id="_ftn38">[38]</a> United States v. Yoshida International, Inc., 63 C.C.P.A. 15, 28, 526 F.2d 560, 577, 1975 CCPA LEXIS 119, *34.<sup></sup></p>
2892
2893
2894
2895<p class="wp-block-paragraph"><a href="#_ftnref39" id="_ftn39">[39]</a> United States v. Yoshida International, Inc., 63 C.C.P.A. 15, 31, 526 F.2d 560, 579, 1975 CCPA LEXIS 119, *40.</p>
2896
2897
2898
2899<p class="wp-block-paragraph"><a href="#_ftnref40" id="_ftn40">[40]</a> United States v. Yoshida International, Inc., 63 C.C.P.A. 15, 29, 526 F.2d 560, 578, 1975 CCPA LEXIS 119, *35-36.<sup></sup></p>
2900
2901
2902
2903<p class="wp-block-paragraph"><a href="#_ftnref41" id="_ftn41">[41]</a> Learning Res., Inc. v. Trump, 2026 U.S. LEXIS 714, *31-32; 2026 LX 89981.</p>
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2982		<div class="post-9479 post type-post status-publish format-standard hentry category-uncategorized tag-economy tag-finance tag-international-tax tag-news tag-politics tag-sustainability tag-united-nations" id="post-9479">
2983			<h2><a href="https://profwilliambyrnes.com/2025/10/31/un-tax-committee-confronts-new-challenges-from-ai-to-health-taxes/" rel="bookmark">UN Tax Committee Confronts New Challenges from AI to Health&nbsp;Taxes</a></h2>
2984			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on October 31, 2025</p>
2985			<div class="entry">
2986				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9479"></div><br/>
2987<p class="wp-block-paragraph"><strong>By </strong>
2987<a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=7591232"><strong>Pramod Kumar Siva</strong></a><strong> and </strong><a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=339796"><strong>William Byrnes</strong></a><strong> of Texas A&amp;M Law</strong></p>
2988
2989
2990
2991<p class="wp-block-paragraph"><strong>1. Previous Comments, Recommendations, and Policy Analysis to the OECD and UN</strong></p>
2992
2993
2994
2995<p class="wp-block-paragraph">Pramod Kumar Siva and I have been closely following and engaging via comments and attendance, with the post-BEPS international tax initiatives of the OECD, the United Nations, and U.S. responses (as have our most esteemed Texas A&amp;M faculty colleagues Dr.&nbsp;<a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=398344">Lorraine Eden</a>, Dr.&nbsp;<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5133805">Andrew Morriss,</a>&nbsp;and Dr.&nbsp;<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3927941">Charlotte Ku</a>). Since 2019, we have submitted a variety of comments and recommendations in respect of the OECD’s post-BEPS output of Pillar One and Pillar Two that are published here within the Kluwer International Tax Blog, two examples being: <a href="https://legalblogs.wolterskluwer.com/international-tax-law-blog/comments-and-recommendations-for-the-oecd-unified-approach-to-digital-taxation/"><em>Comments and Recommendations for the OECD “Unified Approach” to Digital Taxation</em></a>; and <a href="https://legalblogs.wolterskluwer.com/international-tax-law-blog/recommendations-for-the-pillar-one-and-pillar-two-blueprints/"><em>Recommendations for the Pillar One and Pillar Two Blueprints</em></a>. Readers may further be interested in our recent Pillar Two policy recommendation: Good Intentions, Bad Tools: A Case for Repealing the UTPR.<a href="#_ftn1">[1]</a> Also available on the Kluwer International Tax Blog, we submitted comments and recommendations to the United Nations Intergovernmental Committee<a href="">[2]</a>&nbsp;as it drafted the International Tax Cooperation Convention: <a href="https://legalblogs.wolterskluwer.com/international-tax-law-blog/comments-with-proposed-text-for-the-un-intergovernmental-committee-drafting-the-international-tax-cooperation-convention/">Comments with Proposed Text for the UN Intergovernmental Committee Drafting the International Tax Cooperation Convention</a>.</p>
2996
2997
2998
2999<p class="wp-block-paragraph">With this article, we provide our readers an overview of the United Nations’ International Tax Committee of Experts<a href="#_ftn3">[3]</a> most important past initiatives and those discussed and voted upon October 21 through 24, 2025, to be addressed within work streams during the four-year term that began July 30, 2025 with the announcement of the newly appointed country-delegates (who speak in their personal capacity rather than on behalf of their government positions).</p>
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3001
3002
3003<hr class="wp-block-separator has-alpha-channel-opacity" />
3004
3005
3006
3007<p class="wp-block-paragraph"><a href="#_ftnref1">[1]</a> Siva, Pramod Kumar and Byrnes, William, Good Intentions, Bad Tools: A Case for Repealing the UTPR (July 21, 2025). Available at SSRN: <a href="https://ssrn.com/abstract=5378629" rel="nofollow">https://ssrn.com/abstract=5378629</a> or <a href="http://dx.doi.org/10.2139/ssrn.5378629">http://dx.doi.org/10.2139/ssrn.5378629</a></p>
3008
3009
3010
3011<p class="wp-block-paragraph"><a href="#_ftnref2">[2]</a> Intergovernmental Negotiations for UN Framework Convention on International Tax Cooperation, Department of Economic and Social Affairs, United Nations. Available at <a href="https://financing.desa.un.org/unfcitc">https://financing.desa.un.org/unfcitc</a>.</p>
3012
3013
3014
3015<p class="wp-block-paragraph"><a href="#_ftnref3">[3]</a> 31st Session of the Committee of Experts on International Cooperation in Tax Matters, Department of Economic and Social Affairs, United Nations. Available at <a href="https://financing.desa.un.org/events/31st-session-committee-experts-international-cooperation-tax-matters">https://financing.desa.un.org/events/31st-session-committee-experts-international-cooperation-tax-matters</a>.</p>
3016
3017
3018
3019<p class="wp-block-paragraph"><strong>
30192. Background of the United Nations International Tax Key Initiatives</strong></p>
3020
3021
3022
3023<p class="wp-block-paragraph"><em><strong>2.1 UN Transfer Pricing Manual 2013</strong></em></p>
3024
3025
3026
3027<p class="wp-block-paragraph">On May 29, 2013, the United Nations launched its “Practical Manual on Transfer Pricing for Developing Countries” (UN Transfer Pricing Manual).<a href="#_ftn1">[1]</a> This manual evolved from the earlier October releases of 2012 and working draft releases of 2011 and 2010. The manual was developed to respond to the need “for clearer guidance on the policy and administrative aspects of applying transfer pricing analysis to some of the transactions of multinational enterprises (MNEs) in particular.” The UN Transfer Pricing Manual states that it is designed for application of the globally accepted “arm’s length standard.” In a communique released August 9, 2013, the Committee of Experts on International Cooperation in Tax Matters stated that the Committee’s considerations upon intangibles had not yet ripened for inclusion in the 2013 version, but that the Committee was preparing a detailed guidance on intangibles in a separate chapter of the manual for the next update.<a href="#_ftn2">[2]</a></p>
3028
3029
3030
3031<p class="wp-block-paragraph">At the 2014 tenth session and in preliminary meetings, the Committee discussed new commentary for the UN Model Double Tax Agreement Article 9, including:<a href="#_ftn3">[3]</a></p>
3032
3033
3034
3035<p class="wp-block-paragraph">1. recognizing the arm’s length principle as found in the United Nations and OECD Model Conventions;</p>
3036
3037
3038
3039<p class="wp-block-paragraph">2. continuing to remind countries that the application of the arm’s length principle presupposed transfer pricing rules in domestic legislation;</p>
3040
3041
3042
3043<p class="wp-block-paragraph">3. replacing the statement by the former Group of Experts, the predecessor of the Committee, with quotation from the OECD commentary on article 9;</p>
3044
3045
3046
3047<p class="wp-block-paragraph">4. quoting OECD language on how that organization categorized the international significance of the OECD Guidelines; and</p>
3048
3049
3050
3051<p class="wp-block-paragraph">5. reflecting a view agreed by Committee members on the relevance of the OECD Guidelines and the Transfer Pricing Manual in helping to implement the arm’s length principle.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
3052
3053
3054
3055<hr class="wp-block-separator has-alpha-channel-opacity" />
3056
3057
3058
3059<p class="wp-block-paragraph"><a href="#_ftnref1">[1]</a> See <a href="http://www.un.org/esa/ffd/documents/UN_Manual_TransferPricing.pdf" rel="nofollow">http://www.un.org/esa/ffd/documents/UN_Manual_TransferPricing.pdf</a>.</p>
3060
3061
3062
3063<p class="wp-block-paragraph"><a href="#_ftnref2">[2]</a> United Nations Economic and Social Council, <em>Committee of Experts on International Cooperation in Tax Matters</em>, E/C.18/2013/4 (Aug 9, 2013), <em>available at</em> <a href="http://www.un.org/ga/search/view_doc.asp?symbol=E/C.18/2013/4&#038;Lang=E" rel="nofollow">http://www.un.org/ga/search/view_doc.asp?symbol=E/C.18/2013/4&#038;Lang=E</a>.</p>
3064
3065
3066
3067<p class="wp-block-paragraph"><a href="#_ftnref3">[3]</a> Report on the tenth session of the Committee of Experts on International Cooperation in Tax Matters, United Nations (October 27, 2014). Available at <a href="http://www.un.org/ga/search/view_doc.asp?symbol=E/2014/45&#038;Lang=E" rel="nofollow">http://www.un.org/ga/search/view_doc.asp?symbol=E/2014/45&#038;Lang=E</a>.</p>
3068
3069
3070
3071<p class="wp-block-paragraph"><em><strong>2.2 UN BEPS Handbook 2015</strong></em><br />The eleventh session of the Committee of Experts on International Cooperation in Tax Matters was held from October 19 to 23, 2015, and addressed revisions to the UN Transfer Pricing Manual in consideration of the OECD’s BEPS initiatives. Following up on the previous communique, the UN Transfer Pricing Manual proposals for amendments include an additional chapter on the treatment of transactions relating to intangibles, a further chapter on intra-group services and management charges, additional text on business restructuring, and an annex on available technical assistance and capacity-building resources. The UN Committee of Experts published the United Nations Handbook on Selected Issues in Protecting the Tax Base of Developing Countries (UN BEPS Handbook 2015).<a href="#_ftn1">[1]</a> The Financing for Development Office (FfDO) undertook the project to supplement the OECD’s BEPS project from the perspective of developing countries. This project focused on several issues of particular interest to developing countries, including, but not limited to, matters covered by the OECD.<a href="#_ftn2">[2]</a></p>
3072
3073
3074
3075<p class="wp-block-paragraph">• Neutralizing the effects of hybrid mismatch arrangements;</p>
3076
3077
3078
3079<p class="wp-block-paragraph">• Limiting the deduction of interest and other financing expenses;</p>
3080
3081
3082
3083<p class="wp-block-paragraph">• Preventing the avoidance of permanent establishment status;</p>
3084
3085
3086
3087<p class="wp-block-paragraph">• Protecting the tax base in the digital economy;</p>
3088
3089
3090
3091<p class="wp-block-paragraph">• Transparency and disclosure;</p>
3092
3093
3094
3095<p class="wp-block-paragraph">• Preventing tax treaty abuse;</p>
3096
3097
3098
3099<p class="wp-block-paragraph">• Preserving the taxation of capital gains by source countries;</p>
3100
3101
3102
3103<p class="wp-block-paragraph">• Taxation of services;</p>
3104
3105
3106
3107<p class="wp-block-paragraph">• Tax incentives.</p>
3108
3109
3110
3111<p class="wp-block-paragraph">An updated and expanded second edition of the UN BEPS Handbook was published in 2017.<a href="#_ftn3">[3]</a> This second edition updates the chapters from the 2015 edition to reflect the final outputs of the OECD project on BEPS, as well as the latest developments in the work of the United Nations Committee of Experts on tax base protection for developing countries. The second edition includes two new chapters that address base-eroding payments of rent and royalties and general anti-avoidance rules (GAARs).</p>
3112
3113
3114
3115<p class="wp-block-paragraph">The proposal for the chapter on intra-group services considered that tax authorities of countries of service recipients sought to ensure that only genuine service charges are allocated to service recipients, while the authorities of countries of service providers are concerned with service charges being allocated to group members with an appropriate mark up. Multinational enterprises sought to ensure that service costs are allocated to group members and have appropriate profit margins. Developing countries are concerned about base erosion through service charges, such as claiming that such high-margin services as strategic management and research and development had been rendered when it is hard to identify benefits. The proposal distinguished between high-margin and low-margin services. “Safe harbors” for non-e
3115ssential services and a <em>de minimis</em> rule, with a focus on simplicity and resource savings, were also under discussion, as well as Cost Contribution Arrangements.</p>
3116
3117
3118
3119<hr class="wp-block-separator has-alpha-channel-opacity" />
3120
3121
3122
3123<p class="wp-block-paragraph"><a href="#_ftnref1">[1]</a> Available at <a href="http://www.un.org/esa/ffd/wp-content/uploads/2015/07/handbook-tb.pdf" rel="nofollow">http://www.un.org/esa/ffd/wp-content/uploads/2015/07/handbook-tb.pdf</a>.</p>
3124
3125
3126
3127<p class="wp-block-paragraph"><a href="#_ftnref2">[2]</a> UN BEPS Handbook 2015 at p 8. See documents of the Subcommittee on BEPS for Developing Countries, available at <a href="http://www.un.org/esa/ffd/tax-committee/tc-beps.html" rel="nofollow">http://www.un.org/esa/ffd/tax-committee/tc-beps.html</a>.</p>
3128
3129
3130
3131<p class="wp-block-paragraph"><a href="#_ftnref3">[3]</a> See <a href="https://www.un.org/esa/ffd/publications/handbook-tax-base-second-edition.html" rel="nofollow">https://www.un.org/esa/ffd/publications/handbook-tax-base-second-edition.html</a>.</p>
3132
3133
3134
3135<p class="wp-block-paragraph"><a><em><strong>2.3 UN Transfer Pricing Manual 2017</strong></em></a></p>
3136
3137
3138
3139<p class="wp-block-paragraph">These discussions led to the revisions of the 2017 United Nations Practical Manual on Transfer Pricing for Developing Countries, undertaken by a Subcommittee of the Committee of Experts on International Cooperation in Tax Matters. The revisions were developed from the following perspectives that:<a href="#_ftn1">[1]</a></p>
3140
3141
3142
3143<p class="wp-block-paragraph">• it reflects the operation of Article 9 of the United Nations Model Convention, and the Arm’s Length Principle embodied in it, and is consistent with relevant Commentaries of the U.N. Model;</p>
3144
3145
3146
3147<p class="wp-block-paragraph">• it reflects the realities for developing countries, at their relevant stages of capacity development;</p>
3148
3149
3150
3151<p class="wp-block-paragraph">• special attention should be paid to the experience of developing countries; and</p>
3152
3153
3154
3155<p class="wp-block-paragraph">• it draws upon the work being done in other fora.</p>
3156
3157
3158
3159<p class="wp-block-paragraph">The 2017 UN Manual revisions include:</p>
3160
3161
3162
3163<p class="wp-block-paragraph">• A revised format and a rearrangement of some parts of the Manual for clarity and ease of understanding, including a reorganization into four parts as follows:</p>
3164
3165
3166
3167<p class="wp-block-paragraph">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Part A relates to transfer pricing in a global environment;<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Part B contains guidance on design principles and policy considerations; this Part covers the substantive guidance on the arm’s length principle, with Chapter B.1. providing an overview, while Chapters B.2. to B.7. provide detailed discussion on the key topics. Chapter B.8. then demonstrates how some countries have established a legal framework to apply these principles;<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Part C addresses practical implementation of a transfer pricing regime in developing countries; and<br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Part D contains country practices, similarly to Chapter 10 of the previous edition of the Manual. A new statement of Mexican country practices is included and other statements are updated.</p>
3168
3169
3170
3171<p class="wp-block-paragraph">• A new chapter on intra-group services.</p>
3172
3173
3174
3175<p class="wp-block-paragraph">• A new chapter on cost contribution arrangements.</p>
3176
3177
3178
3179<p class="wp-block-paragraph">• A new chapter on the treatment of intangibles.</p>
3180
3181
3182
3183<p class="wp-block-paragraph">• Significant updating of other chapters.</p>
3184
3185
3186
3187<p class="wp-block-paragraph">• An index to make the contents more easily accessible.</p>
3188
3189
3190
3191<hr class="wp-block-separator has-alpha-channel-opacity" />
3192
3193
3194
3195<p class="wp-block-paragraph"><a href="#_ftnref1">[1]</a> United Nations Committee of Experts on International Cooperation in Tax Matters’ Practical Manual on Transfer Pricing for Developing Countries (Apr 4, 2017) (hereafter “2017 UN Manual”). Available at <a href="http://www.un.org/esa/ffd/wp-content/uploads/2017/04/Manual-TP-2017.pdf.">http://www.un.org/esa/ffd/wp-content/uploads/2017/04/Manual-TP-2017.pdf.</a>&nbsp;</p>
3196
3197
3198
3199<p class="wp-block-paragraph"><em><strong>2.4 </strong></em><a href="https://financing.desa.un.org/document/un-practical-manual-transfer-pricing-developing-countries-2021"><em><strong>UN Transfer Pricing Manual 2021</strong></em></a></p>
3200
3201
3202
3203<p class="wp-block-paragraph">
3203On April 27, 2021 the Committee of Experts on International Cooperation in Tax Matters published the third edition of the United Nations Practical Manual on Transfer Pricing for Developing Countries.<a href="#_ftn1">[1]</a> In its third edition, the 2021 UN Manual revises existing text and adds new chapters and sections, including more country practice chapters. Note that the transfer pricing issues specific to the extractive industries is addressed in a transfer pricing chapter within the United Nations Handbook on Selected Issues for Taxation of the Extractive Industries by Developing Countries.<a href="#_ftn2">[2]</a></p>
3204
3205
3206
3207<p class="wp-block-paragraph">The 2021 UN Manual contains new and revised content for financial transactions,<a href="#_ftn3">[3]</a> profit splits,<a href="#_ftn4">[4]</a> centralized procurement functions,<a href="#_ftn5">[5]</a> on group synergies,<a href="#_ftn6">[6]</a> on customs valuation,<a href="#_ftn7">[7]</a> and comparability issues.<a href="#_ftn8">[8]</a> The third edition also includes new content on establishing transfer pricing capabilities within tax administrations.<a href="#_ftn9">[9]</a></p>
3208
3209
3210
3211<p class="wp-block-paragraph">The UN Manual addresses the practical implementation of a transfer pricing regime in developing countries and shares examples of country practices from developing countries, such as Brazil, China, India, Kenya, Mexico, and South Africa.<a href="#_ftn10">[10]</a></p>
3212
3213
3214
3215<p class="wp-block-paragraph">The 2021 UN Manual adopted a four-digit paragraph numbering system, and the inclusion of additional paragraphs necessitated a citation change for most content from the second edition of 2017 to the third edition. This treatise is updated to reflect the most current 2021 UN Manual.</p>
3216
3217
3218
3219<hr class="wp-block-separator has-alpha-channel-opacity" />
3220
3221
3222
3223<p class="wp-block-paragraph"><a href="#_ftnref1">[1]</a> United Nations Practical Manual on Transfer Pricing for Developing Countries, Third Edition (April 27, 2021), hereafter referred to as the “2021 UN Manual”. Available at <a href="https://www.un.org/development/desa/financing/document/united-nations-practical-manual-transfer-pricing-developing-countries-2021" rel="nofollow">https://www.un.org/development/desa/financing/document/united-nations-practical-manual-transfer-pricing-developing-countries-2021</a>.</p>
3224
3225
3226
3227<p class="wp-block-paragraph"><a href="#_ftnref2">[2]</a> United Nations Handbook on Selected Issues for Taxation of the Extractive Industries by Developing Countries (2018) available at <a href="https://digitallibrary.un.org/record/3801187?ln=en" rel="nofollow">https://digitallibrary.un.org/record/3801187?ln=en</a>.</p>
3228
3229
3230
3231<p class="wp-block-paragraph"><a href="#_ftnref3">[3]</a> 2021 UN Practice Manual ¶ B.9.</p>
3232
3233
3234
3235<p class="wp-block-paragraph"><a href="#_ftnref4">[4]</a> 2021 UN Practice Manual ¶ B.4.6.5.10.</p>
3236
3237
3238
3239<p class="wp-block-paragraph"><a href="#_ftnref5">[5]</a> 2021 UN Practice Manual ¶ B.5.7.</p>
3240
3241
3242
3243<p class="wp-block-paragraph"><a href="#_ftnref6">[6]</a> 2021 UN Practice Manual ¶ B.6.2.5.13.</p>
3244
3245
3246
3247<p class="wp-block-paragraph"><a href="#_ftnref7">[7]</a> 2021 UN Practice Manual ¶ B.4.2.7.</p>
3248
3249
3250
3251<p class="wp-block-paragraph"><a href="#_ftnref8">[8]</a> 2021 UN Practice Manual ¶ B.3.</p>
3252
3253
3254
3255<p class="wp-block-paragraph"><a href="#_ftnref9">[9]</a> 2021 UN Practice Manual ¶ C.11.1.1.</p>
3256
3257
3258
3259<p class="wp-block-paragraph"><a href="#_ftnref10">[10]</a> 2021 UN Practice Manual Part D.</p>
3260
3261
3262
3263<p class="wp-block-paragraph"><strong>3. </strong><a href="https://financing.desa.un.org/unfcitc"><strong>UN Framework Convention on International Tax Cooperation</strong></a></p>
3264
3265
3266
3267<p class="wp-block-paragraph">December 22, 2023, the United Nations General Assembly adopted resolution 78/230, “Promotion of inclusive and effective international tax cooperation at the United Nations.” The General Assembly directed that the UN develop a framework convention on international tax cooperation, which is fully inclusive for all UN member countries, most specifically, the non-OECD countries. Its design and drafting aim is to make international tax cooperation more accessible for non-OECD members and thus effective for all and also to accelerate the implementation of the Addis Ababa Action Agenda on Financing for Development and the 2030 Agenda for Sustainable Development. Inclusive and effective participation in international tax cooperation requires procedures that take into account the diverse needs, priorities, and capacities of all countries, enabling them to contribute meaningfully to norm-setting processes without undue restrictions and to receive support in doing so, including the opportunity to participate in agenda-setting, debates, and decision-making.</p>
3268
3269
3270
3271<p class="wp-block-paragraph">For three weeks through August of 2024, a Member State-led, open-ended <em>ad hoc</em> intergovernmental committee drafted the terms of reference for the framework convention.<a href="#_ftn1"><sup>[1]</sup></a> The terms of reference were finalized and recommended to the General Assembly.<a href="#_ftn2"><sup>[2]</sup></a></p>
3272
3273
3274
3275<p class="wp-block-paragraph">Protocols are separate, legally binding instruments under the framework convention to implement or elaborate on the framework convention. Each party to the framework convention should have the option to become a party to a protocol on any substantive tax issue, either at the time of becoming a party to the framework convention or at a later date. The subject of early protocols will be decided at the organizational session of the intergovernmental negotiating committee and drawn from the following specific priority areas: (a) taxation of the digitalized economy; (b) measures against tax-related illicit financial flows; (c) prevention and resolution of tax disputes; and (d) addressing tax evasion and avoidance by high-net-worth individuals and ensuring their effective taxation in the relevant Member States. Moreover, protocols addressing the following topics may also be c
3275onsidered: (a) tax cooperation on environmental challenges, (b) exchange of information for tax purposes, (c) mutual administrative assistance on tax matters, and (d) harmful tax practices.</p>
3276
3277
3278
3279<p class="wp-block-paragraph">The framework convention negotiating committee will meet for two weeks at least thrice annually in 2025, 2026, and 2027 to submit the final text of the framework convention and the two early protocols to the General Assembly for its consideration in the first quarter of the eighty-second session 2028.</p>
3280
3281
3282
3283<hr class="wp-block-separator has-alpha-channel-opacity" />
3284
3285
3286
3287<p class="wp-block-paragraph"><a href="#_ftnref1">[1]</a> Second Session, Ad Hoc Committee to Draft Terms of Reference for a United Nations Framework Convention on International Tax Cooperation, available at <a href="https://financing.desa.un.org/un-tax-convention/second-session" rel="nofollow">https://financing.desa.un.org/un-tax-convention/second-session</a>.</p>
3288
3289
3290
3291<p class="wp-block-paragraph"><a href="#_ftnref2">[2]</a> Available at <a href="https://financing.desa.un.org/sites/default/files/2024-08/Chair%27s%20proposal%20draft%20ToR_L.4_15%20Aug%202024____.pdf" rel="nofollow">https://financing.desa.un.org/sites/default/files/2024-08/Chair%27s%20proposal%20draft%20ToR_L.4_15%20Aug%202024____.pdf</a>.</p>
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3293
3294
3295<p class="wp-block-paragraph"><strong>4. What About the Next Four Years (2025-2029) &#8211; An Overview of the UN&#8217;s 31st Session (October 2025)</strong></p>
3296
3297
3298
3299<p class="wp-block-paragraph"><em>A United Nations tax committee of 25 experts, drawn from </em>the staff of member states’ tax authorities<em>, is currently meeting in Geneva this week to set its agenda for the next four years. The talks cover challenging global tax issues</em>, including taxing tech giants and curbing corporate tax avoidance, as well as governments leveraging AI for tax audits and implementing <em>green levies – issues with high stakes for both developing countries and U.S. multinationals.</em></p>
3300
3301
3302
3303<p class="wp-block-paragraph">The 31st session of the United Nations Committee of Experts on International Cooperation in Tax Matters runs from October 21 to 24, 2025 at the U.N. Headquarters Office of Geneva. This committee, often referred to as the UN Tax Committee, is a technical body of 25 independent experts (drawn from national tax authorities) that develops guidance on international tax policy and administration, with a special focus on the needs of developing countries. <a href="https://financing.desa.un.org/sites/default/files/2025-10/n2520322.pdf">Committee members</a>, appointed for a 2025–2029 term, come from diverse regions and serve in their personal capacities (they are nominated by governments but do not represent them directly). The group’s mandate is to help countries craft “stronger and forward-looking” tax policies suited to a globalized, digital economy, while preventing double taxation and curbing tax evasion and avoidance. In practice, the UN Tax Committee produces practical tools, including a competing model tax treaty (to the OECD version), a negotiations handbook for developing countries to approach tax treaties, and tax-regime specific handbooks (e.g. transfer pricing; extractive industries; dispute resolution), aimed at strengthening countries’ tax systems and boosting domestic resource mobilization (raising revenue at home) for development. This week’s gathering marks the first meeting of the newly appointed membership. The primary focus of the agenda is to decide the Committee’s work program for the next four years and set timeframes for deliverables.<a href="#_ftn1">[1]</a></p>
3304
3305
3306
3307<p class="wp-block-paragraph">Stakeholders, including national governments, academic experts, civil society organizations, and private sector representatives, have submitted a wide range of&nbsp;<a href="https://financing.desa.un.org/untc-31st-session-stakeholder-input">proposals</a>&nbsp;aimed at modernizing global tax norms for the Committee’s 2025–2029 work program. While many contributions revisit established debates such as the taxation of multinational technology corporations and the mitigation of corporate tax avoidance, others highlight emergent concerns pertaining to artificial intelligence (“AI”), health-related taxes, informal economies, and gender equity in taxation. This breadth of input evidence
3307s the increasing intersection of tax policy with developmental, technological, and social considerations, bearing potential implications for jurisdictions including the United States.</p>
3308
3309
3310
3311<hr class="wp-block-separator has-alpha-channel-opacity" />
3312
3313
3314
3315<p class="wp-block-paragraph"><a href="#_ftnref1">[1]</a> United Nations, Committee of Experts on International Cooperation in Tax Matters, <a href="https://financing.desa.un.org/sites/default/files/2025-10/Tentative%20Timed%20Agenda%2031st%20Session_with%20links%20to%20CRPs_0.pdf">Provisional Agenda of the Thirty-First Session</a> (21–24 Oct. 2025, Geneva).</p>
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3317
3318
3319<p class="wp-block-paragraph"><strong>4.1 From Digital Taxes to Green Levies: The Usual Suspects (and More)</strong></p>
3320
3321
3322
3323<p class="wp-block-paragraph">A significant proportion of submissions advocate for the continued development of digital economy taxation, focusing on the allocation of taxing rights over corporate profits earned via online activities in countries where a company maintains users or customers but lacks physical presence. Of fifty-one written inputs received, thirty-eight addressed taxation of digital services or related “nexus without presence” issues. Many developing countries are seeking enhanced source-based taxing rights over technology multinationals, building on recent UN initiatives such as Article 12B which targets taxation of digital services and the conceptualization of “digital permanent establishment.”<a href="#_ftn1">[1]</a> Relatedly, numerous stakeholders advocate for stricter transfer pricing regulations to curb profit shifting by multinational enterprises, primarily through the complex valuation of intangibles and intra-group transactions, which facilitate the relocation of profits to low-tax jurisdictions and result in substantial revenue losses for governments.<a href="#_ftn2">[2]</a> There is considerable support for adopting simplified, formulaic profit allocation methods, as opposed to the current arm’s-length principle, which is widely viewed as both administratively burdensome and susceptible to manipulation.<a href="#_ftn3">[3]</a> Some contributors further propose the creation of safe harbors or shared databases of comparable pricing data to help developing nations audit multinational activities.</p>
3324
3325
3326
3327<p class="wp-block-paragraph">Environmental taxation has also emerged as a priority, with over a dozen submissions—including those from France and several African states—requesting comprehensive guidance on carbon pricing, the taxation of carbon credits, and the structuring of green incentives.<a href="#_ftn4">[4]</a> Recent UN work, including the publication of the Carbon Taxation Handbook, marks significant progress. Yet, stakeholders are seeking additional resources, including model carbon tax frameworks, assistance in navigating the European Union’s Carbon Border Adjustment Mechanism, and recommendations regarding the taxation of emissions from the aviation sector.<a href="#_ftn5">[5]</a> These developments reflect a broader movement toward “greening” tax systems, which simultaneously generate revenue and incentivize sustainable behaviors.</p>
3328
3329
3330
3331<p class="wp-block-paragraph">Tax fairness and transparency remain central themes, with particular advocacy from U.S.-based organizations. For example, the Washington, D.C.-based FACT Coalition has urged the UN to promote public country-by-country reporting of corporate profits and tax payments, arguing that such disclosures would benefit developing countries that currently receive information only through restrictive and confidential intergovernmental exchanges.<a href="#_ftn6">[6]</a> Presently, the United States shares multinational tax reports with only two African nations under strict secrecy provisions, thereby limiting broader access.<a href="#_ftn7">[7]</a> The FACT Coalition contends that public reporting would eliminate costly legal barriers and facilitate oversight by tax authorities and investigative journalists, ultimately enhancing corporate accountability. Similarly, civil society groups from Latin America and Africa have called for the establishment of public beneficial ownership registries to expose illicit financial flows, a global transparency initiative that the United States has tentatively supported through measures such as the Corporate Transparency Act.<a href="#_ftn8">[8]</a></p>
3332
3333
3334
3335<p class="wp-block-paragraph">While these established issues—digital taxation, corporate avoidance, environmental taxes, and transparency—already present substantial challenges, the Committee’s agenda has expanded further in response to new stakeholder concerns. Notably, the feedback from the thirty-first session reveals the emergence of topics that have seldom been addressed in prior international tax forums. The following section examines several of these new themes and their significance, including for U.S. policy.</p>
3336
3337
3338
3339<hr class="wp-block-separator has-alpha-channel-opacity" />
3340
3341
3342
3343<p class="wp-block-paragraph"><a href="#_ftnref1">[1]</a> United Nations, Dept. of Econ. &amp; Soc. Affairs, Article 12B: Income from Automated Digital Services, in United Nations Model Double Taxation Convention between Developed and Developing Countries: 2021 Update (2021) (introducing a new treaty provision to tax digital services).</p>
3344
3345
3346
3347<p class="wp-block-paragraph"><a href="#_ftnref2">[2]</a> Organisation for Economic Co-operation and Development (OECD), Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 2022</p>
3348
3349
3350
3351<p class="wp-block-paragraph"><a href="#_ftnref3">[3]</a> U.N. Committee of Experts on Int’l Tax Matters, Secretariat Note on Taxation of the Digitalized and Globalized Economy, U.N. Doc. E/C.18/2025/CRP.24 (Oct. 7, 2025), at 2–3.</p>
3352
3353
3354
3355<p class="wp-block-paragraph"><a href="#_ftnref4">[4]</a> United Nations, Financing for Sustainable Development Office, “Environmental Taxation” Submissions (Oct. 2025) (compiling stakeholder proposals for guidance on carbon pricing, carbon credit taxation, and green incentives).</p>
3356
3357
3358
3359<p class="wp-block-paragraph"><a href="#_ftnref5">[5]</a> United Nations Dept. of Econ. &amp; Soc. Affairs, Carbon Taxation Handbook (2024) (a 204-page technical handbook on designing carbon taxes in developing countries, produced in cooperation with USAID).</p>
3360
3361
3362
3363<p class="wp-block-paragraph"><a href="#_ftnref6">[6]</a> Financial Accountability &amp; Corporate Transparency (FACT) Coalition, Submission to the U.N. Tax Committee on Public Country-by-Country Reporting (Sept. 2025) (urging adoption of public reporting of multinationals’ tax payments).</p>
3364
3365
3366
3367<p class="wp-block-paragraph"><a href="#_ftnref7">[7]</a> Id. at 3 (noting that as of 2025 the United States shares corporate tax reports with only two African nations – Mauritius and South Africa – under strict confidentiality, limiting broader African access)</p>
3368
3369
3370
3371<p class="wp-block-paragraph"><a href="#_ftnref8">[8]</a> Corporate Transparency Act, Pub. L. No. 116-283, 134 Stat. 4604 (2021) (codified at 31 U.S.C. §§ 5331–5333) (establishing U.S. beneficial ownership disclosure requirements.</p>
3372
3373
3374
3375<p class="wp-block-paragraph"><strong>4.2 Taxing the Rise of AI and New Technologies</strong></p>
3376
3377
3378
3379<p class="wp-block-paragraph">Artificial Intelligence has rapidly ascended as a focal point in international tax discourse.<a href="#_ftn1">[1]</a> Stakeholders note that AI is revolutionizing tax administration, from enhancing compliance and fraud detection to automating audit processes, and urge the UN to ensure that developing countries are not left behind in this technological transition. AI tools offer the potential to analyze vast datasets, automate routine tasks, and improve taxpayer services; however, resource-constrained nations often lack the technical expertise and funding necessary to implement such systems, raising concerns about a widening “tax tech” divide. Experts have recommended that the Committee develop guidelines or establish a dedicated task force on AI in tax administration, focusing on best practices for algorithmic design, data privacy safeguards, and vendor selection by revenue authorities. Additionally, the protection of taxpayer rights in the context of AI-driven audits has been emphasized, with proposals suggesting that individuals flagged by AI for audit should retain the right to human review.<a href="#_ftn2">[2]</a> Absent global standards, the deployment of AI in tax administration risks outpacing the evolution of legal protections.
3379</p>
3380
3381
3382
3383<p class="wp-block-paragraph">AI is not solely a tool for tax authorities; it is also giving rise to new tax bases and avenues for tax avoidance. As AI-enabled enterprises generate profits through intangible means, countries are debating mechanisms for capturing a fair share of this value.<a href="#_ftn3">[3]</a> The debate mirrors ongoing discussions regarding the taxation of highly digitalized businesses, many of which are headquartered in the United States. It has prompted consideration of an “AI tax” or the inclusion of AI services within digital services tax regimes.<a href="#_ftn4">[4]</a> Some scholars have even proposed a “robot tax”—a levy on corporations that substitute human labor with AI and automation—as a means of addressing growing economic inequality.<a href="#_ftn5">[5]</a> Although consensus on such innovative tax measures remains elusive, their appearance on the UN agenda signals the urgency with which policy must adapt to technological change.<a href="#_ftn6">[6]</a> For U.S. policymakers, these developments may foreshadow future disputes, as the United States has opposed unilateral digital services taxes and could similarly resist the imposition of AI-specific taxes aimed at major Silicon Valley firms.<a href="#_ftn7">[7]</a> Nonetheless, the Internal Revenue Service (“IRS”) has begun deploying AI systems to enforce existing laws; for instance, in the current year, the IRS announced the use of AI to detect tax evasion patterns among large partnerships, a move that has prompted legislative scrutiny regarding privacy implications.<a href="#_ftn8">[8]</a> As AI continues to reshape economic activity, the UN Tax Committee is poised to play a critical role in formulating guidance on the responsible taxation and utilization of this technology at the global level.<a href="#_ftn9">[9]</a></p>
3384
3385
3386
3387<hr class="wp-block-separator has-alpha-channel-opacity" />
3388
3389
3390
3391<p class="wp-block-paragraph"><a href="#_ftnref1">[1]</a> U.N. Committee of Experts on Int’l Tax Matters, Secretariat Note on Tax-Related Artificial Intelligence Issues, U.N. Doc. E/C.18/2025/CRP.25 (Oct. 7, 2025), at 1 (observing that Artificial Intelligence is a “
3391powerful tool for tax administrations” but comes with significant risks and resource gaps for developing countries).</p>
3392
3393
3394
3395<p class="wp-block-paragraph"><a href="#_ftnref2">[2]</a> Pramod Kumar Siva, Legal and Regulatory Implications of Agentic AI in Tax Administration, 118 Tax Notes Int’l 1711 (June 16, 2025) (analyzing privacy, bias, due process, and accountability challenges posed by autonomous AI in tax enforcement), available at SSRN: <a href="https://ssrn.com/abstract=5333340" rel="nofollow">https://ssrn.com/abstract=5333340</a>.</p>
3396
3397
3398
3399<p class="wp-block-paragraph"><a href="#_ftnref3">[3]</a> U.N. Committee of Experts on Int’l Tax Matters, Secretariat Note on Taxation of the Digitalized and Globalized Economy, supra note 9, at 6 (noting that some submissions proposed expanding digital services taxes to cover AI-enabled services, mirroring debates on taxing highly digitalized businesses).</p>
3400
3401
3402
3403<p class="wp-block-paragraph"><a href="#_ftnref4">[4]</a> See, e.g., BEPS Monitoring Group, Stakeholder Input to UN Tax Committee Work Programme 2025–2029 (Sept. 2025), at 2–3 (advocating inclusion of digital services and possibly certain AI-based services in new taxing-rights rules); Tax Justice Network, Submission to UN Tax Committee (Sept. 2025), at 4 (proposing that digital services tax measures be considered if consensus on Pillar One falters).</p>
3404
3405
3406
3407<p class="wp-block-paragraph"><a href="#_ftnref5">[5]</a> Ryan Abbott &amp; Bret Bogenschneider, “Should Robots Pay Taxes?”, 12 Harv. L. &amp; Pol’y Rev. 145, 146–53 (2018) (exploring the rationale for a tax on robots or AI that displace human labor).</p>
3408
3409
3410
3411<p class="wp-block-paragraph"><a href="#_ftnref6">[6]</a> U.N. Committee of Experts on Int’l Tax Matters, Secretariat Note on Taxation of the Digitalized and Globalized Economy, supra note 9, at Annex (reflecting that even though novel ideas like an “AI tax” lack consensus, their emergence on the UN agenda underscores the urgency of adapting tax policy to technological change).</p>
3412
3413
3414
3415<p class="wp-block-paragraph"><a href="#_ftnref7">[7]</a> U.S. Dep’t of the Treasury, Press Release: United States and Five European Countries Extend Transition Agreement on Digital Services Taxes (Feb. 15, 2024) (reaffirming U.S. opposition to unilateral DSTs and extending a moratorium on DST measures pending a multilateral OECD solution).</p>
3416
3417
3418
3419<p class="wp-block-paragraph"><a href="#_ftnref8">[8]</a> I.R.S. News Release IR-2023-166 (Sept. 8, 2023) (announcing a sweeping enforcement initiative using AI to detect tax evasion patterns – including opening audits of 75 large partnerships – as part of efforts to restore fairness in the tax system.</p>
3420
3421
3422
3423<p class="wp-block-paragraph"><a href="#_ftnref9">[9]</a> Letter from Rep. Jim Jordan, Chairman, H. Comm. on the Judiciary, &amp; Rep. Harriet Hageman to Hon. Janet L. Yellen, U.S. Treasury Secretary (Mar. 20, 2024) (inquiring into the IRS’s use of AI to monitor taxpayers’ financial data without warrants, and citing concerns of “AI-powered warrantless financial surveillance”).</p>
3424
3425
3426
3427<p class="wp-block-paragraph"><strong>4.3 Health Taxes for Development – Tobacco, Sugar, and Beyond</strong></p>
3428
3429
3430
3431<p class="wp-block-paragraph">Several developing country submissions implored the Committee to champion health taxes – excise taxes on products like tobacco, alcohol, and sugary drinks that raise revenue and improve public health. Such taxes are sometimes called “sin taxes,” but stakeholders frame them as smart fiscal policy: easy to administer, hard to evade, and yielding a double dividend of funds and healthier populations.<a href="#_ftn1">[1]</a></p>
3432
3433
3434
3435<p class="wp-block-paragraph">The African Alliance for Health Research and Economic Development, for example, noted that many low-income countries struggle to finance healthcare and climate adaptation, and argued that targeted levies on harmful products could help fill the gap. They urged the UN experts to develop technical guidance on designing and implementing health-related taxes (on tobacco, alcohol, sugary drinks) and to share best practices on monitoring their impacts. Such guidance could include model legislation for tobacco taxes or sugar-sweetened beverage taxes, as well as advice on setting rates high enough to deter consumption but not so high as to encourage black markets.<a href="#_ftn2">[2]</a></p>
3436
3437
3438
3439<p class="wp-block-paragraph">The push for health taxes also has a U.S. angle. In the United States, federal and state governments have long taxed cigarettes and alcohol (with proven public health benefits), and cities like Philadelphia and Berkeley pioneered soda taxes. American health advocates, including some foundations and researchers, have promoted similar measures abroad as a win-win for achieving Sustainable Development Goals. Notably, no U.S. government entity weighed in at the UN to advocate for health taxes; the submissions primarily came from African and international health groups. However, U.S.-based organizations, such as Bloomberg Philanthropies, have funded technical support for such taxes globally. For the UN Tax Committee, incorporating health taxes into its work program would align with broader development priorities and World Health Organization recommendations, signaling that tax policy is not just about macroeconomics, but also about saving lives. It might even nudge U.S. policymakers to consider strengthening health-related taxes at home (e.g., revisiting federal soda tax proposals) if framed as part of a global best practice.</p>
3440
3441
3442
3443<hr class="wp-block-separator has-alpha-channel-opacity" />
3444
3445
3446
3447<p class="wp-block-paragraph"><a href="#_ftnref1">[1]</a> World Health Organization, WHO Technical Manual on Tobacco Tax Policy and Administration, at 1–3 (2021) (noting that well-designed health taxes on products like tobacco, alcohol, and sugary drinks can both raise revenues and significantly reduce harmful consumption – a “double dividend”).</p>
3448
3449
3450
3451<p class="wp-block-paragraph"><a href="#_ftnref2">[2]</a> African Alliance for Health, Research and Economic Development, Stakeholder Submission on Health Taxes (Sept. 2025) (arguing that excise taxes on tobacco, alcohol, and sugary drinks could help low-income countries finance healthcare and climate adaptation, and urging the UN to develop model health tax legislation).</p>
3452
3453
3454
3455<p class="wp-block-paragraph"><strong>4.4 Minimum Taxes and the “STTR” Debate</strong></p>
3456
3457
3458
3459<p class="wp-block-paragraph">Even as the OECD’s global 15 percent minimum corporate tax (Pillar Two) inches toward implementation, developing countries are advocating tweaks to ensure it works for them. A key request in the UN submissions is support for the Subject To Tax Rule (STTR) – a treaty-based measure that allows source countries to impose a withholding tax on certain cross-border payments (such as interest and royalties) that would otherwise go untaxed or lightly taxed in the recipient’s country. Essentially, STTR is designed to prevent “double non-taxation” by ensuring a modest tax (typically 9 percent) on these outbound payments. The UN Tax Committee has approved its own version of an STTR, and stakeholders like Nigeria’s Federal Inland Revenue Service urged that it be prioritized and broadened. Nigeria noted some current proposals are too limited – for example, the OECD’s version excludes many transactions and has complex carve-outs – and it recommended a simpler rule to catch any payment that isn’t taxed because the payee lacks a permanent establishment in the source country. Such a rule would strengthen developing countries’ hand in taxing services or royalties being paid to offshore affiliates.<a href="#_ftn1">[1]</a></p>
3460
3461
3462
3463<p class="wp-block-paragraph">Alongside STTR, there were calls to refine the implementation of the global minimum tax. Some civil society groups from Latin America argued that the 15 percent rate might be too low to curb harmful tax competition, and that developing nations should explore complementary measures. One idea floated is a Domestic Minimum Top-up Tax (DMTT) – basically, if a multinational’s local effective rate falls below the agreed minimum, the source country itself would collect the top-up to 15%, rather than leaving that to the company’s home country. This aligns with OECD Pillar Two rules; however, developing countries seek UN guidance to ensure they can easily adopt DMTTs and avoid missing out on revenue. Another idea (championed by an academic from India) is to consider <em>a “Significant Economic Presence” </em>concept or other alternatives if the traditional permanent establishment threshold becomes obsolete in a digitalizing economy. The subtext in many submissions is wariness that the OECD-led deal, while a milestone, might skew benefits toward rich countries unless additional source-based tools, such as a robust STTR, are in place. In fact, analysis shows the UN’s simpler STTR would likely 
3463yield more revenue for developing countries than the OECD’s narrower version.<a href="#_ftn2">[2]</a></p>
3464
3465
3466
3467<p class="wp-block-paragraph">For the United States, these discussions are highly pertinent. The U.S. helped design Pillar Two but has not yet implemented it domestically, and it has an extensive network of tax treaties that could be affected by an STTR multilateral instrument. U.S. companies could face those source-country withholdings if an UN-driven STTR becomes common. At the same time, the U.S. Congress’ reluctance to adopt the 15 percent minimum (due to partisan gridlock) means the U.S. might see other countries scoop up tax revenue that could have gone to the IRS – a scenario some lawmakers want to avoid. The UN Tax Committee’s work on these rules could thus influence the global playing field on which U.S. firms and tax policymakers operate. Any concrete UN guidance or model treaties on STTR and minimum taxes will be closely monitored by both multinationals and Treasury officials.</p>
3468
3469
3470
3471<hr class="wp-block-separator has-alpha-channel-opacity" />
3472
3473
3474
3475<p class="wp-block-paragraph"><a href="#_ftnref1">[1]</a> Federal Inland Revenue Service (Nigeria), Stakeholder Submission to UN Tax Committee (Sept. 2025) (calling for prioritization of a robust Subject-to-Tax Rule and noting shortcomings of the OECD’s 9 percent STTR scope).</p>
3476
3477
3478
3479<p class="wp-block-paragraph"><a href="#_ftnref2">[2]</a> South Centre &amp; G-24, Press Release: Country-Level Revenue Estimates – A Comparative Analysis of UN and OECD Subject to Tax Rules for 65 Member States (July 23, 2025) (reporting that the UN’s broader STTR would yield substantially higher tax revenues for developing countries than the narrower OECD version).</p>
3480
3481
3482
3483<p class="wp-block-paragraph"><strong>4.5 Balancing Ambition with Practicality</strong></p>
3484
3485
3486
3487<p class="wp-block-paragraph">AAs the UN Tax Committee convenes in late October for its 31st session (now with a new 25-member roster of experts from around the world), it faces the daunting task of sifting through this rich array of stakeholder proposals. There is a clear momentum toward a more inclusive international tax dialogue – one that not only continues technical work on treaties and transfer pricing, but also integrates tax with digital innovation, health policy, climate action, and social justice. For an advisory body that operates by consensus and whose outputs are often non-binding, selecting priorities will require striking a balance between ambition and feasibility. Not every idea will make the cut; some issues might be referred to other forums (for instance, the IMF or World Bank may take on informal sector taxation, or the UN’s New York process on the tax convention may tackle overarching principles like global wealth taxation that were also floated).</p>
3488
3489
3490
3491<p class="wp-block-paragraph">Stakeholders are clearly thinking beyond the status quo. Whether it’s carving out a role for AI in easing tax compliance burdens, enacting excise taxes that fight diabetes and smoking, or rewriting tax rules to account for remote workers and carbon traders, the submissions urge the Committee to be forward-looking. There is also an implicit call for the UN to assert a more decisive leadership role in global tax norm-setting, reflecting the frustration of developing countries with the slower, consensus-bound OECD process. The recent UN General Assembly resolution to initiate negotiations on a Framework Convention on International Tax Cooperation heightens the stakes; the Committee’s work program may shape what ultimately goes into that treaty.</p>
3492
3493
3494
3495<p class="wp-block-paragraph">For American observers, who are traditionally more focused on domestic tax issues or OECD initiatives, the flurry of activity at the UN is worth paying attention to. U.S. companies and civil society alike have a stake in the game: how digital profits are distributed, how transparent corporate finances are, and how new taxes (from carbon to AI) are designed will all impact the U.S. in the long run. Encouragingly, at least one U.S.-led coalition (FACT) and several U.S. academics engaged with this UN process, emphasizing that global tax fairness can advance both development and American interests by leveling playing fields. The tone of the submissions is cooperative mainly – stakeholders aren’t looking to punish any one country, but to ensure all c
3495ountries, especially poorer ones, have the tools to raise revenue fairly in the 21st century.</p>
3496
3497
3498
3499<p class="wp-block-paragraph">As the session unfolds, expect detailed agenda items on topics such as updating the UN Model Tax Convention, enhancing tax dispute resolution, and providing new guidance on tax incentives. However, also expect the unexpected: discussions of topics like a “Gender and Taxation” toolkit or an AI ethics charter for tax administrations could emerge, which would have been unthinkable in this arena just a decade ago. The breadth of stakeholder input ensures that Committee members will have exposure to diverse ideas. If they manage to translate even a portion into concrete outputs – say, a new UN handbook on health taxes or an outline for taxing remote work – it could mark a significant broadening of international tax cooperation. In the end, the 31st session’s expanded brief shows that tax is no longer a dry, isolated field; it’s at the heart of debates on sustainable development, technology, and equity. And what happens in this realm will reverberate far beyond the United Nations, reaching policymakers in the OECD and capitals of member states, such as Washington, Paris, Lagos, Beijing, Mumbai, Brasilia, and everywhere in between.</p>
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3578		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/uncategorized/" rel="category tag">Uncategorized</a> | Tagged: <a href="https://profwilliambyrnes.com/tag/economy/" rel="tag">Economy</a>, <a href="https://profwilliambyrnes.com/tag/finance/" rel="tag">Finance</a>, <a href="https://profwilliambyrnes.com/tag/international-tax/" rel="tag">international tax</a>, <a href="https://profwilliambyrnes.com/tag/news/" rel="tag">news</a>, <a href="https://profwilliambyrnes.com/tag/politics/" rel="tag">Politics</a>, <a href="https://profwilliambyrnes.com/tag/sustainability/" rel="tag">sustainability</a>, <a href="https://profwilliambyrnes.com/tag/united-nations/" rel="tag">united nations</a> |    <a href="https://profwilliambyrnes.com/2025/10/31/un-tax-committee-confronts-new-challenges-from-ai-to-health-taxes/#respond">Leave a Comment &#187;</a></p>
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3580
3581	
3582		<div class="post-9471 post type-post status-publish format-standard hentry category-uncategorized tag-aml tag-bsa tag-business tag-fatca tag-finance tag-financial-services tag-internal-revenue-service tag-investing tag-irs tag-news tag-ofac tag-personal-finance tag-tax" id="post-9471">
3583			<h2><a href="https://profwilliambyrnes.com/2025/09/08/my-cambridge-plenary-presentation-why-is-5-5-trillion-of-u-s-aum-exempt-from-the-bsas-aml-cip-sar-rules/" rel="bookmark">My Cambridge Plenary Presentation: Why is $5.5 Trillion of U.S. AUM Exempt from the BSA’s AML, CIP &amp; SAR&nbsp;Rules?</a></h2>
3584			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on September 8, 2025</p>
3585			<div class="entry">
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3587<div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" data="https://profwilliambyrnes.com/wp-content/uploads/2025/09/william_byrnes_fincen_revokes_bsa_for_investment_advisors_4-sept_2025.pdf" type="application/pdf" style="width:100%;height:600px" aria-label="Embed of William_Byrnes_FINCEN_Revokes_BSA_for_Investment_Advisors_4 Sept_2025."></object><a id="wp-block-file--media-fcdd4f0f-1ad8-4200-9f44-4c9c0835079b" href="https://profwilliambyrnes.com/wp-content/uploads/2025/09/william_byrnes_fincen_revokes_bsa_for_investment_advisors_4-sept_2025.pdf">William_Byrnes_FINCEN_Revokes_BSA_for_Investment_Advisors_4 Sept_2025</a><a href="https://profwilliambyrnes.com/wp-content/uploads/2025/09/william_byrnes_fincen_revokes_bsa_for_investment_advisors_4-sept_2025.pdf" class="wp-block-file__button wp-element-button" download aria-describedby="wp-block-file--media-fcdd4f0f-1ad8-4200-9f44-4c9c0835079b">Download</a></div>
3588
3589
3590
3591<p class="wp-block-paragraph"><em><strong>
3591primary sources and data referred to within my presentation include: </strong></em></p>
3592
3593
3594
3595<ul class="wp-block-list">
3596<li><a href="https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/shl2024r.pdf">Foreign Portfolio Holdings of U.S. Securities end of 2Q 2024</a> (published by U.S. Treasury April 2025)</li>
3597</ul>
3598
3599
3600
3601<ul class="wp-block-list">
3602<li><a href="https://www.sec.gov/data-research/sec-markets-data/information-about-registered-investment-advisers-exempt-reporting-advisers">SEC monthly information and data of Registered Investment Advisers and Exempt Reporting Advisers</a></li>
3603</ul>
3604
3605
3606
3607<ul class="wp-block-list">
3608<li>FinCEN revised final <a href="https://www.federalregister.gov/documents/2024/09/04/2024-19260/financial-crimes-enforcement-network-anti-money-launderingcountering-the-financing-of-terrorism">rule link</a> (December 2024) and <a href="https://home.treasury.gov/news/press-releases/sb0201">FinCEN revocation of rule</a> July 21, 2025</li>
3609</ul>
3610
3611
3612
3613<p class="wp-block-paragraph"></p>
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3687			
3688		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/uncategorized/" rel="category tag">Uncategorized</a> | Tagged: <a href="https://profwilliambyrnes.com/tag/aml/" rel="tag">AML</a>, <a href="https://profwilliambyrnes.com/tag/bsa/" rel="tag">BSA</a>, <a href="https://profwilliambyrnes.com/tag/business/" rel="tag">Business</a>, <a href="https://profwilliambyrnes.com/tag/fatca/" rel="tag">FATCA</a>, <a href="https://profwilliambyrnes.com/tag/finance/" rel="tag">Finance</a>, <a href="https://profwilliambyrnes.com/tag/financial-services/" rel="tag">Financial services</a>, <a href="https://profwilliambyrnes.com/tag/internal-revenue-service/" rel="tag">Internal Revenue Service</a>, <a href="https://profwilliambyrnes.com/tag/investing/" rel="tag">Investing</a>, <a href="https://profwilliambyrnes.com/tag/irs/" rel="tag">IRS</a>, <a href="https://profwilliambyrnes.com/tag/news/" rel="tag">news</a>, <a href="https://profwilliambyrnes.com/tag/ofac/" rel="tag">OFAC</a>, <a href="https://profwilliambyrnes.com/tag/personal-finance/" rel="tag">Personal Finance</a>, <a href="https://profwilliambyrnes.com/tag/tax/" rel="tag">tax</a> |    <a href="https://profwilliambyrnes.com/2025/09/08/my-cambridge-plenary-presentation-why-is-5-5-trillion-of-u-s-aum-exempt-from-the-bsas-aml-cip-sar-rules/#respond">Leave a Comment &#187;</a></p>
3689		</div>
3690
3691	
3692		<div class="post-9441 post type-post status-publish format-standard hentry category-uncategorized" id="post-9441">
3693			<h2><a href="https://profwilliambyrnes.com/2025/07/23/is-bringing-investment-advisors-with-the-scope-of-kyc-and-sar-rules-too-much-or-much-needed/" rel="bookmark">Is bringing investment advisors with the scope of KYC and SAR rules too much or much&nbsp;needed?</a></h2>
3694			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on July 23, 2025</p>
3695			<div class="entry">
3696				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9441"></div><br/>
3697<p class="wp-block-paragraph">Over $5.5 trillion of assets under management (AUM) by U.S. investment advisors is exempt from customer identification program (CIP) obligations, customer due diligence (CDD) requirements, and the filing of suspicious activity reports (SARs), which are essential aspects of the federal defense mechanism against criminal and terrorist organizations.  Why is this so? Because the U.S. money laundering detection laws, which are found within the Bank Secrecy Act (BSA), apply to financial institutions and investment advisors, they are not within the scope of that term.</p>
3698
3699
3700
3701<p class="wp-block-paragraph">Investment advisors come in different shapes and sizes, thus with varying profiles of risk based on size of AUM, the type of clients, and the type of investments. Some investment advisors are departments of large financial institutions, and as such are within the BSA&#8217;s scope. Some are broker-dealers registered with FINRA, and FINRA has robust BSA-aligned rules that it can actually enforce. Some are pension investment advisors &#8211; subject to ERISA and IRS rules. Some are family office investment advisors. Investment advisors with $100 million or more in AUM generally must register with the SEC, and the SEC has BSA-aligned rules but not really enforcement power. The SEC and FINRA are both responsible for regulating to protect investors. Thus, there is some trade-off of resource time between enforcing AML reporting rules versus &#8216;checking the books&#8217; and investment marketing. </p>
3702
3703
3704
3705<p class="wp-block-paragraph">However, about 23,000 investment advisors are &#8216;Exempt Reporting Advisers&#8217; (ERAs). State-registered investment advisers are generally prohibited from registering with the SEC because they do not exceed the $100 million threshold. Thus, these investment advisors are registered and supervised by one of the fifty States&#8217; relevant authority. And not within scope of the BSA record keeping and SAR reporting rules  By the end of 2022, 17,063 State-registered investment advisers reported a
3705pproximately $420 billion in AUM. But $5.2 trillion is managed by 5,846 ERAs who are statutorily exempt from registering with the SEC because the ERA: (1) is an adviser solely to one or more venture capital funds; or (2) is an adviser solely to one or more private funds and has less than $150 million AUM in the United States. Private funds, including private hedge funds, private equity funds, and venture capital funds, among others, do not register with the SEC.  </p>
3706
3707
3708
3709<p class="wp-block-paragraph">FinCEN analyzed 12,000 SARs filed over a seven-year period by financial institutions within scope of the BSA reporting rule. FinCEN found that just over 15 percent of registered investment advisors (RIAs) and ERAs were associated with or referenced in at least one SAR filed between 2013 and 2021. Investment advisers were identified either as the subject of the SAR or in the narrative section of the SAR about the suspicious financial activity. Certain investment advisers were found to manage billions of dollars ultimately controlled by U.S.-sanctioned entities and persons. </p>
3710
3711
3712
3713<p class="wp-block-paragraph">The U.S. Treasury Department&#8217;s FinCEN (the Financial Crimes Enforcement Network) crafted a proposed rule to bring most, but not all, investment advisors as of January 1, 2026, within the scope of the BSA by categorizing them as financial institutions. Industry responded. FinCEN reconsidered its position and issued a revised final <a href="https://www.federalregister.gov/documents/2024/09/04/2024-19260/financial-crimes-enforcement-network-anti-money-launderingcountering-the-financing-of-terrorism">rule (link is here)</a> in December 2024, explaining why it chose to disregard specific comments. Investment advisors were generally unhappy with any rule, as rules often incur compliance costs. Smaller investment advisors, though with fewer clients to comply about, still, it&#8217;s a burden in time and costs. Anyway, that rule was the last administration&#8217;s FinCEN.  </p>
3714
3715
3716
3717<p class="wp-block-paragraph">This administration&#8217;s <a href="https://home.treasury.gov/news/press-releases/sb0201">FinCEN renounced the rule</a> (see link) on July 21, 2025. Why? One size doesn&#8217;t fit all. FinCEN now stated that any rule would need to be effectively tailored to the diverse business models and risk profiles of the investment adviser sector. FinCEN also said it intends to walk back its proposed rule requiring each investment advisor to maintain a customer identification program (a &#8216;know your client&#8217; or &#8216;KYC&#8217; rule). <em>See</em> <a href="https://www.federalregister.gov/documents/2024/05/21/2024-10738/customer-identification-programs-for-registered-investment-advisers-and-exempt-reporting-advisers">Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers</a>. </p>
3718
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3720
3721<p class="wp-block-paragraph"><strong><em>Is bringing investment advisors with the scope of &#8216;know your client&#8217; rules and requirements to file a  suspicious activities report too much or much needed? </em></strong></p>
3722
3723
3724
3725<p class="wp-block-paragraph">Let me walk through a scenario and provide some thoughts. A client indeed undertakes due diligence of the investment advisor before wiring, say $20 million, into the investment advisor&#8217;s fund account. Is my investment safe? What is the investment return history? <em>Will the advisor look the other way and not ask (many) questions about where my money and wealth originate?</em> This last question, of course, is FinCEN&#8217;s concern.</p>
3726
3727
3728
3729<p class="wp-block-paragraph">Does the investment advisor know the client? Typically, yes, when it is an individual. After all, the advisor wants to establish a comprehensive investment strategy and foster a good client relationship to sustain business and generate new investor leads. Or the investment advisor has targeted an investor for a private equity fund, and the investment requires a significant amount of legal work and confidence-building in the investment advisor. But then I recall my b
3729inge weekend of watching Breaking Bad.</p>
3730
3731
3732
3733<p class="wp-block-paragraph">Walter White, a middle-aged high school chemistry teacher, earned $100 million or more during the five seasons. He should have retired after he clearly had &#8216;enough&#8217; ($20 million?) and let the investment industry invest his wealth for his family to live on after the cancer took him (wouldn&#8217;t have made for a really engrossing series if he didn&#8217;t spiral out of control though and go out in a Butch Cassidy blaze of glory).  In the Ozark version of Breaking Bad, Walter White contacts an investment advisory firm and lives off the investment returns from his $20 million meth earnings for the next 10 years &#8211; then passes the estate to his wife.  </p>
3734
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3736
3737<p class="wp-block-paragraph">Does the investment advisor find Walter White&#8217;s story of a dead uncle in Scotland who left him $20 million a bit suspicious? Even if so, is that investment advisor going to kibosh $20 million of new business by asking to see the estate letters and other due diligence when not required? And what to do with the suspicion because the investment advisor is not registered with FinCEN to report SARs? On the other hand, should not the investment advisor be able to rely on the larger financial institutions in the system to ask these questions, gather the necessary documentation, and file the SARs when required? For the investment advisor to receive a $20 million wire, a financial institution had to first onboard Walter White and receive $20 million in deposits. Would not FinCEN&#8217;s rule be an unnecessary, costly regulatory overlap?   </p>
3738
3739
3740
3741<p class="wp-block-paragraph">Walter White, the chemistry teacher, does not have $20 million in the following scenario. Instead, he introduces his lawyer, Saul Goodman, to an investment advisor, who represents a Delaware LLC that has $20 million to invest (whose shareholders are two Panamanian foundations). Saul tells the curious advisor that the money, sitting in an account of a large financial institution, originated from a wealthy but very private Hong Kong family with real estate investments. But it didn&#8217;t. It&#8217;s Walter&#8217;s meth earnings. How did it end up in the large financial institution? Spend a weekend bingeing Ozark to watch its laundering operation. Same question as before: should the advisor be able to rely on that large financial institution regarding the origin of the $20 million?  </p>
3742
3743
3744
3745<p class="wp-block-paragraph">The soon-to-be-revised or buried FinCEN rule would have required most investment advisors to file a Currency Transaction Report (CTR) for transactions involving a transfer of more than $10,000 in currency by, through, or to the investment adviser. Investment advisors already have to file a CTR if a client brings in $10,000 or more of cash, so from FinCENs perspective, what&#8217;s a few more filings? From an investment advisor&#8217;s perspective, how many is a few? And how does providing this data to FinCEN help fight crime?</p>
3746
3747
3748
3749<p class="wp-block-paragraph">I&#8217;m of the (perhaps naive) belief that most financial advisors do not want to facilitate investment of criminals&#8217; proceeds. How would my ethical investment advisor even inform law enforcement if, for example, a Walter White becomes a client with a mere $500,
3749000, but then his dead uncle gifts him $20 million? Then he introduces a friend who also inherited $20 million from a dead uncle. A BSA exempt investment advisor is prevented from participating in law enforcement information sharing programs and thus cannot provide helpful information on suspected illicit finance activity to law enforcement or to other financial institutions. Moreover, attempting to do so exposes the investment advisor to civil liability for violating the client&#8217;s right to privacy. The BSA affords protection from civil liability (a safe harbor) to a financial institution that files an SAR about a client or potential client. Even though an investment adviser could, in theory, file a voluntary SAR to FinCEN, without this BSA safe harbor, the civil liability legal risk from customers or other counterparties would weigh against it.</p>
3750
3751
3752
3753<p class="wp-block-paragraph">If I am correct that most financial advisors want to be part of the &#8216;good guys&#8217;, then FinCEN needs to convene investment advisor workgroups based on their shapes and sizes and ask them how to best achieve the mutual goal of a lowest-cost, liability-risk-free process, for investment advisor SAR reporting.  If I am wrong, then it will take a lot of enforcement resources to compel investment advisors to &#8216;do the right thing,&#8217; when the right thing may not even be fit for its purpose.   </p>
3754
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3756
3757<p class="wp-block-paragraph">I am confident that this topic warrants a scholarly paper. But it&#8217;s time for me to get back to updating and revising my Think Advisor/Tax Facts books for financial advisors for the 600+ pages of OBBBA tax changes. Meanwhile, let me know your thoughts: <strong><em>Is bringing investment advisors with the scope of &#8216;know your client&#8217; rules and requirements to file a  suspicious activities report too much or much needed?</em></strong></p>
3758
3759
3760
3761<p class="wp-block-paragraph" id="p-102"></p>
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3836		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/uncategorized/" rel="category tag">Uncategorized</a> |    <a href="https://profwilliambyrnes.com/2025/07/23/is-bringing-investment-advisors-with-the-scope-of-kyc-and-sar-rules-too-much-or-much-needed/#respond">Leave a Comment &#187;</a></p>
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3840		<div class="post-9432 post type-post status-publish format-standard hentry category-uncategorized tag-health tag-health-insurance tag-healthcare tag-insurance-2 tag-medicare" id="post-9432">
3841			<h2><a href="https://profwilliambyrnes.com/2025/06/19/who-is-responsible-for-increasing-health-care-costs/" rel="bookmark">Who is Responsible for Increasing Health Care&nbsp;Costs?</a></h2>
3842			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on June 19, 2025</p>
3843			<div class="entry">
3844				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9432"></div><br/>
3845<p class="wp-block-paragraph">Professor <a href="https://www.linkedin.com/in/williambyrnes/">William Byrnes</a>, Texas A&amp;M University School of Law, Risk Management Graduate Program.</p>
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3849<p class="wp-block-paragraph">Based on my recent debate with Robert Bloink, “<a href="https://www.thinkadvisor.com/2025/06/13/debate-should-the-tax-bill-expand-hsas">Should the Tax Bill Expand HSAs</a>?”, a reader asked me to comment on both parties&#8217; failure to address the central issue of costs regarding the sustainability of Medicare and Medicaid. This is my part one response, focused primarily on physicians. I plan to author a part two focused on other stakeholder roles in health care costs. </p>
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3853<p class="wp-block-paragraph">The sustainability of Medicare and Medicaid, and U.S. healthcare in general, is a challenging topic, especially when considering the political hurdles associated with reducing medical care costs and enhancing efficiency. Despite past efforts like the ACA, which aimed to address healthcare costs, the actual regulatory impact on reducing inflationary trends in medical services remains, at best, questionable.</p>
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3857<p class="wp-block-paragraph">Let&#8217;s consider health care expenditure <a href="https://www.healthsystemtracker.org/chart-collection/u-s-spending-healthcare-changed-time/#Total%20national%20health%20expenditures,%201970-2023">data</a> pre- and post-ACA and then what portion physicians take.<a href="#_ftn1" id="_ftnref1">[1]</a> Before the ACA in 2010, U.S. health care services expenditures were $2.6 trillion (inflation-adjusted for 2023, it&#8217;s $3.4 trillion). In 2023, $4.9 trillion. Arguably, health care expenditures grew more slowly between 2011 and 2020 compared to the previous decade of 2000 through 2010. Yet, the 2011 &#8211; 2020 cost growth was still well above the inflation rate (more than double the national annual inflation rate in most years). Whether the Titanic sank in two and a half hours or five hours, the (mostly poor) passengers without access to lifeboats died.</p>
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3861<p class="wp-block-paragraph">Alarmingly, the post-COVID yearly inflation costs of medical services have accelerated well beyond their pre-ACA years. The American Medical Association (AMA), the lobby trade organization of medical professionals, has no interest in alerting the public or Congress to the inflationary cost of physicians. Its members&#8217; interests are to point the blame for rising medical expenses toward anyone but physicians (e.g., ruthless insurance companies, bureaucrats in hospitals, greedy pharma, greedier trial lawyers, inept regulatory bodies, overbearing <a href="https://www.laurelroad.com/healthcare-banking/what-is-the-average-medical-student-debt/#:~:text=On%20average%2C%20students%20graduate%20from,staggering%20six%2Dfigure%20medical%20debts.">student loan debt</a> of $264,000 on average).<a href="#_ftn2" id="_ftnref2">[2]</a> Yet, the AMA reported in its most recent <a href="https://www.ama-assn.org/about/ama-research/trends-health-care-spending">Trends in Health Care Studies</a> that from 2014 until 2023, physician services costs grew at an average annual rate of 5.3 percent &#8211; double inflation in several years.<a href="#_ftn3" id="_ftnref3">[3]</a> In 2023, spending on physician services jumped by 7.6 percent, more than double the <a href="https://www.bls.gov/opub/ted/2024/consumer-price-index-2023-in-review.htm">consumer price index</a> inflation rate of 3.4 percent.<a href="#_ftn4" id="_ftnref4">[4]</a></p>
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3865<p class="wp-block-paragraph">Physicians&#8217; annual income rose correspondingly, by varying degrees, across all practice areas. Medical industry reports (e.g., Medscape, Doximity, White Collar Investor) range from 3 to 6 percent overall increases. Some groups, like primary care, fared much better in 2023, with 11 percent.<a href="#_ftn5" id="_ftnref5">[5]</a> Looking at average physician compensation by specialty provides some context for medical costs. Across all medical specialties without regard to U.S. regional variances, the average 2023 compensation was <a href="https://www.whitecoatinvestor.com/how-much-do-doctors-make/">$398,000,</a> yet for primary care, $281,000.<a href="#_ftn6" id="_ftnref6">[6]</a> The highest average compensation for a specialty is orthopedics, a range of $543,000 to $745,000, depending on the industry survey. <a href="https://www.whitecoatinvestor.com/how-much-do-doctors-make/">Other specialty examples</a>: radiologists $520,000 to $620,000, plastic surgeons $516,000 to $620,000, general surgeons $420,000 to $512,000, emergency medicine $374,000 to $406,000, psychiatry $336,000 to $339,000, family medicine $276,000 to $301,000, and pediatrics $236,000 to $260,000.</p>
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3869<p class="wp-block-paragraph">With high incomes relative to other professions, it’s not surprising that <a href="https://www.fsmb.org/u.s.-medical-regulatory-trends-and-actions/u.s.-medical-licensing-and-disciplinary-data/physician-licensure/">2023</a> was a bumper year for first-time state board-licensed physicians, 30,924, which followed a record year of 31,504 in <a href="https://meridian.allenpress.com/jmr/article/109/2/13/494447/FSMB-Census-of-Licensed-Physicians-in-the-United">2022</a>.<a href="#_ftn7" id="_ftnref7">[7]</a> From 2010 until 2022, the U.S. expanded its total number of physicians by <a href="https://meridian.allenpress.com/jmr/article/109/2/13/494447/FSMB-Census-of-Licensed-Physicians-in-the-United">23 percent</a>.<a href="#_ftn8" id="_ftnref8">[8]</a> The total U.S. licensed physician population has, as of 2025, reached 1.1 million. The <a href="https://meridian.allenpress.com/jmr/article/109/2/13/494447/FSMB-Census-of-Licensed-Physicians-in-the-United">number</a>
3869 of physicians per hundred thousand persons has increased from 277 to 313, albeit <a href="https://www.ruralhealth.us/about-us/about-rural-health-care">rural areas</a> (131 per hundred thousand) have much less than half.<a href="#_ftn9" id="_ftnref9">[9]</a> However, the U.S. population is older. The <a href="https://www.cdc.gov/nchs/fastats/physician-visits.htm#:~:text=Percent%20of%20adults%20who%20had,Health%20Interview%20Survey%2C%202019%2D2023">CDC reported</a> that 84.5 percent of U.S. adults had a medical visit in 2023.<a href="#_ftn10" id="_ftnref10">[10]</a> In <a href="https://www.cdc.gov/nchs/data/nhsr/nhsr184.pdf">2019</a>, before COVID, the total number of physician visits had already reached 1.0 billion, with 320.7 visits per 100 persons, half of which were primary care, 29 percent specialist, and 20 percent for surgeons.<a href="#_ftn11" id="_ftnref11">[11]</a> As the numbers indicate, annual visits per physician would be above 1,000. But some, like primary care physicians, will experience more visits per physician than, for example, an orthopedic surgeon.</p>
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3873<p class="wp-block-paragraph">For a comparable trading partner comparison, Canada, France, and Germany have physicians per 100,000 population of 243, 330, and 452, respectively.<a href="#_ftn12" id="_ftnref12">[12]</a> France’s health expenditure <a href="https://www.who.int/data/gho/data/indicators/indicator-details/GHO/current-health-expenditure-(che)-per-capita-in-us-dollar">per capita</a> is $4,865, Canada’s is $5,922, Germany’s is $6,182, and the U.S.’s is double that: $12,434. But the U.S.’ double the per capita health care spend does not buy better health outcomes. For 2022, the U.S.&#8217;s life expectancy of 77.43 was the worst of the four countries, Germany&#8217;s 80.71, <a href="https://www.cihi.ca/en/national-health-expenditure-trends">Canada</a>’s 81.30, and France’s 82.23. Of course, the other countries partly achieve lower costs through much lower physician compensation. These countries&#8217; physicians earn approximately one-third to one-half of their U.S counterparts, depending on whether they undertake private work outside the public health system.</p>
3874
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3877<p class="wp-block-paragraph">As the physicians&#8217; lobby, the AMA deflects attention rather well. All U.S. health spending <a href="https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/historical">increased</a> by 7.5 percent in 2023, the highest growth rate since 2003.<a href="#_ftn13" id="_ftnref13">[13]</a> Personal health care spending rose 9.4 percent, the most considerable annual growth since 1990. The two most significant components of 2023&#8217;s increase were pharma (prescription drugs, 11.4 percent) and hospital care (10.4 percent). Hospital care accounted for 31.2 percent of all health care expenditures, and physicians accounted for under half that, at 14.8 percent.</p>
3878
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3881<p class="wp-block-paragraph">Hospitals may take home the <a href="https://www.ama-assn.org/system/files/prp-health-care-spending-outpaced-gdp.pdf">largest share</a> of health care expenditures, but not the largest <a href="https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/margin.html">net margin</a>, 6.97 percent.<a href="#_ftn14" id="_ftnref14">[14]</a> The <a href="https://www.mgma.com/mgma-stat/nearly-all-medical-groups-still-feeling-the-squeeze-of-rising-operating-expenses">Medical Group Management Association</a> reports that hospitals generally had negative net margins for the COVID year of 2022. Median medical revenue per full-time physician was $1.578 million, but the median provider physician cost was $627,000 in addition to a $1,015 million median operating cost per physician.<a href="#_ftn15" id="_ftnref15">[15]</a> <a href="https://www.kff.org/key-facts-about-hospitals/?entry=hospital-finances-profit-margins">KFF</a> found that for 2023, the average hospital margin stood at 6.4 percent, but it differed significantly between for-profit and nonprofit hospitals: 14.4 percent versus 4.4 percent.<a href="#_ftn16" id="_ftnref16">[16]</a> One explanation of the decline of hospital net margin may be found in the Congressional Budget Office <a href="https://www.cbo.gov/publication/57778">report</a> that Medicare&#8217;s payment-to-cost ratio for hospitals decreased from 99 percent in 2000 to 87 percent in 2018.<a href="#_ftn17" id="_ftnref17">[17]</a> Meanwhile, the <a href="https://www.ama-assn.org/about/ama-research/physician-practice-benchmark-survey">share</a> of physicians with private practices dropped between 2012 and 2024 from 60.1 percent to 42.2 percent, the rest working for hospitals or private equity purchasers of a practice.<a href="#_ftn18" id="_ftnref18">[18]</a> Physician private practices may earn net margins up to 20 percent. In contrast, large (‘AmLaw’) law firms generate from 35 to 45 percent net margin on average.<a href="#_ftn19" id="_ftnref19">[19]</a> Medical insurers, like hospitals, <a href="https://content.naic.org/sites/default/files/industry-analysis-report-2023-health-mid-year.pdf">earn</a> net margins in the 3 to 6 percent range, with an industry average of 3.4 percent.<a href="#_ftn20" id="_ftnref20">[20]</a></p>
3882
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3884
3885<p class="wp-block-paragraph">Back to the subscriber question of Medicare and Medicaid sustainability, technological advancements, such as Robot AI medical providers and gene modification therapies, promise to transform healthcare delivery costs. However, regulatory bodies and legislative decisions ultimately shape the future of healthcare practices.</p>
3886
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3888
3889<p class="wp-block-paragraph">In a hypothetical scenario, envisioning significant reductions in billable charges within law firms and restructuring compensation models for partners and associates could potentially make legal services more accessible. Similarly, advocating for substantial pay cuts in public company management and investment firm staff aims to prioritize investor interests. While these measures may 
3889seem logical for economic sustainability, the complex political landscape often hinders their implementation. For example, 140 members of the House (31.7 percent) and 47 Senators are lawyers, whereas 21 House members and 5 Senators are physicians or dentists.<a href="#_ftn21" id="_ftnref21">[21]</a> In 2020, government relations expenditures by the health care industry exceeded <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC9617167/#:~:text=Results,responsible%20for%2037.7%25%20of%20spending.">$700 million</a>.<a href="#_ftn22" id="_ftnref22">[22]</a> 116 healthcare and pharma companies <a href="https://www.opensecrets.org/political-action-committees-pacs/industry-detail/H04/2024">contributed</a> $16 million to candidates in the 2024 Congressional election cycle.<a href="#_ftn23" id="_ftnref23">[23]</a> Achieving a sustainable healthcare system involves navigating intricate political dynamics supported by substantial political funding while regulatorily embracing innovative technological solutions prioritizing affordable care.</p>
3890
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3893<hr class="wp-block-separator has-alpha-channel-opacity" />
3894
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3897<p class="wp-block-paragraph"><a href="#_ftnref1" id="_ftn1">[1]</a> Matthew McGough, Emma Wager Twitter, Aubrey Winger, Nirmita Panchal, and Lynne Cotter; <em>How has U.S. spending on healthcare changed over time?</em>, Peterson KFF, Dec. 20, 2024.</p>
3898
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3900
3901<p class="wp-block-paragraph"><a href="#_ftnref2" id="_ftn2">[2]</a> <em>What is the Average Medical Student Debt?</em>, laurel road for Doctors, May 12, 2025.</p>
3902
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3904
3905<p class="wp-block-paragraph"><a href="#_ftnref3" id="_ftn3">[3]</a> <em>Trends in health care spending</em>, American Medical Association, Apr. 17, 2025.</p>
3906
3907
3908
3909<p class="wp-block-paragraph"><a href="#_ftnref4" id="_ftn4">[4]</a> <em>Consumer Price Index: 2023 in review</em>, U.S. Bureau of Labor Statistics, Jan. 19, 2024.</p>
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3913<p class="wp-block-paragraph"><a href="#_ftnref5" id="_ftn5">[5]</a> Cathy Kibbe, <em>New Data Shows Strong Physician Compensation Growth</em>, Gallagher, 2024.</p>
3914
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3916
3917<p class="wp-block-paragraph"><a href="#_ftnref6" id="_ftn6">[6]</a> &nbsp;Josh Katzowitz, <em>How Much Money Do Doctors Make a Year? Salaries Have Yet Another Disappointingly Small Increase</em>, The White Coat Investor, May 21, 2025.</p>
3918
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3921<p class="wp-block-paragraph"><a href="#_ftnref7" id="_ftn7">[7]</a> <em>Physician Licensure in 2023.</em> Federation of State Medical Boards, 2024.</p>
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3924
3925<p class="wp-block-paragraph"><a href="#_ftnref8" id="_ftn8">[8]</a> Aaron Young, PhD; Xiaomei Pei, PhD; Katie Arnhart, PhD; Jeffrey D. Carter, MD; Humayun J. Chaudhry, DO, MS; <em>FSMB Census of Licensed Physicians in the United States, 2022</em>. Journal of Medical Regulation (2023) 109 (2): 13–20.</p>
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3929<p class="wp-block-paragraph"><a href="#_ftnref9" id="_ftn9">[9]</a> <em>About Rural Health Care</em>. National Rural Health Association, 2025.</p>
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3932
3933<p class="wp-block-paragraph"><a href="#_ftnref10" id="_ftn10">[10]</a> <em>Ambulatory Care Use and Physician office visits</em>. National Center for Health Statistics, Center for Disease Control, Dec. 12, 2024.</p>
3934
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3936
3937<p class="wp-block-paragraph"><a href="#_ftnref11" id="_ftn11">[11]</a> <em>Characteristics of Office-based Physician Visits by Age, 2019</em>. National Health Statistics Reports, Number 184, Center for Disease Control, Apr. 19, 2023.</p>
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3941<p class="wp-block-paragraph"><a href="#_ftnref12" id="_ftn12">[12]</a> Global Health Expenditure Database, World Health Organization, June 2025. Physicians and physiotherapists in the EU: how many? Eurostat, Aug. 18, 2023.</p>
3942
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3944
3945<p class="wp-block-paragraph"><a href="#_ftnref13" id="_ftn13">[13]</a> &nbsp;<em>National health expenditure data&nbsp; Historical</em>. Centers for Medicare &amp; Medicaid Services, Dec. 18, 2024.</p>
3946
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3948
3949<p class="wp-block-paragraph"><a href="#_ftnref14" id="_ftn14">[14]</a> <em>Margins by Sector (US)</em>. Stern School of Business, NYU, Jan. 2025.</p>
3950
3951
3952
3953<p class="wp-block-paragraph"><a href="#_ftnref15" id="_ftn15">[15]</a> <em>Nearly all medical groups still feeling the squeeze of rising operating expenses</em>. MGMA Stat, June 26, 2024.</p>
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3956
3957<p class="wp-block-paragraph"><a href="#_ftnref16" id="_ftn16">[16]</a> &nbsp;Zachary Levinson, Scott Hulver, Jamie Godwin, and Tricia Neuman. <em>Key Facts About Hospitals</em>. KFF, Feb. 19, 2025.</p>
3958
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3960
3961<p class="wp-block-paragraph"><a href="#_ftnref17" id="_ftn17">[17]</a> Cohen, M., Maeda, J., &amp; Pelech, Daria. <em>The Prices That Commercial Health Insurers and Medicare Pay for Hospitals’ and Physicians’ Services</em>. Congressional Budget Office, Jan. 2022.</p>
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3964
3965<p class="wp-block-paragraph"><a href="#_ftnref18" id="_ftn18">[18]</a> <em>Physician Practice Benchmark Survey</em>. AMA, Jun 12, 2025.</p>
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3968
3969<p class="wp-block-paragraph"><a href="#_ftnref19" id="_ftn19">[19]</a> Madhav Srinivasan, <em>Shape of the Profit Margin Curve</em>. Penn Carey Law School, Mar. 28, 2023.</p>
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3973<p class="wp-block-paragraph"><a href="#_ftnref20" id="_ftn20">[20]</a> <em>U.S. Health Insurance Industry, 2023 Mid-Year Results</em>. National Association of Insurance Commissioners.</p>
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3975
3976
3977<p class="wp-block-paragraph"><a href="#_ftnref21" id="_ftn21">[21]</a> <em>Membership of the 119th Congress: A Profile</em> (2025), <a href="https://www.congress.gov/crs-product/R48535" rel="nofollow">https://www.congress.gov/crs-product/R48535</a>.</p>
3978
3979
3980
3981<p class="wp-block-paragraph"><a href="#_ftnref22" id="_ftn22">[22]</a>
3981 Schpero WL, Wiener T, Carter S, Chatterjee P. <em>Lobbying Expenditures in the US Health Care Sector, 2000-2020</em>. JAMA Health Forum. 2022 Oct 7;3(10):e223801.</p>
3982
3983
3984
3985<p class="wp-block-paragraph"><a href="#_ftnref23" id="_ftn23">[23]</a> Pharmaceuticals/Health Products PACs contributions to candidates, 2023-2024. Open Secrets.</p>
3986<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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4065			<h2><a href="https://profwilliambyrnes.com/2024/06/28/how-may-chevrons-overruling-impact-treasury-regulations/" rel="bookmark">How May Chevron’s overruling Impact Treasury&nbsp;Regulations?</a></h2>
4066			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on June 28, 2024</p>
4067			<div class="entry">
4068				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9429"></div><br/>
4069<p class="wp-block-paragraph">The U.S. Supreme Court today issued its expected overruling of the Chevron doctrine, which has been relied upon in 70 past Supreme Court decisions and approximately 17,000 
4069in the Appellate and District courts.<a href="#_ftn1" id="_ftnref1">[1]</a></p>
4070
4071
4072
4073<p class="wp-block-paragraph"><strong>Brief Overview of the Chevron Doctrine</strong></p>
4074
4075
4076
4077<p class="wp-block-paragraph">In a landmark unanimous decision in 1984, the Supreme Court established the Chevron doctrine. Only six justices participated due to the recusal of Justices Rehnquist, O’Connor, and Marshall.<a href="#_ftn2" id="_ftnref2">[2]</a> The case, <em>Chevron U. S. A. v. Natural Resources Defense Council</em>, concerned whether a regulation issued by President Ronald Reagan’s administration’s EPA that, in the perspective of environmental groups, watered down the requirements of the Clean Air Act Amendments of 1977, permissibly defined a statutory term. The previous administration’s EPA regulation defined the term differently and had the support of environmental groups.</p>
4078
4079
4080
4081<p class="wp-block-paragraph">The Supreme Court, analyzing the statute’s language, ascertained that Congress did not intend a particular regulatory definition and instead intended to grant the EPA broad scope to effectuate the policies of the Clean Air Act.<a href="#_ftn3" id="_ftnref3">[3]</a> The Supreme Court stated that policy arguments regarding regulatory choices “are more properly addressed to legislators or administrators, not to judges.”<a href="#_ftn4" id="_ftnref4">[4]</a> When a court determined that Congress has not spoken directly on a statutory issue (the first step of analysis), then the Chevron doctrine established a <strong><em>threshold of deference</em></strong> in favor of an Executive branch agency’s regulatory choices if (the second step of analysis) &#8211; (a) the regulatory scheme is technical and complex,&nbsp;<a>(b) the agency considered the matter in a detailed and reasoned fashion,&nbsp;and (c) the decision involves reconciling conflicting policies.</a><a href="#_ftn5" id="_ftnref5">[5]</a></p>
4082
4083
4084
4085<p class="wp-block-paragraph"><strong>Today’s Decision Overruling the Chevron Doctrine</strong></p>
4086
4087
4088
4089<p class="wp-block-paragraph">On June 28, 2024, the Supreme Court published its decision for Loper Bright Enterprises v. Raimondo, Secretary of Commerce, known colloquially as the ‘New Jersey Fisheries case’.<a href="#_ftn6" id="_ftnref6">[6]</a> A six-justice majority held that the Administrative Procedure Act requires courts to exercise their <em>independent judgment</em> in deciding whether an agency has acted within its statutory authority, and thus, courts may not defer to an agency&#8217;s interpretation of the law simply because a statute is ambiguous.<a href="#_ftn7" id="_ftnref7">[7]</a> A three-justice dissent defended the Chevron doctrine’s allocation of deference to the executive branch based on the presumption that Congress favors an agency exercising the discretion allowed by a statute rather than the courts.<a href="#_ftn8" id="_ftnref8">[8]</a></p>
4090
4091
4092
4093<p class="wp-block-paragraph">In 1976, Congress promulgated the Magnuson-Stevens Fishery Conservation and Management Act (the “MSA”) to address overfishing in U.S.-controlled waters.<a href="#_ftn9" id="_ftnref9">[9]</a> The MSA established eight regional fishery management councils each comprised of members of the regional fishing industry, the regional states, and the federal regulatory agency National Marine Fisheries Service (“NMFS”).<a href="#_ftn10" id="_ftnref10">[10]</a> The MSA requires that fishing businesses allow an observer on fishing voyages to collect data necessary for the conservation and management of the fishery. The MSA specifies three industry groups that must cover the costs of the observer program, of which only one is a regional fishery management council (North Pacific).</p>
4094
4095
4096
4097<p class="wp-block-paragraph">In 2020, the NMFS published a final rule initiated by the New England Fishery Management Council (“NE-FMC”)that required New England-based fishing businesses to cover the costs of monitoring the Atlantic herring fishery when the NMFS elected not to do so.<a href="#_ftn11" id="_ftnref11">[11]</a> The NMFS estimated that such costs would be approximately $710 daily, reducing annual returns to the vessel owner by up to 20 percent.<a href="#_ftn12" id="_ftnref12">[12]</a> The New Jersey Fisheries case involved herring fishing family businesses who argued the NMFS is not authorized by the MSA to impose these costs upon them because their businesses fall within the non-specified NE-FMC.  </p>
4098
4099
4100
4101<p class="wp-block-paragraph">The majority opinion provides an overview of the history of judicial interpretation, beginning with the seminal <em>Marbury</em> case, continuing through the New Deal period, the 1946 enactment of the Administrative Procedures Act, and ending with the present line of Chevron cases.<a href="#_ftn13" id="_ftnref13">[13]</a> A foretelling statement regarding deference is made in its overview:</p>
4102
4103
4104
4105<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
4106<p class="wp-block-paragraph">“Respect,” though, was just that. The views of the Executive Branch could inform the judgment of the Judiciary, but did not supersede it.<a href="#_ftn14" id="_ftnref14">[14]</a></p>
4107</blockquote>
4108
4109
4110
4111<p class="wp-block-paragraph">The majority noted that the APA explicitly directs a reviewing court to decide all relevant questions of law, interpret constitutional and statutory provisions, determine the meaning or applicability of terms of an agency’s actions, and set aside agency action, findings, and conclusions not per a statute.<a href="#_ftn15" id="_ftnref15">[15]</a> The majority concludes: “The deference that Chevron requires of courts reviewing agency action cannot be squared with the APA.”<a href="#_ftn16" id="_ftnref16">[16]</a></p>
4112
4113
4114
4115<p class="wp-block-paragraph">Thus, the majority decision was: “Courts must exercise their independent judgment in deciding whether an agency has acted within its statutory authority, as the APA requires. Careful attention to the judgment of the Executive Branch may help inform that inquiry. And when a particular statute delegates authority to an agency consistent with constitutional limits, courts must respect the delegation, while ensuring that the agency acts within it. But courts need not and under the APA may not defer to an agency interpretation of the law simply because a statute is ambiguous.”<a href="#_ftn17" id="_ftnref17">[17]</a></p>
4116
4117
4118
4119<p class="wp-block-paragraph"><strong>Impact on Treasury/IRS Regulations?</strong></p>
4120
4121
4122
4123<p class="wp-block-paragraph">On April 8, 2024, the Congressional Research Service (the “CRS”) published an In Focus article regarding “The Possible Elimination of Chevron Deference: Potential Implications for Tax Revenue and Administration”.<a href="#_ftn18" id="_ftnref18">[18]</a> The CRS stated that without Chevron&#8217;
4123s deference, the 2019 Altera regarding the regulations for cost-sharing arrangements may have been decided in favor of the taxpayer.<a href="#_ftn19" id="_ftnref19">[19]</a> You may find my previous articles about the Altera decision by <a href="https://kluwertaxblog.com/2019/06/14/an-arms-length-result-is-not-simply-any-result-that-maximizes-ones-tax-obligations/">linking here</a>, as well as my 2017 article about Treasury regulation jurisprudence in light of the Amazon decision by <a href="https://kluwertaxblog.com/2017/03/24/is-amazon-com-inc-the-death-knell-of-the-irs-cost-sharing-agreement-valuation-approach/">linking here</a>.</p>
4124
4125
4126
4127<p class="wp-block-paragraph">The most telling statement of the CRS is that without Chevron deference, Treasury may draft more taxpayer-friendly regulations. Why? CRS states that a survey found that:</p>
4128
4129
4130
4131<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
4132<p class="wp-block-paragraph">88 percent of agency rule drafters either “agreed” or “somewhat agreed” that Chevron made them more willing to adopt “a more aggressive interpretation.” </p>
4133</blockquote>
4134
4135
4136
4137<p class="wp-block-paragraph">Well, I must shut down now to prepare our Shabbat meals. But on Sunday, I’ll add more thoughts and analysis about the end of Chevron on tax regulations and, in particular, for transfer pricing.  </p>
4138
4139
4140
4141<hr class="wp-block-separator has-alpha-channel-opacity" />
4142
4143
4144
4145<p class="wp-block-paragraph"><a href="#_ftnref1" id="_ftn1">[1]</a> Adam Liptak, Supreme Court Imperils an Array of Federal Rules, NY Times, June 28, 2024. See <a href="https://www.nytimes.com/live/2024/06/28/us/supreme-court-chevron/heres-the-latest-on-the-decision" rel="nofollow">https://www.nytimes.com/live/2024/06/28/us/supreme-court-chevron/heres-the-latest-on-the-decision</a>?</p>
4146
4147
4148
4149<p class="wp-block-paragraph"><a href="#_ftnref2" id="_ftn2">[2]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/3S4X-3BF0-003B-S30X-00000-00?cite=467%20U.S.%20837&amp;context=1530671">Chevron, U.S.A., Inc. v. NRDC, Inc., 467 U.S. 837, 104 S. Ct. 2778 (1984)</a>.</p>
4150
4151
4152
4153<p class="wp-block-paragraph"><a href="#_ftnref3" id="_ftn3">[3]</a> Chevron, U.S.A., Inc. v. NRDC, Inc., 467 U.S. 837, 839, 104 S. Ct. 2778, 2780 (1984).</p>
4154
4155
4156
4157<p class="wp-block-paragraph"><a href="#_ftnref4" id="_ftn4">[4]</a> Chevron, U.S.A., Inc. v. NRDC, Inc., 467 U.S. 837, 864, 104 S. Ct. 2778, 2792 (1984).</p>
4158
4159
4160
4161<p class="wp-block-paragraph"><a href="#_ftnref5" id="_ftn5">[5]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/3S4X-3BF0-003B-S30X-00000-00?cite=467%20U.S.%20837&amp;context=1530671">Chevron, U.S.A., Inc. v. NRDC, Inc., 467 U.S. 837, 865, 104 S. Ct. 2778, 2792-93 (1984)</a>.</p>
4162
4163
4164
4165<p class="wp-block-paragraph"><a href="#_ftnref6" id="_ftn6">[6]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/6CC1-PR33-RTJY-63P3-00000-00?cite=2024%20U.S.%20LEXIS%202882&amp;context=1530671">Loper Bright Enters. v. Raimondo, Nos. 22-451, 22-1219, 2024 U.S. LEXIS 2882 (June 28, 2024)</a>.</p>
4166
4167
4168
4169<p class="wp-block-paragraph"><a href="#_ftnref7" id="_ftn7">[7]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/6CC1-PR33-RTJY-63P3-00000-00?cite=2024%20U.S.%20LEXIS%202882&amp;context=1530671">Loper Bright Enters. v. Raimondo, Nos. 22-451, 22-1219, 2024 U.S. LEXIS 2882, at *1 (June 28, 2024)</a>.</p>
4170
4171
4172
4173<p class="wp-block-paragraph"><a href="#_ftnref8" id="_ftn8">[8]</a> Loper Bright Enters. v. Raimondo, Nos. 22-451, 22-1219, 2024 U.S. LEXIS 2882, at *114 (June 28, 2024).</p>
4174
4175
4176
4177<p class="wp-block-paragraph"><a href="#_ftnref9" id="_ftn9">[9]</a> Pub. L. 94-265 (1976), 90 Stat. 331.</p>
4178
4179
4180
4181<p class="wp-block-paragraph"><a href="#_ftnref10" id="_ftn10">[10]</a> Loper Bright Enters. v. Raimondo, Nos. 22-451, 22-1219, 2024 U.S. LEXIS 2882, at *18 (June 28, 2024).</p>
4182
4183
4184
4185<p class="wp-block-paragraph"><a href="#_ftnref11" id="_ftn11">[11]</a> 85 FR 7414, 7414.&nbsp;</p>
4186
4187
4188
4189<p class="wp-block-paragraph"><a href="#_ftnref12" id="_ftn12">[12]</a> Loper Bright Enters. v. Raimondo, Nos. 22-451, 22-1219, 2024 U.S. LEXIS 2882, at *20-21 (June 28, 2024).</p>
4190
4191
4192
4193<p class="wp-block-paragraph"><a href="#_ftnref13" id="_ftn13">[13]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/3S4X-KWW0-003B-H16C-00000-00?cite=5%20U.S.%20137&amp;context=1530671">Marbury v. Madison, 5 U.S. (1 Cranch) 137 (1803)</a>; The Administrative Procedure Act (APA), Pub. L. 79–404 (1946), 60 Stat. 237.</p>
4194
4195
4196
4197<p class="wp-block-paragraph"><a href="#_ftnref14" id="_ftn14">[14]</a> Loper Bright Enters. v. Raimondo, Nos. 22-451, 22-1219, 2024 U.S. LEXIS 2882, at *26 (June 28, 2024).</p>
4198
4199
4200
4201<p class="wp-block-paragraph"><a href="#_ftnref15" id="_ftn15">[15]</a> Loper Bright Enters. v. Raimondo, Nos. 22-451, 22-1219, 2024 U.S. LEXIS 2882, at *32-33 (June 28, 2024).</p>
4202
4203
4204
4205<p class="wp-block-paragraph"><a href="#_ftnref16" id="_ftn16">[16]</a> Loper Bright Enters. v. Raimondo, Nos. 22-451, 22-1219, 2024 U.S. LEXIS 2882, at *38 (June 28, 2024).</p>
4206
4207
4208
4209<p class="wp-block-paragraph"><a href="#_ftnref17" id="_ftn17">[17]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/6CC1-PR33-RTJY-63P3-00000-00?cite=2024%20U.S.%20LEXIS%202882&amp;context=1530671">Loper Bright Enters. v. Raimondo, Nos. 22-451, 22-1219, 2024 U.S. LEXIS 2882, at *61-62 (June 28, 2024)</a>.</p>
4210
4211
4212
4213<p class="wp-block-paragraph"><a href="#_ftnref18" id="_ftn18">[18]</a> <em>See</em> <a href="https://crsreports.congress.gov/product/pdf/IF/IF12630/2">https://crsreports.congress.gov/product/pdf/IF/IF12630/2</a>.</p>
4214
4215
4216
4217<p class="wp-block-paragraph"><a href="#_ftnref19" id="_ftn19">[19]</a> See William Byrnes, An ‘arm’s length result is not simply any result that maximizes one’s tax obligations’, Kluwer International Tax Blog (June 14, 2019), &nbsp;<a href="https://kluwertaxblog.com/2019/06/14/an-arms-length-result-is-not-simply-any-result-that-maximizes-ones-tax-obligations/">https://kluwertaxblog.com/2019/06/14/an-arms-length-result-is-not-simply-any-result-that-maximizes-ones-tax-obligations/</a>.</p>
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4292		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/uncategorized/" rel="category tag">Uncategorized</a> | Tagged: <a href="https://profwilliambyrnes.com/tag/law/" rel="tag">law</a>, <a href="https://profwilliambyrnes.com/tag/news/" rel="tag">news</a>, <a href="https://profwilliambyrnes.com/tag/politics/" rel="tag">Politics</a>, <a href="https://profwilliambyrnes.com/tag/scotus/" rel="tag">scotus</a>, <a href="https://profwilliambyrnes.com/tag/supreme-court/" rel="tag">supreme-court</a> |    <a href="https://profwilliambyrnes.com/2024/06/28/how-may-chevrons-overruling-impact-treasury-regulations/#respond">Leave a Comment &#187;</a></p>
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4296		<div class="post-9415 post type-post status-publish format-standard hentry category-uncategorized tag-economics tag-politics tag-tax tag-tax-law tag-taxes" id="post-9415">
4297			<h2><a href="https://profwilliambyrnes.com/2024/06/20/supreme-court-holds-constitutional-tax-on-u-s-shareholders-for-imputed-undistributed-income-of-foreign-corporations-but
4297-limits-holdings-impact-on-future-taxes/" rel="bookmark">Supreme Court holds constitutional tax on U.S. shareholders for imputed undistributed income of foreign corporations but limits holdings&#8217; impact on future&nbsp;taxes.</a></h2>
4298			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on June 20, 2024</p>
4299			<div class="entry">
4300				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9415"></div><br/>
4301<p class="wp-block-paragraph">At the end of 2017, Congress passed a once-off Mandatory Repatriation Tax (the “MRT”) of 8 to 15.5 percent of the undistributed total accumulated income of American-controlled foreign corporations over the past thirty years (since 1987).<a href="#_ftn1" id="_ftnref1">[1]</a> This accumulated income, if distributed, would be taxed in the hands of the American shareholders. However, because Congress cannot force a foreign corporation to repatriate income, Congress instead imposed the tax by imputing pro rata the accumulated income to American shareholders who owned at least 10 percent of a foreign corporation’s shares.</p>
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4305<p class="wp-block-paragraph">A couple filing jointly as married taxpayers, Charles and Kathleen Moore (the “taxpayer”), invested in the American-controlled foreign (India) corporation KisanKraft.  From 2006 to 2017, KisanKraft earned profits supplying farm equipment to customers in India but did not distribute any of it to its American shareholders. The taxpayer paid the tax and then sued for a refund, alleging that the MRT violated the Direct Tax Clause of the Constitution because it was an unapportioned direct tax on their property (the shares of KisanKraft stock). The taxpayer also argued that income should be ‘realized’ to be taxed. The Federal District Court dismissed the suit, and the Ninth Circuit Court of Appeals affirmed that dismissal.</p>
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4309<p class="wp-block-paragraph">In <a href="https://plus.lexis.com/api/permalink/57fe7b0d-65dc-40f0-87ce-2fef07fe68bf/?context=1530671">Moore v. United States</a>, No. 22-800, 2024 U.S. LEXIS 2711 (S.Ct. June 20, 2024) (slip opinion from Court&#8217;s website <a href="https://www.supremecourt.gov/opinions/23pdf/22-800_jg6o.pdf">here</a>), in a five to two decision, the five Justice majority held the MRT was an <em>indirect tax</em> on income and thus constitutional.<a href="#_ftn2" id="_ftnref2">[2]</a> Justice Kavanaugh authored the 24-page majority opinion, joined by Chief Justice Roberts and the Court’s three liberal Justices (Sotomayor, Kagan, and Jackson). Justice Jackson also wrote an ancillary concurring opinion.</p>
4310
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4313<p class="wp-block-paragraph">The Court found that the MRT taxed the ‘realized’ income of the underlying foreign corporation KisanKraft, which the MRT attributed pro rata to the American shareholders. The five-judge majority stated that the Court’s longstanding precedents confirm that Congress may attribute an entity’s realized but undistributed income to its shareholders and then tax the shareholders on their portions of that undistributed income. In an interesting historical anecdote, the Court cited that Congress passed an 1864 income-tax law that taxed shareholders on “the gains and profits of all companies.”<a href="#_ftn3" id="_ftnref3">[3]</a>&nbsp;</p>
4314
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4316
4317<p class="wp-block-paragraph">Also very interesting is what the Court did not decide upon. The Supreme Court limited its holding only to entities treated as pass-throughs. Specifically, the Court stated that the opinion does not authorize a hypothetical congressional effort to tax an entity and its shareholders on the same undistributed income realized by the entity.&nbsp; Also, the Court cautioned that its decision does not address the parties’ disagreement over whether realization is a constitutional requirement for an income tax.</p>
4318
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4321<p class="wp-block-paragraph">Justice Barrett, joined by Justice Alito, authored a 17-page concurring nonconcurrence that concurs only because the taxpayer did not challenge the constitutionality of Subpart F. Justice Thomas wrote a 33-page dissenting opinion joined by Justice Gorsuch. Had the taxpayer challenged the constitutionality of Subpart F, this may well have been a 5 to 4 split decision that set up a future constitutional challenge of Subpart F imputation of income wherein the taxpayer prevails.</p>
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4325<p class="wp-block-paragraph">Justice Barrett’s concurrence presented contrarian arguments that will certainly be the focus of many tax professors’ wrath and scowls: “Subpart F and the MRT may or may not be constitutional, nonarbitrary attributions of closely held foreign corporations’ income to their shareholders.”<a href="#_ftn4" id="_ftnref4">[4]</a> The Justice first parsed “derived” and “realized”.<a href="#_ftn5" id="_ftnref5">[5]</a> Then she diverged to set up the contrarian arguments.</p>
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4328
4329<p class="wp-block-paragraph">She states that the government conceded “…that a tax on the “total value of” the shares “at a particular point [in] time” is a “quintessential tax on property” that must be apporti
4329oned.” She continued with the government’s approach: “… looking at property value across two points in time makes a difference, … because then the tax targets appreciation rather than the asset’s value. As the Government sees it, Congress may tax without apportionment “all economic gains” measured “‘between two points in time.’” And the increase in value between Time A and Time B is “income.””</p>
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4333<p class="wp-block-paragraph">At this point, Justice Barrett delivers the punch line: “The Government is unable to cite a single decision upholding an unapportioned tax on appreciation. … That is no surprise, because our precedent forecloses the Government’s argument.” Then she lays out the contrarian argument:<a href="#_ftn6" id="_ftnref6">[6]</a>  </p>
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4336
4337<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
4338<p class="wp-block-paragraph">In upholding the tax, the Ninth Circuit opined that “[w]hether the taxpayer has realized income does not determine whether a tax is constitutional.” 36 F. 4th 930, 935 (2022). In its view, the “Supreme Court has made clear that realization of income is not a constitutional requirement.” <em>Id.</em>, at 936. <strong><em>The Ninth Circuit misread our cases</em></strong>. Contrary to its assertion, this Court has “never abandoned the core requirement that income must be realized to be taxable without apporti
4338onment.”</p>
4339</blockquote>
4340
4341
4342
4343<p class="wp-block-paragraph">Justice Barrett concludes: “In sum, realization may take many forms, but our precedent uniformly holds that it is required before the Government may tax financial gain without apportionment. … None of these cases contradicts <em>Macomber</em>’s admonition that Congress cannot “look upon stockholders as partners . . . when they are not”; Congress may not “indulge the fiction that they have received and realized a share of the profits of the company” when they have not.”<a href="#_ftn7" id="_ftnref7">[7]</a> Justice Thomas, as the author of the 33-page dissent, is more pointed: “…the majority’s “attribution” doctrine is an unsupported invention.”<a href="#_ftn8" id="_ftnref8">[8]</a> He analyzes attempts to pass federal tax laws and their constitutionality from the nation&#8217;s founding through the Sixteenth Amendment, finding that Sixteenth Amendment “income” is only <em>realized</em> income. He states in pertinent part: “The Court strains to uphold the Mandatory Repatriation Tax without addressing whether the Sixteenth Amendment includes a realization requirement, the question we agreed to answer in this case. The majority starts by surveying a scattered sampling of precedents—mostly about tax avoidance—to invent an “attribution” doctrine that sustains the MRT.”</p>
4344
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4346
4347<hr class="wp-block-separator has-alpha-channel-opacity" />
4348
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4351<p class="wp-block-paragraph"><a href="#_ftnref1" id="_ftn1">[1]</a> <a href="https://www.law.cornell.edu/uscode/text/26/965">I.R.C. §§965</a>(a)(1), (c), (d).</p>
4352
4353
4354
4355<p class="wp-block-paragraph"><a href="#_ftnref2" id="_ftn2">[2]</a> <a href="https://constitution.congress.gov/browse/essay/artI-S8-C1-2-1/ALDE_00013356/#:~:text=Article%20I%2C%20Section%208%2C%20Clause,the%20United%20States%3B%20.%20.%20.">U.S. Const. §8, cl. 1</a> and <a href="https://constitution.congress.gov/constitution/amendment-16/#:~:text=The%20Congress%20shall%20have%20power,to%20any%20census%20or%20enumeration.">16th Am</a>.</p>
4356
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4358
4359<p class="wp-block-paragraph"><a href="#_ftnref3" id="_ftn3">[3]</a> <a href="https://plus.lexis.com/api/permalink/158f367d-97b0-415d-a065-462155f85aa4/?context=1530671">Rev. Act of 1864, § 117, 13 Stat. 282</a>.&nbsp;</p>
4360
4361
4362
4363<p class="wp-block-paragraph"><a href="#_ftnref4" id="_ftn4">[4]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/6C9B-6PN3-RTFK-23V1-00000-00?cite=2024%20U.S.%20LEXIS%202711&amp;context=1530671">Moore v. United States, No. 22-800, 2024 U.S. LEXIS 2711, at *66-67 (June 20, 2024)</a>.</p>
4364
4365
4366
4367<p class="wp-block-paragraph"><a href="#_ftnref5" id="_ftn5">[5]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/6C9B-6PN3-RTFK-23V1-00000-00?cite=2024%20U.S.%20LEXIS%202711&amp;context=1530671">Moore &nbsp;v. United States, No. 22-800, 2024 U.S. LEXIS 2711, at *49 (June 20, 2024)</a>.</p>
4368
4369
4370
4371<p class="wp-block-paragraph"><a href="#_ftnref6" id="_ftn6">[6]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/6C9B-6PN3-RTFK-23V1-00000-00?page=52&amp;reporter=1290&amp;cite=2024%20U.S.%20LEXIS%202711&amp;context=1530671">Moore v. United States, No. 22-800, 2024 U.S. LEXIS 2711, at *52-53 (June 20, 2024)</a>.</p>
4372
4373
4374
4375<p class="wp-block-paragraph"><a href="#_ftnref7" id="_ftn7">[7]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/6C9B-6PN3-RTFK-23V1-00000-00?page=60&amp;reporter=1290&amp;cite=2024%20U.S.%20LEXIS%202711&amp;context=1530671">Moore v. United States, No. 22-800, 2024 U.S. LEXIS 2711, at *60-61 (June 20, 2024)</a>.</p>
4376
4377
4378
4379<p class="wp-block-paragraph"><a href="#_ftnref8" id="_ftn8">[8]</a> <a href="https://plus.lexis.com/api/document/collection/cases/id/6C9B-6PN3-RTFK-23V1-00000-00?cite=2024%20U.S.%20LEXIS%202711&amp;context=1530671">Moore v. United States, No. 22-800, 2024 U.S. LEXIS 2711, at *69 (June 20, 2024)</a>.</p>
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4383<p class="wp-block-paragraph"></p>
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4458		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/uncategorized/" rel="category tag">Uncategorized</a> | Tagged: <a href="https://profwilliambyrnes.com/tag/economics/" rel="tag">economics</a>, <a href="https://profwilliambyrnes.com/tag/politics/" rel="tag">Politics</a>, <a href="https://profwilliambyrnes.com/tag/tax/" rel="tag">tax</a>, <a href="https://profwilliambyrnes.com/tag/tax-law/" rel="tag">Tax law</a>, <a href="https://profwilliambyrnes.com/tag/taxes/" rel="tag">Taxes</a> |    <a href="https://profwilliambyrnes.com/2024/06/20/supreme-court-holds-constitutional-tax-on-u-s-shareholders-for-imputed-undistributed-income-of-foreign-corporations-but-limits-holdings-impact-on-future-taxes/#respond">Leave a Comment &#187;</a></p>
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4463			<h2><a href="https://profwilliambyrnes.com/2024/05/28/texas-california-and-new-york-expenditure-debt-tax-burden-for-2024/" rel="bookmark">Texas, California, and New York expenditure, debt, tax burden for&nbsp;2024</a></h2>
4464			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on May 28, 2024</p>
4465			<div class="entry">
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4467<p class="wp-block-paragraph" id="ember2927">I am contrasting state and locality living for 2025 updates. I am sharing what I found for Texas, California, and New York state and local budget expenditures, followed by accumulated state and locality debts for FY2024. Then, I contrast the total income tax and the property tax for living in Dallas, Fairmont-Los Angeles, and Nassau County. There is no particular reason for these three locals; with the footnote links, you can do your own calculations.</p>
4468
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4470
4471<p class="wp-block-paragraph" id="ember2928">Texas’ state budget for FY2024 is approximately $160 billion (it is enacted biennially, the total spending amount for 2024 and 2025 being &nbsp;$321.3 billion). Texas had a rolling forward $32.7 billion surplus from its previous biennial budget and an additional $23.5 billion in its rainy day (Economic Stabilization) fund. Public schools and higher education comprised 50 percent of the budget. Health and human services comprised 30 percent. For the upcoming biennium budget, Texas estimates revenue from state funds to reach $342.3 billion that may, under its balanced budget requirement, be appropriated. The Economic Stabilization Fund (ESF) is projected to grow to $27.1 billion through FY2025.</p>
4472
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4474
4475<p class="wp-block-paragraph" id="ember2929">Contrast California’s state budget which for FY2024 was $327 billion with an anticipated deficit of $14 billion, with a projected FY25 deficit of between $58 billion and $73 billion.[1] California, like Texas, maintains a similarly sized rainy day fund (Budget Stabilization Account) of approximately $22 billion, and $900 million of additional safety net reserves. California’s FY2025 budget proposes total state expenditures (excluding federal funds) of $291.5 billion. This FY2025 budget proposal projects a reduction in reserve balances to $11.1 billion for the rainy day fund but with an additional $3.9 billion held for the Public School System Stabilization Account (PSSSA).[2] Considering the forecast FY2025 deficit, the Governor and Legislature have been working toward some FY2025 spending reductions and spending delays.[3]</p>
4476
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4479<p class="wp-block-paragraph" id="ember2930">Texas’ potential budget spending approximately doubles when factoring in local general revenues, to $310.1 billion for FY2021 for example. California’s combined state and local direct general expenditures were $574.8 billion in FY2021.[4]</p>
4480
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4482
4483<p class="wp-block-paragraph" id="ember2931">Consider one other state. New York state&#8217;s All Funds budget which includes federal government funds for FY2024 is $236.8 billion of which $140.2 billion emanates from state revenues.[5] The budget is balanced with a negligible gap between revenue and expenditure. New York’s combined state and local direct general expenditures were $315.7 billion in FY 2021.[6]</p>
4484
4485
4486
4487<p class="wp-block-paragraph" id="ember2932">The Texas state debt is $70.94 billion.[7] Texas’ nonstate local debt (e.g. county, school board, localities, water utilities, community colleges, hospitals) debt stood at $308 billion. California’s state debt of $70.9 billion is nearly the same as Texas. But if Lease-Revenue bond debt is included, it totals $78.7 billion with an additional $30 billion debt authorized but not yet sold. Including county and local debt of approximately $325 billion,[8] as well as the unfunded pension obligations that come due as employees retire, the total California state government debt reached approximately $1.6 trillion in 2022.[9] The New York state-related debt which includes debt issued by the state, by public authorities on behalf of the state and other debt obligations for which the State is responsible is projected to grow from $58.5 billion in FY 2023 to $66.7 billion by the end of FY 2024.[10]&nbsp; In addition, New York City has issued over $90 billion of outstanding debt as of FY2023.[11] The cumulative debt of New York’s 1,178 state and local public authorities is $329 billion as of 2023.[12]</p>
4488
4489
4490
4491<p class="wp-block-paragraph" id="ember2933">For a married couple earning $200,000 annually, the annual state and local income tax burden for Texas would be nil because Texas does not impose an income tax, for California $12,222, and for New York $9,897.[13] Property tax for a home assessed at $600,000 in Dallas is $10,860, in Fairmont-Los Angeles is approximately $5,000, and in Nassau County $6,300.[14] Income and property tax together for the three states of Texas, California, and New York is comparatively $10,860, $17,222, and $16,197, respectively. Federal income tax is estimated at $41,353.[15] Thus, total tax for the couple earning $200,000 and living in a $600,000 home in the three states of Texas, California, and New York is $52,213, $58,575, and $57,550.</p>
4492
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4494
4495<p class="wp-block-paragraph">I can add a couple more comparisons that impact the tax calculations. Calculating the average sales tax paid for the hypothetical couple in each state is relatively easy. Dallas&#8217; sales tax rate is 8.25%, Los Angeles&#8217; is 9.5%, and New York City&#8217;s is 8.875%. Very roughly, for the couple&#8217;s $50,000 annual sales taxable expenditure (restaurant tax considerations are left out), New York will be about $300 more sales tax a year considering a 20% higher cost for expenditure over Dallas, and roughly $687.50 more in Los Angeles using a 10% price difference. </p>
4496
4497
4498
4499<p class="wp-block-paragraph">A harder one to determine and then calculate but still impactful is the average annual transportation cost for the three states&#8217; municipalities selected. For example, the average gasoline tax paid annually by a family. Yet the gasoline tax is a bit tricky because California is about to initiate a mileage tax to begin replacing its gas tax because, with hybrids and electric vehicles, petrol tax revenue has plummeted well over $1 billion annually, c
4499ausing a deeper hole in the state road budget. Also, comparing a gas or mileage tax in Texas and California is relatively straightforward where, in general, cars are an aspect of life. But for New York, the tax comparison may instead need to factor in the average annual spend on public transport such as daily trains, busses, and the subway. </p>
4500
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4502
4503<p class="wp-block-paragraph">Then there is the matter of tolls. These can be estimated for Dallas and for Los Angeles. New York is a bit trickier. Residents outside Manhattan who drive (for example, New Jersey) pay the bridge (e.g. $15.38 for the GW with EzPass during the day) or tunnel toll and, beginning in June, the new $15 a day New York congestion tax.[16] Take an example of our couple, one partner must go to the Manhattan office, say, four days a week (note: banks are recalling their employees to the office, and FINRA/securities dealer rules do not allow work from home without the same periodic compliance inspections required at the bank, administratively challenging to say the least). That&#8217;s today $60 a week (i.e. about $280 a month) versus the doubling of it from June 1, $560 a month. That extra congestion toll, rounding it to $3,300 annually, must be enough to change behavior (because, with the regular toll, it is $6,600 annually, post-tax, i.e. about $10,000 earnings spent on tolls). Thus, the hypothetical person will switch to the bus or train into the city, then the subway or transfer bus. In conclusion, regarding a comparison between a Texas gasoline tax versus a California mileage tax and the New York public transportation cost, my guess is that Texas is less cost for the couple but perhaps at the expense of environmental impact. That&#8217;s a cost-discussion for another day.</p>
4504
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4507<p class="wp-block-paragraph" id="ember2934"><em>Let me know about your state and locality burdens in the comments. And thank you for your readership of my weekly Tax Facts articles. Prof. William Byrnes</em></p>
4508
4509
4510
4511<p class="wp-block-paragraph" id="ember2935">[1] 2024-25 Budget California’s Fiscal Outlook, Legislative Analyst’s Office, December 7, 2023. <a href="https://lao.ca.gov/Publications/Report/4819">https://lao.ca.gov/Publications/Report/4819</a>; 2024-25 Budget Deficit Update Legislative Analyst’s Office, February 20, 2024. <a href="https://lao.ca.gov/Publications/Report/4850">https://lao.ca.gov/Publications/Report/4850</a>.</p>
4512
4513
4514
4515<p class="wp-block-paragraph" id="ember2936">[2] Proposed Budget &#8211; Fiscal Year 2025, National Assn of State Budget Officers. <a href="https://www.nasbo.org/mainsite/resources/proposed-enacted-budgets/california-budget">https://www.nasbo.org/mainsite/resources/proposed-enacted-budgets/california-budget</a>.</p>
4516
4517
4518
4519<p class="wp-block-paragraph" id="ember2937">[3] 2024-25 Budget Deficit Update, Legislative Analyst’s Office, February 20, 2024. <a href="https://lao.ca.gov/Publications/Report/4850">https://lao.ca.gov/Publications/Report/4850</a>.</p>
4520
4521
4522
4523<p class="wp-block-paragraph" id="ember2938">[4] State Fiscal Briefs, California, April 2024. <a href="https://www.urban.org/policy-centers/cross-center-initiatives/state-and-local-finance-initiative/projects/state-fiscal-briefs/california">https://www.urban.org/policy-centers/cross-center-initiatives/state-and-local-finance-initiative/projects/state-fiscal-briefs/california</a>. &nbsp;Texas, April 2024. <a href="https://www.urban.org/policy-centers/cross-center-initiatives/state-and-local-finance-initiative/projects/state-fiscal-briefs/texas">https://www.urban.org/policy-centers/cross-center-initiatives/state-and-local-finance-initiative/projects/state-fiscal-briefs/texas</a>.</p>
4524
4525
4526
4527<p class="wp-block-paragraph" id="ember2939">[5] Summary of Recommended Changes to the Executive Budget&nbsp; State Fiscal Year 2024-25, NY State Assembly Ways &amp; Means Comm., May 2024. <a href="https://nyassembly.gov/Reports/WAM/2024summary_changes/">https://nyassembly.gov/Reports/WAM/2024summary_changes/</a>.</p>
4528
4529
4530
4531<p class="wp-block-paragraph" id="ember2940">[6] State Fiscal Briefs, New York, April 2024. <a href="https://www.urban.org/policy-centers
4531/cross-center-initiatives/state-and-local-finance-initiative/projects/state-fiscal-briefs/new-york">https://www.urban.org/policy-centers/cross-center-initiatives/state-and-local-finance-initiative/projects/state-fiscal-briefs/new-york</a></p>
4532
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4534
4535<p class="wp-block-paragraph" id="ember2941">[7] Texas Bond Review Board, August 31, 2023. <a href="https://www.brb.texas.gov/state-of-texas-debt/">https://www.brb.texas.gov/state-of-texas-debt/</a>.</p>
4536
4537
4538
4539<p class="wp-block-paragraph" id="ember2942">[8] Annual Debt Transparency Report (ADTR) &#8211; Principal Outstanding by Issuer Group, FY2023 data, Ca. State Treasurer. <a href="https://debtwatch.treasurer.ca.gov/reports/adtr-outstanding-principal">https://debtwatch.treasurer.ca.gov/reports/adtr-outstanding-principal</a>.</p>
4540
4541
4542
4543<p class="wp-block-paragraph" id="ember2943">[9] California State and Local Liabilities Total $1.6 Trillion. California Policy Center, February 28, 2022. <a href="https://californiapolicycenter.org/california-state-and-local-liabilities-total-1-6-trillion/">https://californiapolicycenter.org/california-state-and-local-liabilities-total-1-6-trillion/</a>.</p>
4544
4545
4546
4547<p class="wp-block-paragraph" id="ember2944">[10] Debt Service, Division of the Budget, NY State. <a href="https://www.budget.ny.gov/pubs/archive/fy24/ex/agencies/appropdata/DebtService.html">https://www.budget.ny.gov/pubs/archive/fy24/ex/agencies/appropdata/DebtService.html</a>. See also, FY 2024 Bond Caps and Debt Outstanding. <a href="https://www.budget.ny.gov/investor/bond/BondCapChart.html">https://www.budget.ny.gov/investor/bond/BondCapChart.html</a>.</p>
4548
4549
4550
4551<p class="wp-block-paragraph" id="ember2945">[11] Annual Report on Capital Debt and Obligations Fiscal Year 2024, NY City Comptroller. <a href="https://comptroller.nyc.gov/reports/annual-report-on-capital-debt-and-obligations/">https://comptroller.nyc.gov/reports/annual-report-on-capital-debt-and-obligations/</a>.</p>
4552
4553
4554
4555<p class="wp-block-paragraph" id="ember2946">[12] Public Authorities by the Numbers 2022, Reinvent Albany, Jan. 13, 2023. <a href="https://reinventalbany.org/2023/01/public-authorities-by-the-numbers-2022/">https://reinventalbany.org/2023/01/public-authorities-by-the-numbers-2022/</a>.</p>
4556
4557
4558
4559<p class="wp-block-paragraph" id="ember2947">[13] Income tax estimation collected using <a href="http://talent.com/">Talent.com</a>’s calculator. <a href="https://www.talent.com/tax-calculator">https://www.talent.com/tax-calculator</a>.</p>
4560
4561
4562
4563<p class="wp-block-paragraph" id="ember2948">[14] State property tax was estimated using SmartAsset for Dallas, Los Angeles, and Munsey. <a href="https://smartasset.com/taxes/california-property-tax-calculator">https://smartasset.com/taxes/california-property-tax-calculator</a>.</p>
4564
4565
4566
4567<p class="wp-block-paragraph" id="ember2949">[15] Married couple earning $200,000 without pretax contributions for medical or retirement. <a href="https://smartasset.com/taxes/income-taxes">https://smartasset.com/taxes/income-taxes</a>.</p>
4568
4569
4570
4571<p class="wp-block-paragraph">[16] MTA projects Central Business District Tolling Program. <a href="https://new.mta.info/project/CBDTP#:~:text=Starting%20on%20June%2030%2C%202024,district%20in%20the%20United%20States.">https://new.mta.info/project/CBDTP#:~:text=Starting%20on%20June%2030%2C%202024,district%20in%20the%20United%20States.</a></p>
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4646		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/uncategorized/" rel="category tag">Uncategorized</a> |    <a href="https://profwilliambyrnes.com/2024/05/28/texas-california-and-new-york-expenditure-debt-tax-burden-for-2024/#respond">Leave a Comment &#187;</a></p>
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4648
4649	
4650		<div class="post-9399 post type-post status-publish format-standard hentry category-courses category-education-theory category-uncategorized tag-academic-freedom tag-education tag-featured tag-higher-education tag-news" id="post-9399">
4651			<h2><a href="https://profwilliambyrnes.com/2024/05/24/texas-am-university-law-professor-honored-with-distinguished-achievement-award/" rel="bookmark">Texas A&amp;M University Law Professor Honored with Distinguished Achievement&nbsp;Award</a></h2>
4652			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on May 24, 2024</p>
4653			<div class="entry">
4654				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9399"></div><br/>
4655<p class="wp-block-paragraph">Professor <a href="https://www.linkedin.com/in/williambyrnes/">William Byrnes</a> of Texas A&amp;M University School of Law received the Association of Former Students Distinguished Achievement Award for Professional Development, which includes a monetary g
4655ift and an engraved gold Texas A&amp;M watch. Texas A&amp;M President Mark Welch stated in his letter to Professor Byrnes: </p>
4656
4657
4658
4659<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
4660<p class="wp-block-paragraph">&#8220;The Distinguished Achievement Award, generously funded by The Association of Former Students, is among the most prestigious awards presented to Texas A&amp;M faculty and staff. The review process is rigorous and recipients are selected by a campuswide committee, a true testament to the esteem in which you are held by your colleagues.&#8221;</p>
4661</blockquote>
4662
4663
4664
4665<p class="wp-block-paragraph">Professor Byrnes was recognized for an academic career pioneering online legal education while authoring a dozen legal treatises, 50 book chapters, and over 1,500 financial media articles. Since joining Texas A&amp;M Law a decade ago, Professor Byrnes initiated and helped grow the online graduate programs that now enroll more than 1,500 professionals. </p>
4666
4667
4668
4669<p class="wp-block-paragraph">&#8220;Congratulations again on this honor and thank you for your outstanding contributions to our university!&#8221;, President Welch wrote in closing.</p>
4670
4671
4672
4673<p class="wp-block-paragraph">Professor Byrnes responded, &#8220;I am humbled that my Dean Bobby Ahdieh, faculty colleagues, and several Deans from other law schools, wrote letters of nomination to the committee in support of my publication record and my impact on legal education.&#8221;  </p>
4674
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4677<figure class="wp-block-image size-large"><a href="https://profwilliambyrnes.com/wp-content/uploads/2024/05/byrnes-texas-am-award-watch.jpg"><img data-attachment-id="9403" data-permalink="https://profwilliambyrnes.com/2024/05/24/texas-am-university-law-professor-honored-with-distinguished-achievement-award/byrnes-texas-am-award-watch/" data-orig-file="https://profwilliambyrnes.com/wp-content/uploads/2024/05/byrnes-texas-am-award-watch.jpg" data-orig-size="2808,3270" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;1.8&quot;,&quot;camera&quot;:&quot;SM-S908U&quot;,&quot;created_timestamp&quot;:&quot;1716282676&quot;,&quot;focal_length&quot;:&quot;6.4&quot;,&quot;iso&quot;:&quot;320&quot;,&quot;shutter_speed&quot;:&quot;0.0083&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;latitude&quot;:&quot;32.748353399722&quot;,&quot;longitude&quot;:&quot;-97.325551399722&quot;}" data-image-title="byrnes-texas-am-award-watch" data-image-description="" data-image-caption="" data-large-file="https://profwilliambyrnes.com/wp-content/uploads/2024/05/byrnes-texas-am-award-watch.jpg?w=879" loading="lazy" width="879" height="1023" src="https://profwilliambyrnes.com/wp-content/uploads/2024/05/byrnes-texas-am-award-watch.jpg?w=879" alt="" class="wp-image-9403" srcset="https://profwilliambyrnes.com/wp-content/uploads/2024/05/byrnes-texas-am-award-watch.jpg?w=879 879w, https://profwilliambyrnes.com/wp-content/uploads/2024/05/byrnes-texas-am-award-watch.jpg?w=1758 1758w, https://profwilliambyrnes.com/wp-content/uploads/2024/05/byrnes-texas-am-award-watch.jpg?w=129 129w, https://profwilliambyrnes.com/wp-content/uploads/2024/05/byrnes-texas-am-award-watch.jpg?w=258 258w, https://profwilliambyrnes.com/wp-content/uploads/2024/05/byrnes-texas-am-award-watch.jpg?w=768 768w, https://profwilliambyrnes.com/wp-content/uploads/2024/05/byrnes-texas-am-award-watch.jpg?w=1440 1440w" sizes="auto, (max-width: 879px) 100vw, 879px" /></a></figure>
4678
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4681<p class="wp-block-paragraph">&#8220;This award and research grant allows me to focus my summer on the research and writing of two new academic journal articles for the fall submission cycle&#8221;, added Professor Byrnes.  &#8220;One of the articles will be a policy analysis of Congress and the IRS&#8217; definition of charitable activities. The other is in the formative stage but will analyze the practicability of leveraging a Shapley approach for intangible intensive groups &#8211; a topic my Texas A&amp;M colleague <a href="https://mays.tamu.edu/directory/lorraine-eden/">Dr. Lorraine Eden</a> is the prominent academic expert on and supporter of.</p>
4682
4683
4684
4685<p class="wp-block-paragraph">Beginning in 1955, via a rigorous review by a university-wide committee composed of faculty, staff, students and former students, the <a href="https://today.tamu.edu/2024/03/22/texas-am-the-association-of-former-students-announce-2024-distinguished-achievement-honorees/">Distinguished Achievement Awards</a> have been granted to those who exhibit the highest standards of excellence at Texas A&amp;M. Donors to The Association of Former Students provide funding for this award program.</p>
4686
4687
4688
4689<p class="wp-block-paragraph">Find out more about Texas A&amp;M&#8217;s online graduate wealth management program: <a href="https://law.tamu.edu/distance-education/wealth-management">https://law.tamu.edu/distance-education/wealth-management</a> </p>
4690<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-en
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4763			
4764		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/courses/" rel="category tag">Courses</a>, <a href="https://profwilliambyrnes.com/category/education-theory/" rel="category tag">Education Theory</a>, <a href="https://profwilliambyrnes.com/category/uncategorized/" rel="category tag">Uncategorized</a> | Tagged: <a href="https://profwilliambyrnes.com/tag/academic-freedom/" rel="tag">academic-freedom</a>, <a href="https://profwilliambyrnes.com/tag/education/" rel="tag">education</a>, <a href="https://profwilliambyrnes.com/tag/featured/" rel="tag">featured</a>, <a href="https://profwilliambyrnes.com/tag/higher-education/" rel="tag">Higher education</a>, <a href="https://profwilliambyrnes.com/tag/news/" rel="tag">news</a> |    <a href="https://profwilliambyrnes.com/2024/05/24/texas-am-university-law-professor-honored-with-distinguished-achievement-award/#respond">Leave a Comment &#187;</a></p>
4765		</div>
4766
4767	
4768		<div class="post-9390 post type-post status-publish format-standard hentry category-uncategorized tag-estate-planning tag-financial-planning tag-retirement-planning tag-trusts-2 tag-wills" id="post-9390">
4769			<h2><a href="https://profwilliambyrnes.com/2024/05/24/who-should-inherit-a-750000-retirement-account-a-former-romantic-partner-of-25-years-ago-named-as-a-beneficiary-back-then-or-the-surviving-family-and-current-romantic-partner-of-the-past-25-years/" rel="bookmark">Who should inherit a $750,000 retirement account: a former romantic partner of 25 years ago named as a beneficiary back then or the surviving family and current romantic partner of the past 25&nbsp;years?</a></h2>
4770			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on May 24, 2024</p>
4771			<div class="entry">
4772				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9390"></div><br/>
4773<h1 class="wp-block-heading"></h1>
4774
4775
4776
4777<p class="wp-block-paragraph">Howdy! I’m Professor William Byrnes of Texas A&amp;M University School of Law, where I founded the graduate program for wealth management. Today, I want to share with you a cautionary tale about estate planning, specifically focusing on retirement accounts, designated beneficiaries, and former romantic partners.</p>
4778
4779
4780
4781<p class="wp-block-paragraph"><strong>Three-Part Discussion Overview:</strong></p>
4782
4783
4784
4785<ol start="1" class="wp-block-list">
4786<li><strong>Misconceptions about Retirement Accounts and Wills:</strong> Clients often assume their retirement accounts will automatically pass to the heirs named in their will. This is a common misconception.</li>
4787
4788
4789
4790<li><strong>Case Study: Federal Court Ruling:</strong> We&#8217;ll explore a federal court case where an ex-girlfriend from a two-year relationship, named as a 401(k) beneficiary over 27 years ago, was found entitled to inherit a substantial balance—over $750,000.</li>
4791
4792
4793
4794<li><strong>Advisors&#8217; Role in Ensuring Up-to-Date Beneficiary Designations:</strong> The conclusion emphasizes the importance for advisors to proactively communicate with clients to regularly update their beneficiary designations on all accounts, including retirement plans and insurance policies.</li>
4795</ol>
4796
4797
4798
4799<p class="wp-block-paragraph"><strong>Part 1: Misconceptions about Retirement Accounts and Wills</strong></p>
4800
4801
4802
4803<p class="wp-block-paragraph">Beneficiary designations are often overlooked and neglected during the estate planning process. Clients typically execute a will or create a trust with their financial advisor and assume that all their assets, including retirement accounts and insurance policy proceeds, will pass to the heirs named in their will, such as their children or grandchildren. However, retirement accounts, including 401(k)s and IRAs, follow their own specific rules.</p>
4804
4805
4806
4807<p class="wp-block-paragraph">For example, the fiduciary and operating standards of a typical 401(k) retirement plan are governed by a federal statute known as ERISA. ERISA, shorthand for the Employee Retirement Income Security Act of 1974, is a comprehensive statute that establishes the standards of conduct and responsibility for fiduciaries of employee benef
4807it plans.</p>
4808
4809
4810
4811<p class="wp-block-paragraph">When opening a 401(k) plan account with the plan administrator appointed by the employer, the employee can designate one or more beneficiaries to inherit the account. If no beneficiary is designated, the account balance generally will be distributed to the deceased account holder’s estate.</p>
4812
4813
4814
4815<p class="wp-block-paragraph">The estate administrator should, in turn, distribute the proceeds from the 401(k) account according to the deceased person’s will. But if no will was created by the deceased, which is true in a majority of cases, then the estate must distribute the assets of the estate, including the retirement account proceeds, according to the intestate succession laws of the state or country with jurisdiction over the estate. Normally, the intestate succession laws provide first for a surviving spouse, and secondarily for children. If the deceased isn&#8217;t married and does not have children, then the succession law will favor the immediate family. In the federal court case I’ll mention next, the deceased was not married and did not have children.</p>
4816
4817
4818
4819<p class="wp-block-paragraph"><strong>Part 2: Case Study: Procter &amp; Gamble v. Estate of Jeffrey Rolison</strong></p>
4820
4821
4822
4823<p class="wp-block-paragraph">Let’s dive into a real-world example that illustrates the importance of maintaining current beneficiary designations.<a href="#_ftn1" id="_ftnref1">[1]</a></p>
4824
4825
4826
4827<p class="wp-block-paragraph">Jeffrey Rolison, a long-term employee of Procter &amp; Gamble for 30 years, participated in the Procter &amp; Gamble employee retirement plan. In 1987, when Mr. Rolison provided his personal information to his employer’s retirement plan administrator, he named his then-girlfriend as the beneficiary in 1987. The couple ended the relationship two years later, in 1989. Then for 25 years until he died in 2015 at the age of 59, Mr. Rolison had a close relationship with a girlfriend. However, during these 25 years, he did not update the beneficiary designation for his retirement plan.</p>
4828
4829
4830
4831<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
4832<span class="embed-youtube" style="text-align:center; display: block;"><iframe loading="lazy" class="youtube-player" width="640" height="360" src="https://www.youtube.com/embed/_EaI823xmtY?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en&#038;autohide=2&#038;wmode=transparent" allowfullscreen="true" style="border:0;" sandbox="allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox"></iframe></span>
4833</div></figure>
4834
4835
4836
4837<p class="wp-block-paragraph">Upon his death, the Procter &amp; Gamble retirement plan paid out the account balance, which had grown to $754,000, to the ex-girlfriend. The administrator of Jeffrey Rolison&#8217;s estate sued the Procter &amp; Gamble retirement plan, arguing that the retirement plan administrator failed to adequately inform Rolison about changing the beneficiary designation. From the perspective of the estate, whose immediate family was his two brothers, Jeffrey Rolison did not intend for the ex-girlfriend of 25 years ago to inherit over $750,000. &nbsp;</p>
4838
4839
4840
4841<p class="wp-block-paragraph">The U.S. District Court for the Middle District of Pennsylvania ruled against the estate in April 2024. The court found that Procter &amp; Gamble had provided sufficient notifications to Mr. Rolison over the years with instructions regarding changing the account beneficiary. Moreover, Mr. Rolison had accessed his retirement account online multiple times and did not change the beneficiary. Thus, the court concluded that Rolison had the opportunity to change the beneficiary but chose not to do so.</p>
4842
4843
4844
4845<p class="wp-block-paragraph"><strong>Part 3: Ensuring Up-to-Date Beneficiary Designations</strong></p>
4846
4847
4848
4849<p class="wp-block-paragraph">This case highlights the critical role of advisors in estate planning. Advisors should engage with their clients to review all past and current retirement account plan documents and any amendments to ensure that the rules within these documents align with the client&#8217;s desired estate plan.</p>
4850
4851
4852
4853<p class="wp-block-paragraph">When a participant designates a beneficiary, that individual will likely receive the funds from the plan, regardless of any intervening facts. Retirement plan administrators require a beneficiary’s name, contact information, and often a Social Security number for verification to be able to reach out to the designated beneficiary to facilitate the distribution after the death of an account holder.</p>
4854
4855
4856
4857<p class="wp-block-paragraph"><strong>Conclusion</strong></p>
4858
4859
4860
4861<p class="wp-block-paragraph">Advisors need to regularly contact and communicate with their clients to ensure that all designated beneficiaries are current on retirement accounts and other assets, such as insurance policies. Courts will almost always uphold a retirement plan account holder’s beneficiary designation, even if it seems the decedent would have chosen a different result in hindsight.</p>
4862
4863
4864
4865<p class="wp-block-paragraph">If you&#8217;re interested in reading more about this topic or hundreds of our other articles, please visit <a href="https://www.alm.com/taxfacts/">Tax Facts</a> (American Legal Media). For wealth management studies, contact the admissions department at <a href="https://law.tamu.edu/distance-education/wealth-management">Texas A&amp;M University School of Law</a> for information about our courses and degrees.</p>
4866
4867
4868
4869<hr class="wp-block-separator has-alpha-channel-opacity" />
4870
4871
4872
4873<p class="wp-block-paragraph"><a href="#_ftnref1" id="_ftn1">[1]</a> The Procter &amp; Gamble U.S. Bus. Servs. Co. v. Estate of Rolison, Civil Action 3:17-CV-00762, 6 (M.D. Pa. Apr. 29, 2024).</p>
4874
4875
4876
4877<p class="wp-block-paragraph"></p>
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4951			
4952		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/uncategorized/" rel="category tag">Uncategorized</a> | Tagged: <a href="https://profwilliambyrnes.com/tag/estate-planning/" rel="tag">estate planning</a>, <a href="https://profwilliambyrnes.com/tag/financial-planning/" rel="tag">financial planning</a>, <a href="https://profwilliambyrnes.com/tag/retirement-planning/" rel="tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/tag/trusts-2/" rel="tag">trusts</a>, <a href="https://profwilliambyrnes.com/tag/wills/" rel="tag">wills</a> |    <a href="https://profwilliambyrnes.com/2024/05/24/who-should-inherit-a-750000-retirement-account-a-former-romantic-partner-of-25-years-ago-named-as-a-beneficiary-back-then-or-the-surviving-family-and-current-romantic-partner-of-the-past-25-years/#comments">2 Comments &#187;</a></p>
4953		</div>
4954
4955	
4956		<div class="post-9376 post type-post status-publish format-standard hentry category-pensions category-retirement-planning category-taxation category-wealth-management tag-retirement-financial-planning-wealthmanagement" id="post-9376">
4957			<h2><a href="https://profwilliambyrnes.com/2023/08/21/beware-the-roth-conversion-penalty-trap/" rel="bookmark">Beware the Roth Conversion Penalty&nbsp;Trap</a></h2>
4958			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on August 21, 2023</p>
4959			<div class="entry">
4960				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9376"></div><br/>
4961<p class="wp-block-paragraph">Robert Bloink and Prof. William Byrnes&#8217; (Texas A&amp;M Law) weekly Tax Facts Intelligence strategy newsletter for financial advisors is available via the Tax Facts app or <a href="http://search.TaxFactsOnline.com">search.TaxFactsOnline.com</a></p>
4962
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4964
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5043			
5044		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/pensions/" rel="category tag">Pensions</a>, <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> | Tagged: <a href="https://profwilliambyrnes.com/tag/retirement-financial-planning-wealthmanagement/" rel="tag">#retirement #financial planning #wealthmanagement</a> |    <a href="https://profwilliambyrnes.com/2023/08/21/beware-the-roth-conversion-penalty-trap/#respond">Leave a Comment &#187;</a></p>
5045		</div>
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5048		<div class="post-9373 post type-post status-publish format-standard hentry category-uncategorized" id="post-9373">
5049			<h2><a href="https://profwilliambyrnes.com/2023/08/09/byrnes-and-bloinks-tax-facts-intelligence-july-2023-wealth-building-strategy-articles/" rel="bookmark">Byrnes and Bloink&#8217;s Tax Facts Intelligence July 2023 wealth building strategy&nbsp;articles</a></h2>
5050			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on August 9, 2023</p>
5051			<div class="entry">
5052				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9373"></div><br/>
5053<p class="wp-block-paragraph">Robert Bloink and William Byrnes&#8217; 12 Tax Facts Intelligence articles of July 2023 analyzing tax strategies and wealth building techniques. Available with the 4 volume Tax Fact book series, and additional retirement planning analysis at <a href="http://www.alm.com/taxfacts" target="_blank" rel="noreferrer noopener">http://www.alm.com/taxfacts</a> </p>
5054
5055
5056
5057<p class="wp-block-paragraph">Each week, Professor William Byrnes of Texas A&amp;M and industry insider Robert Bloink analyze four retirement, wealth, tax, and alternative strategies or IRS notices for financial advisors and their clients.</p>
5058
5059
5060
5061<figure data-carousel-extra='{&quot;blog_id&quot;:8589873,&quot;permalink&quot;:&quot;https://profwilliambyrnes.com/2023/08/09/byrnes-and-bloinks-tax-facts-intelligence-july-2023-wealth-building-strategy-articles/&quot;}'  class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex">
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5138		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/uncategorized/" rel="category tag">Uncategorized</a> |    <a href="https://profwilliambyrnes.com/2023/08/09/byrnes-and-bloinks-tax-facts-intelligence-july-2023-wealth-building-strategy-articles/#respond">Leave a Comment &#187;</a></p>
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5142		<div class="post-9360 post type-post status-publish format-standard hentry category-uncategorized" id="post-9360">
5143			<h2><a href="https://profwilliambyrnes.com/2023/07/06/international-tax-transfer-pricing-certificates-or-master-degree-at-texas-am/" rel="bookmark">International Tax &amp; Transfer Pricing Certificates or Master Degree at Texas&nbsp;A&amp;M</a></h2>
5144			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on July 6, 2023</p>
5145			<div class="entry">
5146				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9360"></div><br/>
5147<p class="wp-block-paragraph">The <a href="http://law.tamu.edu/distance-education/international-tax">International Tax Certificate and Master Degree</a> are designed for international tax professionals (lawyers, accountants, economists, and finance) for an in-depth study of tax risk management. </p>
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5151<p class="wp-block-paragraph">Degree candidates are exposed to (i) international tax laws, regulations, and policies in the international tax risk management field, (ii) technology and tax data management, and (iii) weekly practice case studies using Zoom and team groups. Individuals who complete the program will be able to synthesize scenarios, practice, and legal regulation in the international tax risk management field, providing analysis or judgments for consideration to organizational leadership with a nuanced perspective.</p>
5152
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5155<p class="wp-block-paragraph">Courses are offered by asynchronous distance learning to provide a flexible schedule for working professionals. Interactive coursework includes case study assignments and regular interaction with classmates &amp; the faculty through twice-weekly zoom meetings (recorded), pre-recorded videos, audio casts, discussion boards, and group breakout sessions.&nbsp; For more information, contact Admissions:&nbsp;<a href="http://law.tamu.edu/distance-education/international-tax">law.tamu.edu/distance-education/international-tax</a>.</p>
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5159<p class="wp-block-paragraph">Texas A&amp;M&#8217;s operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
5159C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, is one of only 60 accredited universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 universities that hold the triple U.S. federal grant of Land, Sea, and Space! Texas A&amp;M law school<strong><em> <a href="https://blog.law.tamu.edu/blog/texas-am-law-now-ranks-in-the-top-30-nationally">ranked in the top 30</a> </em></strong>and has<strong><em> </em></strong>a placement rate above 98%, ranked #1 in the nation for “gold standard” jobs for 2022 &#8211; the third consecutive year the law school has ranked in the top 10 nationally for gold-standard employment outcomes. The law school&#8217;s new campus is the anchor of the <a href="https://www.wfaa.com/article/news/local/texas-am-university-1-billion-investment-fort-worth/287-b018939e-5517-44ee-90d0-0a5f936c2cd3">Texas A&amp;M AggieLand North</a> $1.2 billion dollar investment.</p>
5160
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5162
5163<p class="wp-block-paragraph">Sample of Courses (see <a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">graduate programs catalog</a>)</p>
5164
5165
5166
5167<ul class="wp-block-list">
5168<li>Transfer Pricing l &#8211; Methods, Econometrics, and Tangibles &#8211; <em>January start</em></li>
5169
5170
5171
5172<li>Transfer Pricing II &#8211; Services and Intangibles &#8211; <em>March start</em></li>
5173
5174
5175
5176<li>International Tax Risk Management I &#8211; Data, Analytics, and Technology</li>
5177
5178
5179
5180<li>International Taxation and Treaties &#8211; residency issues &#8211; <em>August start</em></li>
5181
5182
5183
5184<li>International Taxation and Treaties &#8211; source issues &#8211; <em>October start</em></li>
5185
5186
5187
5188<li>Inhouse Tax Counsel: Tax Systems and Risk Management &#8211; <em>Fall</em></li>
5189
5190
5191
5192<li>International Tax Risk Management II &#8211; Data, Analytics, and Technology</li>
5193
5194
5195
5196<li>U.S. International Tax Risk Management &#8211; Data and Analytics &#8211; <em>Spring </em></li>
5197
5198
5199
5200<li>U.S. International Tax Risk Management &#8211; Law and Regulation &#8211; <em>Summer</em></li>
5201
5202
5203
5204<li>FATCA, CRS, and AEoI Risk Management &#8211;<em> Summer</em></li>
5205</ul>
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5209<p class="wp-block-paragraph"><strong><em>Texas A&amp;M Rankings and Stats</em></strong></p>
5210
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5212
5213<ul class="wp-block-list" id="block-8586daaf-226d-4554-9e3a-9afacac3edd9">
5214<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2022)</a></li>
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5218<li><a href="https://www.usnews.com/education/best-colleges/the-short-list-college/articles/10-universities-with-the-biggest-endowments">#1 endowment for U.S. public universities, #8 overall (US News 2022)</a></li>
5219
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5221
5222<li><a href="https://www.tamu.edu/about/at-a-glance.html">#1 of U.S. public universities for a superior education at an affordable cost (Fiske 2021)</a></li>
5223
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5226<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
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5230<li><a href="https://blog.law.tamu.edu/blog/pair-of-texas-am-law-grads-accept-prestigious-clerkships-with-texas-supreme-court-justice-young">#1 Gold Standard employment outcome in U.S. Third year in top 10 in the U.S.</a></li>
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5234<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in US among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
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5238<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
5239</ul>
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5313			
5314		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/uncategorized/" rel="category tag">Uncategorized</a> |    <a href="https://profwilliambyrnes.com/2023/07/06/international-tax-transfer-pricing-certificates-or-master-degree-at-texas-am/#respond">Leave a Comment &#187;</a></p>
5315		</div>
5316
5317	
5318		<div class="post-9339 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9339">
5319			<h2><a href="https://profwilliambyrnes.com/2022/12/29/taxfacts-intelligence-december-29-2022/" rel="bookmark">TaxFacts Intelligence: December 29,&nbsp;2022</a></h2>
5320			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on December 29, 2022</p>
5321			<div class="entry">
5322				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9339"></div><br/>
5323<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
5324<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
5325</div></div>
5326
5327
5328
5329<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
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5333<p class="wp-block-paragraph">This week we address client considerations for cryptocurrency holdings when building their estate and gift tax planning strategies.&nbsp;some cities are considering mandatory employer-sponsored commuter benefit programs to help employees cope with rising costs and sky-high gas prices. Read on for more.</p>
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5336
5337<p class="wp-block-paragraph"><strong>IRS Decreased the ACA Affordability Threshold, Increased Employer Penalties for 2022.  </strong>Employers should be reminded that the IRS announced new 2022 inflation adjustments back in May.  For 2022, the ACA affordability threshold was decreased by 0.22% to 9.61%&#8211;meaning that many employers will be required to pay more for employee coverage in 2022 be
5337cause employer-sponsored coverage will only be deemed affordable if the employee&#8217;s required contribution for self-only coverage does not exceed 9.61% of the employee&#8217;s household income.  At the same time, the IRS also increased the penalties that can be assessed if the employer fails to offer affordable coverage to at least 95% of its full-time employees (and dependents) and at least one employee receives a premium tax credit.  The penalties under IRC Section 4980H(a) were increased from $225 per month to $229.17 per month in 2022.  The penalties under IRC Section 4980H(b) were increased from $338.33 per month to $343.33 per month in 2022.  For more information on the affordability threshold, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28295561.1851/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9lbXBsb3llci1tYW5kYXRlL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA3MDcmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS04ODgz/56de9bd818ff43cc248c315bB84ad1e56/email" target="_blank">Read More</a></p>
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5341<p class="wp-block-paragraph"><strong>Should Your Client Offer Health Coverage Benefits to Independent Contractors?  </strong>In today&#8217;s labor market, many employers are scrambling to offer benefits that will attract talented workers.  Some may be considering allowing independent contractors who perform work for the company to enroll in employer-sponsored health coverage.  Those business clients should be advised that doing so would likely create a multiple employer welfare arrangement (MEWA).  MEWAs provide employee welfare benefits to employees of two or more employers if those employers are not part of the same controlled group.  Often, insurance companies will not permit the employer to create a MEWA and provide coverage at all, meaning that the insurer could refuse to cover insurance claims and the employer could possibly find itself on the hook for self-funding those claims.  It&#8217;s also possible that the employer could become subject to M-1 filing requirements&#8211;and failure to comply could result in significant penalties.  The bottom line?  Any client should speak with experienced legal counsel before deciding to allow independent contractors to participate in any employer-sponsored health insurance coverage.   For more information on welfare benefit plans, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28295561.1851/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9pbi1nZW5lcmFsLTIxL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA3MDcmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS00MDk3/56de9bd818ff43cc248c315bB2dd28cff/email" target="_blank">Read More</a> </p>
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5345<p class="wp-block-paragraph"><strong>Sixth Circuit Hands Win to Plan Sponsors in Fiduciary Breach Lawsuit.  </strong>In the first published appeals court decision that applies the Supreme Court&#8217;s <em>Hughes v. Northwestern University</em>, the Sixth Circuit held this past summer that ERISA does not give the courts any type of broad license to second-guess the investment decisions of retirement plans. In this case, the plaintiffs were participants who claimed the plan breached their fiduciary duties by offering actively managed investment options, rather than lower-cost index options that performed better. They also claimed the plan fiduciaries allowed the plan to pay excessive recordkeeping and management fees. Under the Sixth Circuit&#8217;s logic, while the actively managed funds may be more expensive, that alone wouldn&#8217;t be enough to make them an imprudent investment decision. In fact, the court reasoned that denying participants the option to invest in actively managed funds may be imprudent.  With respect to the pleading standard in these cases, the court found that it&#8217;s not enough for participants to point to funds that performed better. Instead, plaintiffs are required to prove that the investment was imprudent from the moment it was selected. With respect to the excessive fee claim, the court held that plaintiffs are required to establish context showing that the services provided by the plan are substantially equivalent to the plaintiffs&#8217; lower-cost comparables. For more information on the obligations of plan fiduciaries, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28295561.1851/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9uZXctZGlzY2xvc3VyZS1yZWd1bGF0aW9ucy1mb3ItcmV0aXJlbWVudC1wbGFuLXNlcnZpY2UtcHJvdmlkZXJzL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA3MDcmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS00MTI4/56de9bd818ff43cc248c315bB60547e50/email" target="_blank">Read More</a> </p>
5346
5347
5348
5349<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
5350
5351
5352
5353<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
5354
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5356
5357<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
5357C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
5358
5359
5360
5361<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
5362<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
5363
5364
5365
5366<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
5367
5368
5369
5370<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
5371
5372
5373
5374<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
5375
5376
5377
5378<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
5379
5380
5381
5382<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
5383
5384
5385
5386<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
5387
5388
5389
5390<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
5391</ul>
5392<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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5465			
5466		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/12/29/taxfacts-intelligence-december-29-2022/#respond">Leave a Comment &#187;</a></p>
5467		</div>
5468
5469	
5470		<div class="post-9332 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9332">
5471			<h2><a href="https://profwilliambyrnes.com/2022/12/27/taxfacts-intelligence-december-27-2022/" rel="bookmark">TaxFacts Intelligence: December 27,&nbsp;2022</a></h2>
5472			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on December 27, 2022</p>
5473			<div class="entry">
5474				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9332"></div><br/>
5475<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
5476<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
5477</div></div>
5478
5479
5480
5481<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
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5484
5485<p class="wp-block-paragraph">This week we address client considerations for cryptocurrency holdings when building their estate and gift tax planning strategies. some cities are considering mandatory employer-sponsored commuter benefit programs to help employees cope with rising costs and sky-high gas prices. Read on for more.</p>
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5489<p class="wp-block-paragraph"><strong>Are Mandatory Commuter Benefits Coming to U.S. Cities? </strong>The Philadelphia Council and Mayor this summer signed a provision that requires certain employers to begin providing commuter benefits to employees. Philadelphia employers with 50 or more covered employees will be required to offer a pre-tax payroll deduction for certain mass transit expenses, qualified bicycle expenses or employer-covered benefits for fare instruments beginning December 31, 2022. A &#8220;covered employee&#8221; is one that has worked, on average, 30 hours per week in the city for the same employer over the prior 12 month period. The benefits provided will be equal to the amounts permitted by federal law for transit benefits. In 2022, the maximum exclusion for transportation in a commuter highway vehicle or for transit passes is $280 per month.  In 2018 through 2025, bicyclists cannot exclude qualified bicycle commuting reimbursements under federal law. Employers, however, are entitled to deduct their reimbursements as business expenses for those years. While the commuter benefit requirement is city-specific, it&#8217;s likely that many more cities may consider implementing their own programs in light of gas price increases&#8211;and that employers themselves may consider their own programs in order to attract and retain employees in a tough labor market.  For more information on the federal rules governing transit benefit reimbursements and deductions, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28227616.1269/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9mcmluZ2UtYmVuZWZpdHMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yM
5489DIyMDYzMCZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg5MDY/56de9bd818ff43cc248c315bBe33db21c" target="_blank">Read More</a><a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28531243.1265/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9oZWFsdGgtc2F2aW5ncy1hY2NvdW50LWhzYS9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwNzI4JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtODgyNw/56de9bd818ff43cc248c315bBc30816eb/email" target="_blank"> </a> </p>
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5492
5493<p class="wp-block-paragraph"><strong>Section 127 Expansion Allows Employers to Offer Tax-Free Student Loan Benefits. </strong>Under IRC Section 127, employers can provide up to $5,250 in tax-free payments to employees for qualified educational expenses under a written educational assistance plan. The 2020 CARES Act expanded the rule to allow student loan repayment assistance as a qualified educational expense. Employees receive the assistance tax-free and employers can deduct the payments as a business expense. To qualify, the employer must have a written educational assistance plan that doesn&#8217;t offer any other taxable benefits or compensation to the employee (whether case or non-cash). The plan must not be discriminatory and employees must receive reasonable notice about the available plan benefits. The expansion is currently temporary, and is set to expire after December 31, 2025 unless extended by Congress. For more information on the educational assistance plan requirements, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.law.com/external/28451413.1159/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9mcmluZ2UtYmVuZWZpdHMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDcyMSZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg4ODk/56de9bd818ff43cc248c315bB826e1220/email" target="_blank">Read More</a> </p>
5494
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5496
5497<p class="wp-block-paragraph"><strong>Are Your Clients Considering Gift and Estate Tax Consequences for Cryptocurrency Holdings?  </strong>Like any other piece of property, cryptocurrency can be subject to gift and estate taxes whether transferred as a lifetime gift or a gift at death. Cryptocurrency assets are treated as property for all federal tax purposes.  In 2022, taxpayers can transfer up to $12.06 million worth of property per person without worrying about the federal estate tax. However, the exemption is scheduled to revert to around $5 million after 2025.  That means many clients may wish to take advantage of a lifetime gifting strategy.  Cryptocurrency assets gifted during life are removed from the donor&#8217;s estate&#8211;and the IRS has already clarified that there will be no clawback provision if an individual donor takes advantage of the expanded estate tax exemption during life.  Clients with significant cryptocurrency holdings may also wish to consider trust planning techniques, such as a spousal lifetime access trust (SLAT) which can remove the cryptocurrency from their estate for the benefit of a spouse and other heirs. Cryptocurrency assets that are inherited receive a step up in basis like any other property transfer, which can reduce or even eliminate capital gains on cryptocurrency sales after the original owner&#8217;s death. For more information on the tax treatment of cryptocurrency, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28227616.1269/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZWNlbnQtdXBkYXRlcy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwNjMwJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtNzcyMQ/56de9bd818ff43cc248c315bBebaf6af9" target="_blank">Read More</a> </p>
5498
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5500
5501<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
5502
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5505<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
5506
5507
5508
5509<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
5509C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
5510
5511
5512
5513<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
5514<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
5515
5516
5517
5518<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
5519
5520
5521
5522<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
5523
5524
5525
5526<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
5527
5528
5529
5530<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
5531
5532
5533
5534<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
5535
5536
5537
5538<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
5539
5540
5541
5542<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
5543</ul>
5544<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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5617			
5618		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/12/27/taxfacts-intelligence-december-27-2022/#respond">Leave a Comment &#187;</a></p>
5619		</div>
5620
5621	
5622		<div class="post-9328 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9328">
5623			<h2><a href="https://profwilliambyrnes.com/2022/12/22/taxfacts-intelligence-december-22-2022/" rel="bookmark">TaxFacts Intelligence: December 22,&nbsp;2022</a></h2>
5624			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on December 22, 2022</p>
5625			<div class="entry">
5626				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9328"></div><br/>
5627<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
5628<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
5629</div></div>
5630
5631
5632
5633<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
5634
5635
5636
5637<p class="wp-block-paragraph">This week, we have details on the Washington state official guidance that&#8217;s been released on the state-level plan for taxing non-fungible tokens (NFTs). </p>
5638
5639
5640
5641<p class="wp-block-paragraph"><strong>
5641Washington State Announces Plan to Tax NFTs. </strong>Washington state recently released guidance on how non-fungible tokens (NFTs) will be taxed under the state&#8217;s sales tax rules. This guidance is the first to emerge at the state level and, while it only applies in Washington, it&#8217;s expected that other states may follow suit. The Washington state guidance provides information on how the Washington state department of revenue would source the sales. Under the guidance, if the buyer received the digital product at a seller&#8217;s business location, the sale would be sourced to that location. If not, the sale would be sourced to where the buyer receives the NFT. If neither of these two rules apply, the location of the customer&#8217;s address that&#8217;s given in the seller&#8217;s records. If these three rules don&#8217;t apply, the sale would be sourced to the location of the customer that can be derived from the sale process itself (including the buyer&#8217;s credit card billing address). Finally, if none of this information is available, the location of the sale is the address from which the digital code was first available for transmission by the seller, or from which a digital automated service was provided. Any location that solely provides the digital transfer of the product is disregarded. The guidance does not directly address situations where the seller does not know the buyer&#8217;s location, but seems to imply that the location of the seller&#8217;s server would be the deemed location if the seller does not take steps to identify the buyer&#8217;s location. For more information on virtual currency taxation, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28611679.836/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9iaXRjb2lucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwODA0JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtNzcyNg/56de9bd818ff43cc248c315bBce6329f9/email" target="_blank">Read More</a></p>
5642
5643
5644
5645<p class="wp-block-paragraph"><strong>IRS Announces 2023 Contribution Threshold for Premium Tax Credit Eligibility Purposes. </strong>The ARPA expanded the premium tax credit rules to provide a more generous ACA benefit for 2021 and 2022. Typically, the premium tax credit is available to taxpayers with household income between 100 percent and 400 percent of the federal poverty line. ARPA generally eliminated the upper income limit and increased the amount of the premium tax credit (the percentage of household income that individuals are required to contribute to their health insurance coverage decreased to 9.61% in 2022). For 2023, even more taxpayers may qualify for the tax credit because the IRS recently announced that the affordability threshold will decrease significantly, to 9.12% for 2023. This decrease means that many employers will be required to pay more for employee coverage in 2023 because employer-sponsored coverage will only be deemed affordable if the employee&#8217;s required contribution for self-only coverage does not exceed 9.12% of the employee&#8217;s household income. For more information on the premium tax credit income requirements, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28611679.836/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9lbXBsb3llci1tYW5kYXRlL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA4MDQmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS04ODgz/56de9bd818ff43cc248c315bBdbe0bb66/email" target="_blank">Read More</a> </p>
5646
5647
5648
5649<p class="wp-block-paragraph"><strong></strong><strong>HSAs vs. FSAs: Can They Cover the Same Costs? </strong>HSAs and FSAs can cover many of the same types of qualified medical expenses, as defined in IRC Section 213(d). However, HSAs can cover some additional expenses that FSAs are not permitted to cover. For example, HSAs can reimburse account owners for qualified long-term care expenses on a tax-free basis (FSAs cannot). However, HSAs can only reimburse for health expenses of the account owner&#8217;s child if that child qualifies as a dependent. FSAs, on the other hand, can reimburse for those expenses if the child is under the age of 27 as of the end of the tax year (regardless of whether the child qualifies as a dependent). HSAs can also make distributions even if the account owner uses the money for non-medical expenses (although penalty taxes will apply), while FSAs are only permitted to make distributions to cover qualified expenses. For more information on the FSA rules, visit Tax Facts Online.
5649 <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28531243.1265/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9oZWFsdGgtc2F2aW5ncy1hY2NvdW50LWhzYS9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwNzI4JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtODgyNw/56de9bd818ff43cc248c315bBc30816eb/email" target="_blank">Read More </a> </p>
5650
5651
5652
5653<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
5654
5655
5656
5657<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
5658
5659
5660
5661<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
5662
5663
5664
5665<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
5666<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
5667
5668
5669
5670<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
5671
5672
5673
5674<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
5675
5676
5677
5678<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
5679
5680
5681
5682<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
5683
5684
5685
5686<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
5687
5688
5689
5690<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
5691
5692
5693
5694<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
5695</ul>
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5769			
5770		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/12/22/taxfacts-intelligence-december-22-2022/#respond">Leave a Comment &#187;</a></p>
5771		</div>
5772
5773	
5774		<div class="post-9326 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9326">
5775			<h2><a href="https://profwilliambyrnes.com/2022/12/21/taxfacts-intelligence-december-21-2022/" rel="bookmark">TaxFacts Intelligence: December 21,&nbsp;2022</a></h2>
5776			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on December 21, 2022</p>
5777			<div class="entry">
5778				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9326"></div><br/>
5779<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
5780<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
5781</div></div>
5782
5783
5784
5785<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
5786
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5788
5789<p class="wp-block-paragraph">As most readers know, the Inflation Reduction Act passed the Senate last weekend. While most of the sweeping tax changes proposed in recent years were cut from the plan, the legislation did contain some important tax provisions that could impact clients if the bill is eventually signed into law in its current form. We also have information on the new IRS extended deadlines for retirement plan sponsors to adopt amendments required under the SECURE Act, CAREs Act and Miners Act of 2019 and how plans should proceed if they missed the July 31 restatement deadline.</p>
5790
5791
5792
5793<p class="wp-block-paragraph"><strong>Inflation Reduction Act: Tax Aspects. </strong>The Inflation Reduction Act eliminated many of the proposed tax hikes contained in last year&#8217;s Build Back Better Act. However, it did contain a provision that would add a new 15% corporate minimum tax to ensure that corporations with at least $1 billion in profits would be subject to a minimum 15% income tax rate. The 15% rate would be applied to the company&#8217;s &#8220;book income&#8221; profits, rather than adjusted gross income as reported to the IRS, in an effort to prevent corporations from using loopholes to escape taxation. The law also contains a provision that would extend the exp
5793anded ACA premium tax credits through 2025. Over ten years, the IRS would receive $80 billion in funding to step up enforcement efforts. At the last minute, a provision that would have closed the so-called carried interest loophole was eliminated and a 1% excise tax on certain stock buybacks was introduced. For more information on how corporations are currently taxed, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28691065.1651/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jb3Jwb3JhdGlvbnMtYW5kLW90aGVyLWJ1c2luZXNzLWVudGl0aWVzL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA4MTEmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS03OTg/56de9bd818ff43cc248c315bBa41dd224" target="_blank">Read More</a></p>
5794
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5796
5797<p class="wp-block-paragraph"><strong></strong><strong>IRS Grants Three-Year SECURE Act, CARES Act Extension. </strong>The IRS recently announced that it was extending the deadline for plans to adopt amendments under the SECURE Act and CAREs Act through 2025 (for most calendar year plans, the deadline would have been December 31, 2022 absent the extension). The extension applies to qualified 401(k)s, 403(b) plans and IRAs. Amendments that are made prior to the extended deadline will not cause the plan to violate the anti-cutback rule (for example, if the plan was amended to permit automatic deferrals under a qualified automatic contribution arrangement to increase pursuant to the SECURE Act). Additionally, plans that are amended in 2025 to reflect the post-SECURE Act 10-year distribution failure would not have an operational failure. To take advantage of the extension, the plan should adopt the amendment by December 31, 2025 and make the amendment retroactive to the date of legislation. In the meantime, the plan should operate as though the amendment was in effect. The IRS has also indicated that SECURE Act guidance on long-term part-time employees, post-death distributions and other issues should be included with the 2023 required amendments list. For more information on the SECURE Act changes, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28691065.1651/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZXF1aXJlZC1taW5pbXVtLWRpc3RyaWJ1dGlvbnMtMi9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwODExJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzkwMw/56de9bd818ff43cc248c315bB7f500def" target="_blank">Read More</a></p>
5798
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5800
5801<p class="wp-block-paragraph"><strong>Did Your Retirement Plan Miss the Pre-approved Defined Contribution Plan Restatement Deadline? </strong>Most pre-approved defined contribution plans must be restated every six years (the most recent restatement deadline was July 31, 2022). Plans that missed the deadline cannot rely on the pre-approved plan document&#8217;s favorable opinion letter and will be treated as individually designed plans. When a plan is individually designed, there&#8217;s no guaranteed document to ensure compliance with the law (which is why most plans rely on the pre-approved plan document in the first place). Those plan sponsors must now analyze their plan document to ensure it complies with all requirements that apply to individually designed plans. Any errors can be corrected using the Employee Plans Compliance Resolution System (EPCRS). Once the plan is brought into compliance via EPCRS, the plan can choose to adopt a new and updated pre-approved plan document so that it can once again rely on the IRS opinion letter. For more information on the qualified plan requirements, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28691065.1651/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9xdWFsaWZpY2F0aW9uL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA4MTEmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zODM4/56de9bd818ff43cc248c315bB505f5110" target="_blank">Read More</a></p>
5802
5803
5804
5805<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
5806
5807
5808
5809<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
5810
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5812
5813<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
5813C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
5814
5815
5816
5817<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
5818<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
5819
5820
5821
5822<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
5823
5824
5825
5826<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
5827
5828
5829
5830<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
5831
5832
5833
5834<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
5835
5836
5837
5838<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
5839
5840
5841
5842<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
5843
5844
5845
5846<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
5847</ul>
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5921			
5922		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/12/21/taxfacts-intelligence-december-21-2022/#respond">Leave a Comment &#187;</a></p>
5923		</div>
5924
5925	
5926		<div class="post-9323 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9323">
5927			<h2><a href="https://profwilliambyrnes.com/2022/12/19/taxfacts-intelligence-december-19-2022/" rel="bookmark">TaxFacts Intelligence: December 19,&nbsp;2022</a></h2>
5928			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on December 19, 2022</p>
5929			<div class="entry">
5930				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9323"></div><br/>
5931<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
5932<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
5933</div></div>
5934
5935
5936
5937<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
5938
5939
5940
5941<p class="wp-block-paragraph">The Inflation Reduction Act was signed by President Biden in August.  This week, we remind our subscribers of some of the most valuable energy-related tax credits that will be available to individual taxpayers once the new law becomes fully effective, plus a summary of the extended loss limitation provisions that apply under the Act.  Also, a reminder that the deadline for Medicare creditable coverage notices is right around the corner.</p>
5942
5943
5944
5945<p class="wp-block-paragraph"><strong>Inflation Reduction Act Extends and Expands Two Valuable Energy Tax Credits for Individuals.  </strong>Much of the Inflation Reduction Act doesn&#8217;t directly impact tax liability for individual taxpayers.  However, the law does contain two valuable energy tax credits for individuals.  The law renamed the nonbusiness energy property tax credit the &#8220;Energy Efficient Home Improvement Credit&#8221; under IRC Section 25C. The law extends the credit through 2032.  While the old rules for claiming the credit continue to apply in 2022, beginning with the 2023 tax year, the credit will be expanded to equal to 30% of the costs of eligible home improvements made during the year. It will also be expanded to cover the cost of additional energy-efficient property. Similarly, the residential energy efficie
5945nt property credit has been renamed the Residential Clean Energy Credit. That credit was set to expire in 2024 and was extended through 2034. Under the Inflation Reduction Act, the credit amount increases to 30% from 2022 to 2032. It then decreases to 26% for 2033 and 22% for 2034. The credit is set to expire after 2034.  For more information on claiming these tax credits, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28768376.442/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jcmVkaXRzL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA4MTgmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS03NjQ/56de9bd818ff43cc248c315bBb1abf1ce" target="_blank">Read More</a></p>
5946
5947
5948
5949<p class="wp-block-paragraph"><strong>Inflation Reduction Act Extends Limitation on Excess Business Losses.  </strong>Under the 2017 tax reform legislation, excess business losses of a non-corporate taxpayer are not allowed for the taxable year. These losses are carried forward and treated as part of the taxpayer’s net operating loss carryforward in subsequent tax years. NOL carryovers generally are allowed for a tax year up to the lesser of the carryover amount or 80 percent of taxable income determined without regard to the deduction for NOLs.  An “excess business loss” is the excess of aggregate deductions of the taxpayer attributable to trades or businesses of the taxpayer (determined without regard to the limitation of the provision), over the sum of aggregate gross income or gain of the taxpayer plus a threshold amount. The annual threshold amount is $250,000 (or twice the otherwise applicable threshold amount for married taxpayers filing a joint return). The Inflation Reduction Act of 2022 extends the limitation on excess business losses through 2028.  For more information on the excess loss limitation provisions, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28768376.442/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9saW1pdGF0aW9uLW9uLWxvc3MtZGVkdWN0aW9ucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwODE4JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtODAyNA/56de9bd818ff43cc248c315bB6695e755" target="_blank">Read More</a></p>
5950
5951
5952
5953<p class="wp-block-paragraph"><strong>Don&#8217;t Forget: The  Notice Deadline for Creditable Coverage Each Year.</strong> Employers who provide prescription drug coverage are required to notify all Medicare-eligible employees about creditable or non-creditable status by October 15.  With the onslaught of COBRA subsidy notices in recent months, this deadline was lost in the shuffle by many employers who now need to seek IRS compliance remediation .  Individuals who do not enroll in Medicare Part D when first available, but who enroll later, pay higher premiums permanently unless they have creditable prescription drug coverage.  These increased premiums apply if the individual goes at least 63 consecutive days without creditable coverage.  Employers are required to provide notice each year to help employees understand whether employer-provided coverage is creditable.  This year, notices were due by October 15, 2022.  Determining whether coverage is creditable involves examining whether the employer&#8217;s coverage is at least as good (measured actuarially) as standard Medicare Part D prescription drug coverage.  Employers can provide the notice electronically and there is no need to conduct a separate mailing, although the employer should take steps to ensure the notice is easy to find.  Creditable coverage notice must also be given if creditable status changes or upon the individual&#8217;s request.  For more information on the creditable coverage requirement, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28768376.442/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS91bmZ1bmRlZC1kZWZlcnJlZC1jb21wZW5zYXRpb24v
5953cHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDgxOCZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTM1NTU/56de9bd818ff43cc248c315bB3f444fd4" target="_blank">Read More</a></p>
5954
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5956
5957<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
5958
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5961<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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5965<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
5966
5967
5968
5969<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
5970<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
5971
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5973
5974<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
5975
5976
5977
5978<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
5979
5980
5981
5982<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
5983
5984
5985
5986<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
5987
5988
5989
5990<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
5991
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5994<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
5995
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5998<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
5999</ul>
6000<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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6073			
6074		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/12/19/taxfacts-intelligence-december-19-2022/#respond">Leave a Comment &#187;</a></p>
6075		</div>
6076
6077	
6078		<div class="post-9314 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9314">
6079			<h2><a href="https://profwilliambyrnes.com/2022/12/16/taxfacts-intelligence-december-14-2022/" rel="bookmark">TaxFacts Intelligence: December 16,&nbsp;2022</a></h2>
6080			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on December 16, 2022</p>
6081			<div class="entry">
6082				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9314"></div><br/>
6083<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
6084<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
6085</div></div>
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6088
6089<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
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6093<p class="wp-block-paragraph">This week, we have valuable information for parents who are sending their kids to school. An ESA can be a valuable tax-preferred tool to help with the costs&#8211;and with education costs front and center, now may be the perfect time to discu
6093ss the option. In other news, we have updates on how the Inflation Reduction Act&#8217;s premium subsidy extension could impact employer-sponsored health coverage&#8211;and a note on the retirement-related bills making their way through Congress. </p>
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6097<p class="wp-block-paragraph"><strong>Can Your ESA Help Ease the Strain of Back-to-School Expenses?</strong> As the kids head back to school, many parents may be struggling with back-to-school expenses in today&#8217;s inflationary environment. One potential solution is an education savings account (ESA). ESAs are relatively easy to establish and don&#8217;t require an employer to sponsor the plan. Contributions are made to the account for the benefit of a child under age 18. Parents and guardians can contribute up to $2,000 per year, per beneficiary (no earned income or compensation limits apply). ESA contributions are not tax deductible, but if the funds are withdrawn to pay qualified education expenses, the earnings on the ESA funds are taken tax-free. Qualified expenses include books and supplies, college tuition and even the student&#8217;s computer and internet expenses. The costs associated with primary or secondary school also qualify, in addition to college-related expenses. For more information on the ESA rules, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28985947.1122/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9ncm9zcy1pbmNvbWUvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDkwOCZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTY4MQ/56de9bd818ff43cc248c315bB5bda7e17" target="_blank">Read More</a></p>
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6101<p class="wp-block-paragraph"><strong>Focus on SECURE Act 2.0: What&#8217;s in the Various Retirement Bills in Congress Today? </strong>SECURE Act 2.0 would once again raise the required beginning date, to age 73 in 2023, 74 by 2029 and to age 75 by 2032. The law would also change the rules governing catch-up contributions so that taxpayers aged 50 and older would be permitted to contribute an extra $10,000 per year if they have reached age 62, 63 or 64 (currently, qualifying taxpayers can make cat
6101ch-up contributions of $6,500 per year to 401(k)s and $1,000 per year to IRAs). SIMPLE plan participants would receive an additional $5,000 catch-up option. The additional catch-up, however, would be made on an after-tax basis. One proposal would significantly increase the 401(k) contribution limits for all savers. Currently, taxpayers who are under age 50 can contribute $20,500 in pre-tax dollars to 401(k)s and $6,000 to IRAs. The proposal would increase those contribution limits by $4,000, so that IRA savers could contribute up to $10,000 per year and 401(k) plan participants could save up to $24,500 per year. For more information on the 401(k) contribution rules, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28985947.1122/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9vdmVydmlldy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwOTA4JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzc1Ng/56de9bd818ff43cc248c315bB731a943c" target="_blank">Read More</a></p>
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6105<p class="wp-block-paragraph"><strong>Will ICHRAs Start Trending Post-Inflation Reduction Act? </strong>The decreased affordability threshold and expanded ACA subsidies under the Inflation Reduction Act may put an increased financial strain on employers who must offer health coverage to employees. The individual coverage HRA strategy can present a possible solution to employers who either must offer coverage or are interested in offering health benefits to attract and retain employees. The ICHRA rules allow employers to reimburse premiums for individual health insurance coverage through ICHRAs if the several specific conditions are satisfied. First, all individuals enrolled in the ICHRA must actually enroll in individual coverage. If an individual ceases to be enrolled in individual coverage, the ICHRA must stop reimbursing their medical expenses (on a prospective basis only). Individuals who are still within the grace period with respect to paying their premiums for individual coverage are considered enrolled in individual coverage. For more information on the rules governing ICHRAs, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28985947.1122/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS90aGUtaGVhbHRoLWNhcmUtcmVmb3JtLWxhdy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwOTA4JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtNDQ5/56de9bd818ff43cc248c315bB3001f7a0" target="_blank">Read More</a></p>
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6109<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
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6113<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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6115
6116
6117<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
6118
6119
6120
6121<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
6122<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
6123
6124
6125
6126<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
6127
6128
6129
6130<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
6131
6132
6133
6134<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
6135
6136
6137
6138<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
6139
6140
6141
6142<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
6143
6144
6145
6146<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
6147
6148
6149
6150<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
6151</ul>
6152<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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6225			
6226		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/12/16/taxfacts-intelligence-december-14-2022/#respond">Leave a Comment &#187;</a></p>
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6228
6229	
6230		<div class="post-9319 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9319">
6231			<h2><a href="https://profwilliambyrnes.com/2022/12/14/taxfacts-intelligence-december-16-2022/" rel="bookmark">TaxFacts Intelligence: December 14,&nbsp;2022</a></h2>
6232			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on December 14, 2022</p>
6233			<div class="entry">
6234				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9319"></div><br/>
6235<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
6236<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
6237</div></div>
6238
6239
6240
6241<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
6242
6243
6244
6245<p class="wp-block-paragraph">This week, we have valuable information for clients wondering how the 401(k) rollover rules intersect with the required minimum distribution (RMD) rules and an update on a work-from-home related lawsuit against Amazon. We also have more details on the enhanced and extended tax credits for clean vehicles contained in the Inflation Reduction Act. Wondering whether your clients qualify? Read on for more details.</p>
6246
6247
6248
6249<p class="wp-block-paragraph"><strong></strong><strong>Inflation Reduction Act Expands and Boosts Appeal of Electric Vehicle Tax Credits. </strong>The Inflation Reduction Act expands the electric vehicle tax credit for electric vehicles placed into service after December 31, 2022 for ten years, through 2032. Taxpayers who buy qualifying vehicles will qualify for a tax credit of up to $7,500 for new vehicles. For used electric vehicles, the maximum credit will equal $4,000 or 30% of the vehicle’s cost, whichever is less. Used electric vehicles only qualify if they’re purchased for personal use, rather than for resale. The newly expanded electric vehicle tax credits are intended to provide benefits for lower- and middle-income clients. As such, they come with income restrictions and limitations. The credit is unavailable for single taxpayers who earn more than $150,000 per year, joint filers who earn more than $300,000 per year and heads-of-households who earn $225,000 per year or more. Certain luxury electric vehicles are also excluded and restrictions on where the vehicle is manufactured will also apply. For more information on the exp
6249anded tax credit for clean vehicles, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28916407.1277/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jcmVkaXRzL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA5MDEmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS03Njc/56de9bd818ff43cc248c315bB5afc7065" target="_blank">Read More</a></p>
6250
6251
6252
6253<p class="wp-block-paragraph"><strong>California Judge Won&#8217;t Dismiss Amazon Employee&#8217;s Work-From-Home Reimbursement Lawsuit. </strong>A federal district court judge in California denied a motion to dismiss a proposed class action lawsuit against Amazon. The lawsuit focuses on whether Amazon was required to reimburse the employees for expenses related to work-from-home requirements. The employee in this case alleged that state employment laws required Amazon to reimburse employees for work-related expenses incurred because of pandemic-related work-from-home requirements after the California governor issued lockdown orders. The expenses at issue here include electricity, Internet and space-related expenses totaling somewhere between $50 and $100 per month. California law requires employers to reimburse employees for any home office expenses incurred while they&#8217;re working from home. For more information on remote worker issues brought to light during the COVID-19 pandemic, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28916407.1277/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZW1vdGUtd29ya2VyLWlzc3Vlcy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwOTAxJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtODkyMg/56de9bd818ff43cc248c315bB1c2bc382" target="_blank">Read More</a></p>
6254
6255
6256
6257<p class="wp-block-paragraph"><strong></strong><strong>Rollerovers &amp; RMDs: Need to Know for Clients Working Past the Traditional Retirement Age. </strong>At some point, every client is required to begin taking distributions from traditional retirement accounts. However, not all of those clients have stopped working. Some of those clients may wish to roll their 401(k) funds into an IRA if they don&#8217;t need those funds to cover living expenses while they&#8217;re still working. Clients need to understand that RMDs are not eligible for rollover. The client must take their RMD before completing the rollover&#8211;and the first distribution from the plan counts toward the RMD if the client is subject to RMD requirements (the client can&#8217;t roll funds into an IRA and take their RMD later in the year). Further, 401(k) RMDs can&#8217;t be taken from the client&#8217;s IRA&#8211;they must be taken from the 401(k) itself. After the client takes their RMD for the year, they can roll remaining plan funds over into an IRA&#8211;at which point, those funds become subject to the rules governing IRAs (not the 401(k) rules, so the &#8220;still working&#8221; exception won&#8217;t apply). For more information on the RMD failure penalties, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28916407.1277/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZXF1aXJlZC1taW5pbXVtLWRpc3RyaWJ1dGlvbnMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDkwMSZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTM2ODU/56de9bd818ff43cc248c315bB5150d425" target="_blank">Read Mor</a></p>
6258
6259
6260
6261<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
6262
6263
6264
6265<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
6266
6267
6268
6269<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
6269C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
6270
6271
6272
6273<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
6274<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
6275
6276
6277
6278<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
6279
6280
6281
6282<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
6283
6284
6285
6286<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
6287
6288
6289
6290<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
6291
6292
6293
6294<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
6295
6296
6297
6298<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
6299
6300
6301
6302<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
6303</ul>
6304<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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6377			
6378		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/12/14/taxfacts-intelligence-december-16-2022/#respond">Leave a Comment &#187;</a></p>
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6380
6381	
6382		<div class="post-9312 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9312">
6383			<h2><a href="https://profwilliambyrnes.com/2022/12/12/taxfacts-intelligence-december-12-2022/" rel="bookmark">TaxFacts Intelligence: December 12,&nbsp;2022</a></h2>
6384			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on December 12, 2022</p>
6385			<div class="entry">
6386				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9312"></div><br/>
6387<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
6388<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
6389</div></div>
6390
6391
6392
6393<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
6394
6395
6396
6397<p class="wp-block-paragraph">This week, we have some planning pointers for employers who are planning to continue allowing employees to work remotely on a more permanent basis, as well as an update on the new independent contractor standard that the DOL is working on.  On another note, we have coverage about what those post-SECURE Act lifetime illustrations on your next 401(k) statement really mean. Read on for more.</p>
6398
6399
6400
6401<p class="wp-block-paragraph"><strong>Are Your Small Business Clients Required to Reimburse Remote Employees for Work-Related Costs?  </strong>Recent lawsuits have brought one remote-era working environment issue to the forefront: whether employers must reimburse remote workers for internet, cell phones and even utilities.  Some state laws (including California law) require employers to reimburse all employees for any work-related expenses.  Now that many employees are working remotely and plan to continue working remotely, some have sued their employers to be reimbursed for a portion of their utility costs.  Employers who plan to continue to allow remote work should check their state laws to ensure they are in compliance.  In all cases, the employer should adopt a clear policy on which expenses will and will not be reimbursed.  The employer should also consider a clear statement on when only a portion of certain expenses will be reimbursed (for example, expenses that have both business and personal elements, such as internet and a cell phone).  For more information on the tax impact of reimbursing employees&#8217;
6401 expenses, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28149545.1166/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9idXNpbmVzcy1leHBlbnNlLWRlZHVjdGlvbnMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDYyMyZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg3NTQ/56de9bd818ff43cc248c315bBcee9538f" target="_blank">Read More</a> </p>
6402
6403
6404
6405<p class="wp-block-paragraph"><strong>DOL Announces Intent to Reform the Current Independent Contractor Test.  </strong>Under current law, a Trump-era test for determining independent contractor status applies.  That rule was designed to make it easier for employers to classify workers as independent contractors, rather than traditional employees, by focusing on whether workers are economically dependent upon an employer—or in business for themselves.  The current test prioritizes (1) the worker&#8217;s degree of control over the work performed, and (2) the worker’s opportunity for profit or loss.  Biden&#8217;s DOL initially found that prioritizing these factors undermined the longstanding balancing approach of the economic realities test and court decisions requiring a review of the totality of the circumstances related to the employment relationship.  Several business groups filed a lawsuit in federal court to challenge the Biden administration&#8217;s acts.  The court vacated the Biden administration&#8217;s rule and reinstated the Trump-era rule on procedural grounds. Now, the DOL has informally stated that it intends to again attempt to reform the test in the coming months.  For more information on the current rule, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28149545.1166/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9lbXBsb3llZXMtdnMtaW5kZXBlbmRlbnQtY29udHJhY3RvcnMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDYyMyZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg3MjM/56de9bd818ff43cc248c315bBe4e7d2dd" target="_blank">Read More</a>.</p>
6406
6407
6408
6409<p class="wp-block-paragraph"><strong>Understanding the Changes to Your Next 401(k) Statement.  </strong>Starting at the end of June, 401(k) participants will begin to see the SECURE Act&#8217;s lifetime income illustrations on their statements. That illustration shows the amount of monthly income the participant would make based on their current account balance. Those illustrations shouldn&#8217;t cause your clients to panic. Those illustrations reflect only the current account balance, without considering the earnings that the account funds will accumulate over time. They also don&#8217;t account for Social Security or any other type of savings vehicle the client may have. Clients should also be advised that the illustrations aren&#8217;t required to factor in the client&#8217;s age, meaning that younger participants could see illustrations that are much lower than what they would realistically receive far into the future.  For more information on the lifetime income illustrations, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28149545.1166/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZWNlbnQtdXBkYXRlcy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwNjIzJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtNTYy/56de9bd818ff43cc248c315bB5867cc15" target="_blank">Read More</a></p>
6410
6411
6412
6413<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
6414
6415
6416
6417<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
6418
6419
6420
6421<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
6421C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
6422
6423
6424
6425<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
6426<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
6427
6428
6429
6430<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
6431
6432
6433
6434<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
6435
6436
6437
6438<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
6439
6440
6441
6442<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
6443
6444
6445
6446<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
6447
6448
6449
6450<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
6451
6452
6453
6454<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
6455</ul>
6456<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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6529			
6530		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/12/12/taxfacts-intelligence-december-12-2022/#respond">Leave a Comment &#187;</a></p>
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6532
6533	
6534		<div class="post-9310 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9310">
6535			<h2><a href="https://profwilliambyrnes.com/2022/12/09/taxfacts-intelligence-december-9-2022/" rel="bookmark">TaxFacts Intelligence: December 9,&nbsp;2022</a></h2>
6536			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on December 9, 2022</p>
6537			<div class="entry">
6538				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9310"></div><br/>
6539<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
6540<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
6541</div></div>
6542
6543
6544
6545<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
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6548
6549<p class="wp-block-paragraph">This week, we have a few pieces of discrete guidance for small business clients who offer dependent care assistance program benefits to employees. The IRS also announced a new pilot compliance program designed to reduce the burden of a qualified plan audit for employers who offer retirement plan options. And, in a piece of good news for small business clients, the IRS has responded to rising gas prices by increasing the standard business mileage rate for the second half of 2022.  Read on for more.</p>
6550
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6553<p class="wp-block-paragraph"><strong>IRS Released Revised Standard Mileage Rates for Second Half of 2022. </strong>The IRS released updated optional standard mileage rates that are used to calculate the deductible costs of using a car for business, charitable, medical or moving purposes. For the second half of 2022, the optional standard mileage rate for using a car for business purposes <strong><em>will be 62.5 cents per mile</em></strong> driven for business purposes (up from 58.5 cents per mile in the first half of the year). The rate for miles driven for moving or medical purposes in the second half of 2022 will be 22 cents per mile (up from 18 cents in the first half). The charitable rate remains unchanged at 14 cents per mile. However, the suspension of all miscellaneous itemized deductions and the deduction for moving expenses for the 2018-2025 tax years means that most taxpayers who previously deducted these expenses will no longer be entitled to do so. Those individuals who were previously entitled to take the business mileage expense deduction as an above-the-line deduction, however, many continue to do so. For more information on deducting business-related travel expenses, visit Tax Facts Online.
6553 <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28069702.1850/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9idXNpbmVzcy1leHBlbnNlLWRlZHVjdGlvbnMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDYxNiZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg3NDU/56de9bd818ff43cc248c315bB96f49f7a" target="_blank">Read More</a> </p>
6554
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6557<p class="wp-block-paragraph"><strong>IRS Announces a New Program for Retirement Plan Audits. </strong>The IRS has released details about a new pilot pre-examination compliance program for plan audits. Under the program, the IRS will send the plan a letter advising that it has been selected for an examination. The plan sponsor is then given 90 days to review the plan for compliance issues. If the sponsor uncovers any issues, it can correct the problem within the 90-day review period if the issue is one that can be corrected under self-correction procedures or can request that the IRS enter a favorable closing agreement. Plan sponsors should be advised that IRS letters are already being mailed. To respond, the sponsor should show that the plan is compliant with any issues raised in the letter, or that the plan was non-compliant but has (or will) correct the problem. The sponsor must also show whether any additional issues have been detected during the compliance review (and steps that are being taken to correct those issues). The IRS will then review that information and, if it agrees, issue a closing letter without additional contact. If the IRS disagrees, it will contact the sponsor and determine whether further audit/action is necessary. For more information on the defined contribution plan qualification rules, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28069702.1850/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9xdWFsaWZpY2F0aW9uL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA2MTYmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zODM4/56de9bd818ff43cc248c315bB390cf1d3" target="_blank">Read More</a></p>
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6561<p class="wp-block-paragraph"><strong>Can DCAPs Reimburse Employees for “Hold-the-Spot” Fees? </strong>As more offices are reopening in our current “post-COVID” environment, many parents are once again dealing with the potential need for out-of-home childcare. Many childcare providers have begun charging a fee to hold a child&#8217;s spot during periods where the child can remain at home. A question then arises as to whether a dependent care assistance program (DCAP) can be used to cover those costs. Informal IRS guidance has provided that these hold-the-spot fees can be considered indirect expenses that are necessary for obtaining childcare (and, thus, can be reimbursed on a tax-preferred basis). However, additional guidance also provides that the fee cannot qualify as an indirect expense unless the childcare in question is ultimately received. So, absent formal guidance, employers may wish to proceed with caution when determining whether a hold-the-spot fee is a qualifying expense. For more information on DCAPs, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/28069702.1850/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9mcmluZ2UtYmVuZWZpdHMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDYxNiZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg4OTE/56de9bd818ff43cc248c315bB7936bd24" target="_blank">Read More</a></p>
6562
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6565<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
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6569<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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6573<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
6573C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
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6576
6577<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
6578<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
6579
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6582<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
6583
6584
6585
6586<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
6587
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6589
6590<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
6591
6592
6593
6594<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
6595
6596
6597
6598<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
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6602<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
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6606<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
6607</ul>
6608<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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6681			
6682		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/12/09/taxfacts-intelligence-december-9-2022/#respond">Leave a Comment &#187;</a></p>
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6684
6685	
6686		<div class="post-9307 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9307">
6687			<h2><a href="https://profwilliambyrnes.com/2022/12/07/taxfacts-intelligence-december-7-2022/" rel="bookmark">TaxFacts Intelligence: December 7,&nbsp;2022</a></h2>
6688			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on December 7, 2022</p>
6689			<div class="entry">
6690				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9307"></div><br/>
6691<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
6692<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
6693</div></div>
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6696
6697<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
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6701<p class="wp-block-paragraph">Today&#8217;s market conditions have created challenges for individuals and business owners across the board.  Rising interest rates may soon create a headache for defined benefit plan sponsors that offer lump sum distributions&#8211;some of which could potentially increase options offered to current plan participants.  We also have a different perspective for employers interested in offering crypto investment options for employees&#8211;and a reminder for clients who have taken advantage of the six-month tax filing extension.  Read on for more.</p>
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6705<p class="wp-block-paragraph"><strong>Can 401(k) Crypto Investment Options Add Value for Employers? </strong>There are been much controversy surrounding the availability of cryptocurrency investments in 401(k)s, especially in light of the DOL&#8217;s hard-line approach to crypto options and a precipitous drop in the market value since March 2022.  However, many employers are also looking at the other side of the equation and evaluating ways that their business and retirement plan might benefit from allowing crypto investments.  Cryptocurrency investment options could help employers attract and retain talented employees who want a wider range of modern investment options.  In fact, studies show that three out of five people support cryptocurrency investment options for 401(k)s&#8211;and about 50% of millennials already own some type of cryptocurrency.  Many also expect that allowing cryptocurrency in retirement plans could encourage more younger taxpayers to contribute to the plan&#8211;which could boost the overall health of the retirement plan and help the employer satisfy the IRS&#8217; strict nondiscrimination testing requirements. On the other hand, cryptocurrency is at best an alternative high risk investment, and at worst, a repeat of the 1636 Dutch tulip bubble (<a href="https://www.history.com/news/tulip-mania-financial-crash-holland">that popped in 1637</a>). For more information on the tax treatment of cryptocurrency generally, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27985326.1274/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9iaXRjb2lucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwNjA5JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtNzcyMA/56de9bd818ff43cc248c315bBe8cef6af" target="_blank">Read More</a></p>
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6709<p class="wp-block-paragraph"><strong>Rising Interest Rates May Create Problems for DB Plan Sponsors.  </strong>Many defined benefit plans offer a lump sum payment option to participants.  The value of those lump sum payments fluctuates with interest rates.  With lower interest rates, the participant will receive a larger lump sum payment.  With higher rates, the value of the payment decreases.  Plans are required to update the interest rate on a monthly, quarterly or annual basis.  Now that interest rates are rising (and are expected to continue rising), many participants may elect to take a lump sum now, before interest rates rise further (and may elect to leave employment sooner than expected to take advantage of today&#8217;s rates).  That may increase the plan&#8217;s liquidity needs and also decrease the plan&#8217;s funding status.  A significant decrease in funding status could subject the plan to IRC Section 436&#8217;s prohibition or limitations on paying lump sums at all.  It&#8217;s important for plan sponsors to start planning now&#8211;and for advisors to expect these plans to start offering additional non-lump sum options, including in-service distributions for clients who s
6709atisfy certain age and service requirements.  For more information on the lump sum distribution option, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27985326.1274/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS90YXhhdGlvbi1vZi1kaXN0cmlidXRpb25zL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA2MDkmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zOTcx/56de9bd818ff43cc248c315bB7aa793ba" target="_blank">Read More</a> </p>
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6711
6712
6713<p class="wp-block-paragraph"><strong>IRS Reminded Taxpayers With October Filing Extensions that Hurricane Ian Victims Have More Time.  </strong>Taxpayers with a six-month tax filing extension had until October 17, 2022 to file their 2021 tax returns. But Hurricane Ian victims (throughout Florida) have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, According to the IRS&#8217; announcement, taxpayers who are waiting for their 2020 returns to process because of IRS backups in its workload, can enter &#8220;$0&#8221; for their 2020 AGI on their 2021 return in order to file sooner.  The IRS also encourages taxpayers to file electronically in order to ensure their return is processed quickly and to use direct deposit to receive their refunds as soon as possible.  For more information on the federal tax filing requirements, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27985326.1274/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9nZW5lcmFsLXJ1bGVzL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA2MDkmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS02NDc/56de9bd818ff43cc248c315bBf5138299" target="_blank">Read More</a></p>
6714
6715
6716
6717<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
6718
6719
6720
6721<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
6722
6723
6724
6725<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
6726
6727
6728
6729<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
6730<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
6731
6732
6733
6734<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
6735
6736
6737
6738<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
6739
6740
6741
6742<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
6743
6744
6745
6746<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
6747
6748
6749
6750<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
6751
6752
6753
6754<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
6755
6756
6757
6758<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,
6758000 degree seekers.</li>
6759</ul>
6760<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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6833			
6834		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/12/07/taxfacts-intelligence-december-7-2022/#respond">Leave a Comment &#187;</a></p>
6835		</div>
6836
6837	
6838		<div class="post-9304 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9304">
6839			<h2><a href="https://profwilliambyrnes.com/2022/12/05/taxfacts-intelligence-december-5-2022/" rel="bookmark">TaxFacts Intelligence: December 5,&nbsp;2022</a></h2>
6840			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on December 5, 2022</p>
6841			<div class="entry">
6842				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9304"></div><br/>
6843<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
6844<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
6845</div></div>
6846
6847
6848
6849<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
6850
6851
6852
6853<p class="wp-block-paragraph">
6853The IRS released guidance that could allow some taxpayers to qualify for a larger earned income tax credit by filing an amended 2021 return. It&#8217;s also time for many small business clients to start their 401(k) restatement process. Finally, in the midst of the so-called &#8220;Great Resignation,&#8221; it&#8217;s important to make sure clients understand the 401(k) vesting rules to avoid leaving money on the table when they change jobs.  Read on for more.</p>
6854
6855
6856
6857<p class="wp-block-paragraph"><strong>IRS Revises FAQ for Claiming the Earned Income Tax Credit.  </strong>The rules for claiming the earned income tax credit were expanded and liberalized in the wake of the COVID-19 pandemic.  The IRS has recently updated its guidance on claiming the credit to provide that taxpayers who are eligible for the credit can choose to calculate the earned income tax credit using their 2019 earned income if it was higher than their 2021 earned income, even if they did not have any earned income in 2021.  Taxpayers who did not file a return or claim the earned income tax credit for 2020 or 2021 can file an amended return to take advantage of the relief.  However, the IRS was clear to note that these taxpayers cannot use their 2020 income to calculate their 2021 earned income tax credit.  For more information on the personal tax credits, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27909150.939/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jcmVkaXRzL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA2MDImdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS03NTg/56de9bd818ff43cc248c315bB3c98b2c5" target="_blank">Read More</a></p>
6858
6859
6860
6861<p class="wp-block-paragraph"><strong></strong><strong>Current DC Plan Restatement Cycle Ended July 31.  </strong>Clients who sponsor pre-approved 401(k) plans must have completed a plan restatement every six years (that&#8217;s true even if the client hasn&#8217;t actually made any changes to the 401(k) plan itself).  The previous restatement cycle ends July 31, 2022 for plans that have not been restated since August 2020.  It&#8217;s important for small business clients to make sure their plan document actually reflects how their particular 401(k) plan operates (for example, if the restated plan document neglects to exclude employee bonuses from consideration for a match, the employer could be subject to significant penalties if they actually do exclude employee bonuses when calculating the employee match).  The client should review the restatement carefully with qualified advisors and make sure their documents were signed before the July 31 deadline. If not, the client will need to hire a tax adviser to undergo compliance remediation.  For more information on the defined contribution plan qualification rules, visit Tax Facts Online.<strong>  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27909150.939/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9kZWZpbmVkLWNvbnRyaWJ1dGlvbi1wbGFucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwNjAyJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzcyNg/56de9bd818ff43cc248c315bB8597f70e" target="_blank">Read More</a></strong> </p>
6862
6863
6864
6865<p class="wp-block-paragraph"><strong>Understanding the 401(k) Vesting Rules in the Midst of the Great Resignation.</strong> It&#8217;s more important than ever for clients to understand how vesting can impact their retirement account balances.  The applicable vesting schedule establishes when the client who contributes to the 401(k) will be fully entitled to the full 401(k) balance. Cliff vesting is designed to encourage employees to remain with an employer for the long-term, rather than hopping quickly between jobs. The IRC permits employer-sponsored plans to provide that employer contributions to the employee’s account will not fully become available until after a certain period of time has passed (employee contributions must vest immediately). Under a graded vesting schedule, the employer match will begin to vest in increments beginning in the employee’s second year of service with the employer—employer matching contributions will gain an additional 20 percent in vesting each year thereafter until they are 100 percent vested after six years.  Under a three-year cliff vesting schedule, the employer match is fully vested after three years of service. The vesting schedule used by the plan must be clearly spelled out in the plan documents, and can be important for clients making decisions about new employment opportunities.  For more information on the vesting rules, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27909150.939/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS92ZXN0aW5nL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA2MDImdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zODY5/56de9bd818ff43cc248c315bBd5e1fb08" target="_blank">Read More</a></p>
6866
6867
6868
6869<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
6870
6871
6872
6873<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
6874
6875
6876
6877<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
6877C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
6878
6879
6880
6881<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
6882<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
6883
6884
6885
6886<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
6887
6888
6889
6890<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
6891
6892
6893
6894<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
6895
6896
6897
6898<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
6899
6900
6901
6902<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
6903
6904
6905
6906<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
6907
6908
6909
6910<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
6911</ul>
6912<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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6985			
6986		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/12/05/taxfacts-intelligence-december-5-2022/#respond">Leave a Comment &#187;</a></p>
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6990		<div class="post-9302 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9302">
6991			<h2><a href="https://profwilliambyrnes.com/2022/12/02/taxfacts-intelligence-december-2-2022/" rel="bookmark">TaxFacts Intelligence: December 2,&nbsp;2022</a></h2>
6992			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on December 2, 2022</p>
6993			<div class="entry">
6994				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9302"></div><br/>
6995<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
6996<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
6997</div></div>
6998
6999
7000
7001<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
7002
7003
7004
7005<p class="wp-block-paragraph">Many business clients may have begun wondering whether the IRS &#8220;family glitch&#8221; fix creates any new obligations at the employer level&#8211;or merely provides potential new benefits for an employee&#8217;s family members.  We have some thoughts on the matter. Also this week, we have more information on the implications of offering an employee signing bonus and ways clients can keep their retirement savings on track even in the midst of the great resignation.  Read on for more.</p>
7006
7007
7008
7009<p class="wp-block-paragraph"><strong>
7009IRS Announces Fix to ACA “Family Glitch.” </strong>The IRS proposed regulations of May 2022 fix the so-called &#8220;family glitch&#8221; under the Affordable Care Act. Under current law, a family&#8217;s ACA marketplace subsidy eligibility is based on the employee&#8217;s cost for employee-only coverage (not the cost of the employee&#8217;s family coverage). So, if the employee&#8217;s contribution for self-only coverage is deemed affordable, the entire family is ineligible for marketplace subsidies (and the employer cannot be assessed an employer mandate penalty). The new proposal would allow an employee&#8217;s family members to enroll in marketplace coverage and potentially become eligible for government subsidies if the cost for the family is deemed to be unaffordable. However, there is not any new mandate for employers, so the employer&#8217;s obligations would continue to be based on whether the employee&#8217;s self-only coverage is deemed affordable. However, it is possible that employers could become subject to additional reporting requirements in order to determine whether the health plan is affordable at the family level.  For more information on the employer mandate, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27847724.1582/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9lbXBsb3llci1tYW5kYXRlL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA1MjYmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS04ODgz/56de9bd818ff43cc248c315bBa3f3e93b" target="_blank">Read More</a></p>
7010
7011
7012
7013<p class="wp-block-paragraph"><strong>
7013Offering an Employee Signing Bonus? Don&#8217;t Forget to Consider DOL Overtime Rules.  </strong>Many employers have resorted to offering signing or retention bonuses in order to attract and retain employees in light of today&#8217;s labor shortage.  Those business clients should be reminded about the DOL&#8217;s overtime calculation rules under the Fair Labor Standards Act (FLSA).  Under FLSA rules, all compensation paid to employees must be included when calculating the employees&#8217; regular rate of compensation for purposes of determining the correct overtime premium in weeks where the employee works overtime.  While there may be cases where the employer merely offers the bonus in exchange for accepting an employment offer, many employers are structuring these bonuses with strings attached&#8211;so that, for example, the employee may be required to work for a certain amount of time before becoming eligible for the bonus.  In these cases, it&#8217;s likely that the DOL could require the bonus to be considered when determining the employee&#8217;s proper overtime rate.  For more information on the DOL overtime rules, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27847724.1582/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZW1vdGUtd29ya2VyLWlzc3Vlcy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwNTI2JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtODkyMg/56de9bd818ff43cc248c315bBf6b143f3" target="_blank">Read More</a>. </p>
7014
7015
7016
7017<p class="wp-block-paragraph"><strong>Funding a Spousal IRA Can Preserve Retirement Security in the Midst of the “Great Resignation.” </strong>
7017 Workers have left their jobs in record numbers in recent months. Those clients should be advised on the rules governing spousal IRA contributions as a way to keep retirement savings on track going forward. Generally, taxpayers are required to have taxable compensation for the year to open or contribute to an IRA. However, taxpayers who are married and file joint returns with a spouse are entitled to make a contribution based on a working spouse’s taxable compensation. The non-working taxpayer simply opens an IRA or Roth IRA in their own name and contributes to that account based on the spouse’s compensation. To qualify, the client must have been married to the working spouse as of December 31 of the year of contribution. If the clients are divorced as of December 31, they become unable to make contributions based on a spouse’s earned income even if they were married for the majority of the year in question.  For more information on the rules governing IRA contributions, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27847724.1582/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9pbi1nZW5lcmFsLTE3L3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA1MjYmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zNjY5/56de9bd818ff43cc248c315bB6e232a47" target="_blank">Read More</a></p>
7018
7019
7020
7021<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
7022
7023
7024
7025<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
7026
7027
7028
7029<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
7030
7031
7032
7033<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
7034<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
7035
7036
7037
7038<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
7039
7040
7041
7042<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
7043
7044
7045
7046<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
7047
7048
7049
7050<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
7051
7052
7053
7054<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
7055
7056
7057
7058<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
7059
7060
7061
7062<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,
7062000 degree seekers.</li>
7063</ul>
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7137			
7138		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/12/02/taxfacts-intelligence-december-2-2022/#respond">Leave a Comment &#187;</a></p>
7139		</div>
7140
7141	
7142		<div class="post-9298 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9298">
7143			<h2><a href="https://profwilliambyrnes.com/2022/11/30/taxfacts-intelligence-nov-30-2022/" rel="bookmark">TaxFacts Intelligence: Nov 30,&nbsp;2022</a></h2>
7144			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on November 30, 2022</p>
7145			<div class="entry">
7146				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9298"></div><br/>
7147<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
7148<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
7149</div></div>
7150
7151
7152
7153<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
7154
7155
7156
7157<p class="wp-block-paragraph">Clients today are wondering whether there are any smart moves that can be made to take advantage of the current market downtur
7157n.  Depending on the client&#8217;s situation, there are many reasons why a client might want to consider a Roth conversion in today&#8217;s market.  Also, we have details on the proposed SECURE Act 2.0&#8217;s new rules for part-time employees in 401(k) plans and the most recent IRS extension of the waiver of the so-called &#8220;physical presence requirement&#8221; for retirement-related actions requiring spousal consent.  <strong>Read on for more.</strong></p>
7158
7159
7160
7161<p class="wp-block-paragraph"><strong>Considering Roth Conversions in a Down Stock Market.  </strong>The primary reason to consider moving traditional IRA funds into a Roth IRA in a market downturn involves tax savings when compared to strong market conditions. When a client converts to a Roth, taxes are due on the value of the amount converted (at current ordinary income tax rates) in the year of conversion.  If the value of the client&#8217;s IRA has declined (which is what most clients are seeing right now), the client can convert the IRA assets at that lower value—generating a correspondingly lower tax liability.  If and when the market rebounds, the gain on the converted Roth assets will be tax-free to the client.Under current law, conversions may be even more attractive to certain clients because income tax rates were reduced by the 2017 tax reform legislation.  Those lower tax rates are temporary and set to expire after 2025.  In fact, many clients might have been considering a Roth conversion in order to take advantage of the lower rates anyway.  For more information on Roth conversions, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27766633.1865/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9pbi1nZW5lcmFsLTE3L3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA1MTkmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zNjYz/56de9bd818ff43cc248c315bB2d6ea052" target="_blank">Read More</a></p>
7162
7163
7164
7165<p class="wp-block-paragraph"><strong>SECURE Act 2.0 Accelerates Timeline for Part-Time Employee Eligibility for 401(k)s.</strong>  Under prior law, employers were permitted to exclude workers who performed fewer than 1,000 hours of service per year from participation in the employer-sponsored 401(k) (this rule still stands, as modified by the SECURE Act’s additional eligibility requirement).     Under the SECURE Act, employees who perform at least 500 hours of service for at least three consecutive years (and are at least 21 years old) also must be allowed to participate in the employer-sponsored 401(k).  In a surprise move, a proposed version of the SECURE Act 2.0 would accelerate the timeline, so that employers would be required to start allowing part-time employees to participate after only two years with at least 500 hours of service for the employer.  For more information on the eligibility and participation requirements for 401(k) plans, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27766633.1865/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9vdmVydmlldy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwNTE5JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzc1Nw/56de9bd818ff43cc248c315bB4645c952" target="_blank">Read More</a>  </p>
7166
7167
7168
7169<p class="wp-block-paragraph"><strong>IRS Extends Relief from Physical Presence Requirement for Spousal Consents until December 31, 2022.  </strong>Notice 2022-27 extends the physical presence waiver for certain retirement elections through December 31, 2022.  This relief waives the requirement that certain retirement plan elections must generally be witnessed in person by either a plan representative or notary public.  The relief was initially granted in response to the COVID-19 lockdown.  Typically, elections that require consent of a participant&#8217;s spouse must be witnessed in the &#8220;physical presence&#8221; of an authorized witness.  The relief allowed this &#8220;witnessing&#8221; to be accomplished via a live audiovisual medium.  The IRS has also requested comments on whether this option should be made permanent even as the nation begins to return to normal following the COVID-19 pandemic.  For more information on situations where the physical presence requirements apply, visit Tax Facts Online.
7169 <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27766633.1865/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9hdXRvbWF0aWMtc3Vydml2b3ItYmVuZWZpdHMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDUxOSZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTM4ODU/56de9bd818ff43cc248c315bB94dff940" target="_blank">Read More</a></p>
7170
7171
7172
7173<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
7174
7175
7176
7177<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
7178
7179
7180
7181<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
7182
7183
7184
7185<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
7186<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
7187
7188
7189
7190<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
7191
7192
7193
7194<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
7195
7196
7197
7198<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
7199
7200
7201
7202<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
7203
7204
7205
7206<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
7207
7208
7209
7210<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
7211
7212
7213
7214<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
7215</ul>
7216<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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7289			
7290		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/11/30/taxfacts-intelligence-nov-30-2022/#respond">Leave a Comment &#187;</a></p>
7291		</div>
7292
7293	
7294		<div class="post-9296 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9296">
7295			<h2><a href="https://profwilliambyrnes.com/2022/11/28/taxfacts-intelligence-nov-28-2022/" rel="bookmark">TaxFacts Intelligence: Nov 28,&nbsp;2022</a></h2>
7296			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on November 28, 2022</p>
7297			<div class="entry">
7298				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9296"></div><br/>
7299<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
7300<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
7301</div></div>
7302
7303
7304
7305<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
7306
7307
7308
7309<p class="wp-block-paragraph">This week, we answer some common questions about Roth retirement accounts&#8211;and also discuss a pending Second Circuit case that is expected to address issues surrounding the relatively rare question of whether the government can garnish a client&#8217;s 401(k) under existing anti-alienation rules.  Finally, we have a summary of how the Treasury Department&#8217;s Greenbook proposals impact cryptocurrency traders starting in 2023.  <strong>Read on for more.</strong></p>
7310
7311
7312
7313<p class="wp-block-paragraph"><strong>Can the Government Garnish a 401(k) to Pay Restitution?  </strong>The Second Circuit is currently considering whether the bankruptcy protection afforded to 401(k) assets extends to cases involving restitution awarded in criminal cases.  In <em>United States v. Greebel</em>, a $10 million restitution award was granted to the defendant&#8217;s victims in a criminal case.  The government sought to garnish the defendant&#8217;s 401(k) to cover the judgment.  Under the Mandatory Victims Restitution Act, the district court found that the retirement accounts at issue did not fall within an exception that allows all property of the defendant to be accessed to cover restitution in a criminal case (and that the generally applicable 25% cap does not apply under the CCPA).  The defendant appealed, arguing that he does not currently have access to the funds in the accounts under the terms of the plans.  However, another issue that may be resolved 
7313is whether retirement accounts can be garnished by the private victim (not the government) to cover restitution in a civil case.  This is an issue that could arise if the government did not enforce the restitution order and the victim was left to pursue action in civil court.  It also opens the issue of whether the accounts could be accessed to pay restitution awarded in a civil case.  For more information on the anti-alienation rules, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27675483.1866/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZXF1aXJlZC1taW5pbXVtLWRpc3RyaWJ1dGlvbnMtMi9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwNTEyJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzkxMw/56de9bd818ff43cc248c315bB8d68d734" target="_blank">Read more</a></p>
7314
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7317<p class="wp-block-paragraph"><strong>Treasury Greenbook Offers Insight into Biden Administration&#8217;s Crypto Plan.  </strong>The Treasury Department&#8217;s General Explanations of the Administration&#8217;s Fiscal Year 2023 Revenue Proposals (known as the &#8220;greenbook&#8221;) offers insight into some of the administration&#8217;s plans for cryptocurrency regulation.  The proposals include plans to expand the Section 1058 nonrecognition treatment for loans of securities to loans of actively traded digital assets with similar terms starting in 2023.  The plan would also allow dealers and traders in actively traded digital assets to use the mark-to-market method for reporting gain or loss.  On the other hand, certain FATCA and foreign asset reporting would also be expanded to include cryptocurrency.  Accounts that hold assets maintained by foreign digital asset exchanges or service providers would be subject to reporting.  The thresholds for foreign asset reporting would be based on the aggregate value of the digital assets and any foreign assets that are covered by existing foreign asset reporting rules.  For more information on the tax treatment of bitcoin and other cryptocurrency, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27675483.1866/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9iaXRjb2lucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwNTEyJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtNzcyMA/56de9bd818ff43cc248c315bBec9fe3ee" target="_blank">Read more</a>  </p>
7318
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7321<p class="wp-block-paragraph"><strong>Unpacking the Difference Between a Roth 401(k) and Roth IRAs.  </strong>While Roth IRAs have been a standard retirement investment option for years, millions of Americans have only recently gained access to Roth 401(k) savings options through their employers.  Those clients may be wondering whether there&#8217;s any difference between their employer-sponsored Roth plan and a standard Roth IRA.  The answer is, of course, yes.  Roth 401(k)s allow an employee to stash away up to $20,500 in after-tax dollars in 2022 ($27,000 for clients aged 50 and older).  Roth IRAs, however, are limited to $6,000 ($7,000 with catch-up contributions).  Roth 401(k)s aren&#8217;t subject to any income restrictions, so even high earning clients can contribute directly.  On the other hand, Roth 401(k)s are subject to required minimum distribution rules once the client reaches age 72&#8211;although the client does have the option of rolling the funds into a Roth IRA, which aren&#8217;t subject to any lifetime RMD rules.  For more information on Roth accounts, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27675483.1866/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9pbi1nZW5lcmFsLTE3L3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA1MTImdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zNjYw/56de9bd818ff43cc248c315bBe6c09b61" target="_blank">Read more</a></p>
7322
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7325<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
7326
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7329<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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7333<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
7333C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
7334
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7336
7337<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
7338<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
7339
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7341
7342<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
7343
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7345
7346<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
7347
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7349
7350<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
7351
7352
7353
7354<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
7355
7356
7357
7358<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
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7361
7362<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
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7365
7366<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
7367</ul>
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7441			
7442		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/11/28/taxfacts-intelligence-nov-28-2022/#respond">Leave a Comment &#187;</a></p>
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7444
7445	
7446		<div class="post-9294 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9294">
7447			<h2><a href="https://profwilliambyrnes.com/2022/11/22/taxfacts-intelligence-nov-22-2022/" rel="bookmark">TaxFacts Intelligence: Nov 22,&nbsp;2022</a></h2>
7448			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on November 22, 2022</p>
7449			<div class="entry">
7450				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9294"></div><br/>
7451<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
7452<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
7453</div></div>
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7457<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
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7461<p class="wp-block-paragraph">This week, we&#8217;d like to draw retirement plan sponsors&#8217; attention to the importance of self-audits in light of the significant increase in IRS funding under the Inflation Reduction Act&#8211;and provide some insight on how student borrowers can prepare for Biden&#8217;s loan forgiveness program. Also this week, we have some clarity on the often-confusing topic of how various types of Roth dollars are treated for tax and penalty purposes.  <strong>Read on for more.</strong></p>
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7465<p class="wp-block-paragraph"><strong>Have Your Clients Checked Their Retirement Plans for Compliance? </strong>Self-compliance checks for retirement plan sponsors have become even more important now that the Inflation Reduction Act has earmarked an extra $80 billion in IRS funding dollars. Many failures can be corrected under the EPCRS before the IRS gets involved in a more extensive audit. Qualified plan sponsors should ensure that they have adopted all amendments required under recent legislation, including the SECURE Act and 2020 CAREs Act. Sponsors should also ensure that their plans are being properly operated in accordance with these new amendments and rules (so, if the plan adopted expanded loan provisions, the plan should check to ensure that it&#8217;s being operated in accordance with those amendments&#8211;noting that the deadlines for some amendments has been delayed). Plans should also ensure that all elective deferrals are being deposited on time and that all documents are filed on time (including Forms 5500). They should also check to ensure their plans are being operated in accordance with the RMD rules. For more information on the qualification requirements for retirement plans, visit Tax Facts Online.
7465 <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29061236.1113/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9kZWZpbmVkLXBsYW5zL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA5MTUmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zNzE0/56de9bd818ff43cc248c315bB87614be4" target="_blank">Read More</a></p>
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7469<p class="wp-block-paragraph"><strong>How Can Clients Prepare Today for Biden&#8217;s Student Loan Forgiveness Plan? </strong>The Department of Education announced that an application to apply for student loan forgiveness under President Biden&#8217;s new plan is active. To prepare, clients should first check their student loans to see if they have received a Pell grant (which can increase the amount of forgiveness and the client&#8217;s online account at <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29061236.1113/aHR0cDovL3N0dWRlbnRhaWQuZ292Lz91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwOTE1JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cw/56de9bd818ff43cc248c315bBdd8d0863" target="_blank">studentaid.gov</a> should have information about Pell grant receipt). They should also check their tax returns to see if they qualify for forgiveness in the first place. Only taxpayers with income below the $125,000/$250,000 thresholds will qualify. Taxpayers can qualify if their income was below the limit in 2020 or 2021. The relevant number is the taxpayer&#8217;s adjusted gross income for the year. All student borrowers should evaluate whether they qualify for repayment assistance or an income-based repayment plan, as Biden has also announced that the extension of the student loan repayment pause through year-end will be the final extension. For more information on the tax treatment of student loans, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29061236.1113/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9kZWR1Y3Rpb24tb2YtaW50ZXJlc3QtYW5kLWV4cGVuc2VzL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA5MTUmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS04MDQ4/56de9bd818ff43cc248c315bBf6a1cf0c" target="_blank">Read More</a> </p>
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7473<p class="wp-block-paragraph"><strong>Do Your Clients Understand the Roth Distribution Ordering Rules? </strong>Roth accounts provide a valuable option to give clients a stream of tax-free income during retirement. When a client takes a Roth distribution, the distribution is first made up of direct contributions. Once contributions are depleted, amounts that have been converted from a traditional account are withdrawn. Once those funds are depleted, the amounts withdrawn are treated as earnings. These rules are important, because converted Roth funds are only penalty-free after five years have passed or if the owner has reached age 59 1/2. Earnings are only tax and penalty-free if the owner is both 59 1/2 and if five years have passed. Contributions, on the other hand, are withdrawable tax and penalty-free regardless of how much time has passed. For more information on Roth IRAs, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29061236.1113/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9kaXN0cmlidXRpb25zL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA5MTUmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zNjcz/56de9bd818ff43cc248c315bB0a725b2a" target="_blank">Read More</a><a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29134149.1838/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jcmVkaXRzLTIvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDkyMiZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg1NjM/56de9bd818ff43cc248c315bB374d59d1" target="_blank">e</a> </p>
7474
7475
7476
7477<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
7478
7479
7480
7481<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
7482
7483
7484
7485<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
7485C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
7486
7487
7488
7489<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
7490<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
7491
7492
7493
7494<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
7495
7496
7497
7498<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
7499
7500
7501
7502<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
7503
7504
7505
7506<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
7507
7508
7509
7510<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
7511
7512
7513
7514<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
7515
7516
7517
7518<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
7519</ul>
7520<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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7593			
7594		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/11/22/taxfacts-intelligence-nov-22-2022/#respond">Leave a Comment &#187;</a></p>
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7596
7597	
7598		<div class="post-9286 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9286">
7599			<h2><a href="https://profwilliambyrnes.com/2022/11/21/taxfacts-intelligence-nov-21-2022/" rel="bookmark">TaxFacts Intelligence: Nov 21,&nbsp;2022</a></h2>
7600			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on November 21, 2022</p>
7601			<div class="entry">
7602				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9286"></div><br/>
7603<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
7604<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
7605</div></div>
7606
7607
7608
7609<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table><figcaption class="wp-element-caption">2022 </figcaption></figure>
7610
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7613<p class="wp-block-paragraph">The CPI-W data for 2022 led to the very large Social Security COLA increase for 2023 &#8211; the highest in 40 years. This week, we have guidance that can help clients understand how these increases might impact their overall tax liability. We also have a discussion of a surprise EARN Act provision on retirement catch-up contributions&#8211;and a summary of the IRS&#8217; new updated guidance on claiming the work opportunity tax credit. <strong>Read on for more.</strong></p>
7614
7615
7616
7617<p class="wp-block-paragraph"><strong>Social Security COLA is Highest in 40 Years. </strong>Based on CPI-W data, the COLA is 8.7% for 2023. That means the average benefit for 70 million Americans increases by $144.10. This 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. (Note: some people receive both Social Security and SSI benefits). </p>
7618
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7620
7621<p class="wp-block-paragraph">Unfortunately, the increase in the value of a taxpayer&#8217;s Social Security check has adverse tax consequences because it increases the taxpayer&#8217;s income above the thresholds for determining whether the benefits are taxable. Under current law, when an individual earns over $25,000 per year ($32,000 for a married individual), one-half of his or her Social Security benefit plus any earned income will be taxable. Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200 from $147,000. For more information on the tax treatment of Social Security benefits, visit Tax Facts Online.
7621 <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29134149.1838/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9zb2NpYWwtc2VjdXJpdHktcGxhbm5pbmcvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDkyMiZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTM2MzU/56de9bd818ff43cc248c315bB9f35ccce" target="_blank">Read More</a></p>
7622
7623
7624
7625<p class="wp-block-paragraph"><strong>Senate&#8217;s EARN Act Contains New Twist for Catch-Up Contribution Changes. </strong>Recent retirement-related legislation has proposed changing the rules governing catch-up contributions so that taxpayers aged 50 and older would be permitted to contribute an extra $10,000 per year if they have reached age 62, 63 or 64 (currently, qualifying taxpayers can make catch-up contributions of $6,500 per year to 401(k)s and $1,000 per year to IRAs). SIMPLE plan participants would receive an additional $5,000 catch-up option. The additional catch-up, however, would be made on an after-tax basis (so it would be treated as a Roth contribution and could be withdrawn tax-free in the future). The EARN Act contains a new twist which would allow taxpayers with income under $100,000 to treat catch-up contributions as either pre-tax or after-tax contributions. The changes would apply in tax years beginning after 2023. While the EARN Act must now be reconciled with the House version, it now seems possible that taxpayers may have an additional option when it comes to retirement savings. For more information on the rules governing catch-up contributions, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29134149.1838/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9vdmVydmlldy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwOTIyJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzc2MQ/56de9bd818ff43cc248c315bB7bc0cbbe" target="_blank">Read More</a> </p>
7626
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7628
7629<p class="wp-block-paragraph"><strong>IRS Updates Information on the Work Opportunity Tax Credit (WOTC). </strong>The IRS has updated its guidance on the WOTC, which is a tax credit that is available to employers who hire certain categories of workers. Employers are required to comply with certain pre-screening and certification procedures to claim the credit. The pre-screen pre-screening requirement is satisfied when the employer and the job applicant complete Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit, on or before the day a job offer is made. After pre-screening is complete, the employer must request certification by submitting Form 8850 to the appropriate state workforce agency no later than 28 days after the employee begins work. Qualifying employees include food stamp (SNAP) recipients, Supplemental Security Income (SSI) recipients, long-term family assistance recipients and qualified long-term unemployment recipients, among other groups. In today&#8217;s labor market, the WOTC may be more valuable than ever. For more information about this and other business-related tax credits, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29134149.1838/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jcmVkaXRzLTIvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDkyMiZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg1NjM/56de9bd818ff43cc248c315bB374d59d1" target="_blank">Read More</a> </p>
7630
7631
7632
7633<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
7634
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7636
7637<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
7638
7639
7640
7641<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
7641C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
7642
7643
7644
7645<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
7646<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
7647
7648
7649
7650<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
7651
7652
7653
7654<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
7655
7656
7657
7658<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
7659
7660
7661
7662<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
7663
7664
7665
7666<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
7667
7668
7669
7670<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
7671
7672
7673
7674<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
7675</ul>
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7749			
7750		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/11/21/taxfacts-intelligence-nov-21-2022/#respond">Leave a Comment &#187;</a></p>
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7752
7753	
7754		<div class="post-9283 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9283">
7755			<h2><a href="https://profwilliambyrnes.com/2022/11/18/taxfacts-intelligence-nov-18-2022/" rel="bookmark">TaxFacts Intelligence: Nov 18,&nbsp;2022</a></h2>
7756			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on November 18, 2022</p>
7757			<div class="entry">
7758				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9283"></div><br/>
7759<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
7760<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
7761</div></div>
7762
7763
7764
7765<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
7766
7767
7768
7769<p class="wp-block-paragraph">This week, we have a reminder for taxpayers who have yet to make use of their employer-sponsored benefits for the 2022 tax year. The IRS has also provided some clarification on which international tax returns qualify for penalty relief under Notice 2022-36&#8211;and reminds taxpayers that Paycheck Protection Program (PPP) loans that were improperly forgiven should be included in taxable income. We repeat some of the information that we provided our subscribers below. </p>
7770
7771
7772
7773<figure class="wp-block-table"><table><tbody><tr><td><strong>IRS Reminds Taxpayers of Updated Contribution Limits for FSAs, Transportation Benefits in 2022.&nbsp;</strong>Time is running out for taxpayers to make use of FSAs and transportation benefits.&nbsp; In 2022, taxpayers are entitled to contribute a maximum of $2,850 to their health FSAs (up from $2,750 in 2021). The health FSA carryover amount also increased to $570 (so that taxpayers can carry over $570 in unused funds into 2023, up from $550 in 2021). For dependent care FSAs, the annual contribution limit will be $5,000 per married couple in 2022 (the limit was temporarily increased to $10,200 for 2021). The limit on tax-preferred transit/parking benefits also increased from $270 to $280 per month in 2022.&nbsp; Employers who offer these types of benefits should update their plan documents and communicate the increased limits to employees.&nbsp; For more information on the types of tax-preferred transportation benefits that employers can offer employees, visit Tax Facts Online.&nbsp;<a href="https://link.nationalunderwriter.com/external/29212074.981/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZWNlbnQtdXBkYXRlcy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwOTI5JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtODkwMg/56de9bd818ff43cc248c315bBf645195c" rel="noreferrer noopener" target="_blank">Read More</a>&nbsp;</td></tr></tbody></table></figure>
7774
7775
7776
7777<p class="wp-block-paragraph"><strong>IRS Clarifies Who Qualifies for Late Penalty Relief. </strong>The IRS has provided penalty relief for certain international return penalties and certain information return penalties for the 2019 and 2020 tax years if those returns are filed before September 30, 2022. While Notice 2022-36 was not clear as to which taxpayers qualify for relief, the IRS has revised its Internal Revenue Manual to provide clarification. The IRM provides that only the following returns are eligible for this penalty relief: (1) Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, (2) Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, (3) Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts and (4) Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner. For more information on the international filing requirements and potential penalties, visit Tax Facts Online.
7777 <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29212074.981/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9pbi1nZW5lcmFsLTgvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDkyOSZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTk3Ng/56de9bd818ff43cc248c315bBabea46a5" target="_blank">Read More</a>  </p>
7778
7779
7780
7781<p class="wp-block-paragraph"><strong>IRS Reminds Taxpayers: Paycheck Protection Program Loans May Be Taxable.  </strong>The IRS has issued a reminder for taxpayers with paycheck protection (PPP) loans that have been improperly forgiven, whether because of omissions or misrepresentations.  Those loans must be included in income and are taxable.  The IRS also encourages taxpayers with inappropriately received forgiveness of their PPP loans to take action in order to come into compliance.  For example, some taxpayers may be able to file amended returns that include forgiven loan proceed amounts in income.  After the fact, the IRS discovered that some recipients who received loan forgiveness did not meet at least one condition for eligibility. Therefore, these loan recipients received forgiveness of their PPP loan through misrepresentation or omission (either because they did not qualify to receive a PPP loan or misused the loan proceeds). For more information on the PPP loan program and rules governing forgiveness, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29212074.981/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jcmVkaXRzLTIvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDkyOSZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg1NTk/56de9bd818ff43cc248c315bB1080b711" target="_blank">Read More</a> </p>
7782
7783
7784
7785<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
7786
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7788
7789<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
7790
7791
7792
7793<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
7794
7795
7796
7797<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
7798<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
7799
7800
7801
7802<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
7803
7804
7805
7806<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
7807
7808
7809
7810<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
7811
7812
7813
7814<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
7815
7816
7817
7818<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
7819
7820
7821
7822<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
7823
7824
7825
7826<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,
7826000 degree seekers.</li>
7827</ul>
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7901			
7902		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/11/18/taxfacts-intelligence-nov-18-2022/#respond">Leave a Comment &#187;</a></p>
7903		</div>
7904
7905	
7906		<div class="post-9279 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9279">
7907			<h2><a href="https://profwilliambyrnes.com/2022/11/16/taxfacts-intelligence-nov-16-2022/" rel="bookmark">TaxFacts Intelligence: Nov 16,&nbsp;2022</a></h2>
7908			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on November 16, 2022</p>
7909			<div class="entry">
7910				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9279"></div><br/>
7911<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
7912<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
7913</div></div>
7914
7915
7916
7917<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
7918
7919
7920
7921<p class="wp-block-paragraph">In the past two years, cryptocurrency reporting questions on Forms 104
79210 have created much confusion for taxpayers who haven&#8217;t been sure whether their crypto transactions must be reported. The most recent draft 1040 for 2022 provides some clarity for taxpayers. We also have a summary of recent IRS snapshot guidance on retirement plan investments in third-party loans. Below we repeat some of our reports and analysis that we provided our subscribers.</p>
7922
7923
7924
7925<figure class="wp-block-table"><table><tbody><tr><td><strong>IRS Releases Draft Form 1040 Clarifying Cryptocurrency Question.&nbsp;</strong>The IRS has recently released a draft Form 1040 providing some clarification on its question on cryptocurrency. The question may not be much different than in earlier years, but may provide new guidance by referring taxpayers to the instructions. In 2021, the question read: &#8220;At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?&#8221;&nbsp; For 2022, the question could be changed to include other types of digital assets, such as NFTs. The new question will read: &#8220;At any time during 2022, did you: (a) receive (as a reward, award, or compensation); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.)&#8221;.&nbsp; While the draft instructions have not yet been released, many hope that those instructions will clarify the meaning of the term &#8220;digital asset&#8221; and the meaning of virtual currency generally. For more information on the tax treatment of virtual currency, visit Tax Facts Online.&nbsp;<a href="https://link.nationalunderwriter.com/external/29287193.1482/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9iaXRjb2lucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIxMDA2JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtNzcyMQ/56de9bd818ff43cc248c315bBfb521b48" rel="noreferrer noopener" target="_blank">Read More</a>&nbsp;</td></tr></tbody></table></figure>
7926
7927
7928
7929<p class="wp-block-paragraph"><strong><br />IRS Releases Snapshot With Guidance on Third-Party Loans and Qualified Plans.  </strong>The IRS issued a snapshot addressing certain audit and compliance issues about qualified plan investments in third-party loans.  Qualified retirement plans are not explicitly prohibited from investing in third-party loans.  The IRS snapshot reminds taxpayers that the plan may not lend money to disqualified persons or make loans that benefit those disqualified persons.  Further, plan assets may only be used for the exclusive benefit of participants and beneficiaries.  Auditors will examine investments in third-party loans to confirm that the primary purpose of a loan is to benefit participants.  Defined contribution plans are also required to value plan assets at least once per year to determine their fair market value.  Auditors are instructed to carefully review Forms 5500 for asset loan values that don&#8217;t vary much from year to year&#8211;which may indicate that loan payments have not been made or that their fair value isn&#8217;t properly being determined and reported.  Overvaluing a loan can also cause a defined benefit plan to overstate their funded status, which can lead to failures to satisfy minimum funding requirements.  For more information on the prohibited transaction rules, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29287193.1482/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9wcm9oaWJpdGVkLXRyYW5zYWN0aW9ucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIxMDA2JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzk4Mg/56de9bd818ff43cc248c315bB77b65ccc" target="_blank">Read More</a></p>
7930
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7932
7933<p class="wp-block-paragraph"><strong>February 23, 2023 is the Last Day to Correct Excess 2021 IRA Contributions for Hurricane Ida Impacted Taxpayers.  </strong>Taxpayers who make contributions that exceed the annual IRA contribution limit are subject to a penalty tax of 6% of the excess for each year the excess contribution remains in the account.  Taxpayers who inadvertently made excess contributions to their IRAs have until the tax filing deadline (including extensions) to correct the excess distribution.  For 2021, that meant taxpayers must take action to remove the excess contributions from their accounts by October 17, 2022.  The IRS has announced that taxpayers who were <strong><em>impacted by Hurricane Ian will have an extension so that they have until February 15, 2023</em></strong> to file 2022 individual and business returns.  For more information on the rules governing excess IRA distributions, visit Tax Facts Online.
7933 <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29287193.1482/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9pbi1nZW5lcmFsLTE3L3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjEwMDYmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zNjY5/56de9bd818ff43cc248c315bB860ca664" target="_blank"> Read More</a></p>
7934
7935
7936
7937<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
7938
7939
7940
7941<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
7942
7943
7944
7945<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
7946
7947
7948
7949<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
7950<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
7951
7952
7953
7954<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
7955
7956
7957
7958<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
7959
7960
7961
7962<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
7963
7964
7965
7966<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
7967
7968
7969
7970<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
7971
7972
7973
7974<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
7975
7976
7977
7978<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
7979</ul>
7980<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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8053			
8054		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/11/16/taxfacts-intelligence-nov-16-2022/#respond">Leave a Comment &#187;</a></p>
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8056
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8058		<div class="post-9273 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9273">
8059			<h2><a href="https://profwilliambyrnes.com/2022/11/14/taxfacts-intelligence-nov-14-2022/" rel="bookmark">TaxFacts Intelligence: Nov 14,&nbsp;2022</a></h2>
8060			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on November 14, 2022</p>
8061			<div class="entry">
8062				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9273"></div><br/>
8063<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
8064<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
8065</div></div>
8066
8067
8068
8069<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
8070
8071
8072
8073<p class="wp-block-paragraph">The IRS announced in October that taxpayers who were impacted by the federally-declared disaster Hurricane Ian would be offered extended filing and payment deadlines.  The IRS has also expanded the CARES Act extensions to cover additional plan amendments and offered relief for victims of Hurricane Ian. We repeat some of the information that we provided our subscribers below.</p>
8074
8075
8076
8077<p class="wp-block-paragraph"><strong>IRS Provides Relief for Victims of Hurricane Ian. </strong>The IRS has provided relief for victims of Hurricane Ian by extending many different tax filing and payment deadlines that fall after September 23, 2022. Victims will have until until February 15, 2023, to file various individual and business tax returns and make tax payments. The extension applies to the six-month relief applies to individuals who had a valid extension for filing their 2021 taxes, but not to their payment obligation (tax payments for the 2021 tax year were due by the regulation April deadline). The February 15, 2023, deadline does apply to the quarterly estimated tax payments, normally due on January 17, 2023 and to the quarterly payroll and excise tax returns normally due on October 31, 2022, and January 31, 2023. Taxpayers in a federally declared disaster area also have the option of claiming disaster-related casualty losses on their federal tax return for either the year in which the event occurred or the prior year (which could offer relief earlier). Taxpayers claiming the disaster loss on their return should put the &#8220;FL Hurricane Ian&#8221; in bold letters at the top of the form and  include the FEMA disaster declaration number, DR-4673-FL- on all returns.  For more information on claiming the casualty loss deduction, visit Tax Facts Online.
8077 <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29361609.1699/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jYXN1YWx0eS1hbmQtdGhlZnQtbG9zc2VzL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjEwMTMmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS04NzA5/56de9bd818ff43cc248c315bB070cd0b7" target="_blank">Read more</a></p>
8078
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8080
8081<p class="wp-block-paragraph"><strong>IRS Releases Additional CARES Act Extensions. </strong>The IRS recently granted extensions for plans to make amendments required (or made optional) under the SECURE Act and the CARES Act. As a follow up to Notice 2022-33, the IRS released Notice 2022-45 to extend amendment deadlines for the rest of the CARES Act provisions. Non-governmental qualified plans, 403(b) plans and IRAS will now have until December 31, 2025 to amend plans to adopt provisions related to coronavirus-related distributions and loans (i.e., increased loan limits and suspension of repayment obligations).  Governmental qualified plans and 403(b) plans have until 90 days after the close of the third regular legislative session (that begins after December 31, 2023) where authority to amend the plan lies.  Anti-cutback relief is also extended for CARES Act amendments before the deadline as long as the plan is operated as though the amendment applied retroactively to the original effective date.  For more information on the relief provided under the CARES Act, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29361609.1699/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jaG9pY2Utb2YtZW50aXR5LWFuZC10aGUtc21hbGwtYnVzaW5lc3MvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMTAxMyZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg5NTk/56de9bd818ff43cc248c315bB2644380c" target="_blank">Read more</a> </p>
8082
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8085<p class="wp-block-paragraph"><strong>IRS Clarifies SECURE Act RMD Penalty Application for 2021 and 2022. </strong>The IRS&#8217;s SECURE Act regulations created confusion for taxpayers who inherited retirement accounts post-SECURE Act and were required to empty the account under the new 10-year rule. Under the proposed regulations, the IRS decided that if the account was inherited from someone who was already taking RMDs, the beneficiary was required to take an annual RMD during years one-nine after the account owner&#8217;s death. Many taxpayers expected the IRS to decide otherwise, so failed to take RMDs for 2021 and 2022. Under the Notice 2022-53, the IRS offered relief and said that the otherwise applicable 50% penalty for missed RMDs would not apply to those beneficiaries for 2021 and 2022. The relief applies only to beneficiaries who inherited accounts and were subject to the 10-year rule in 2021 and 2022. For more information on the post-SECURE Act rules on inherited retirement accounts, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29361609.1699/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZXF1aXJlZC1taW5pbXVtLWRpc3RyaWJ1dGlvbnMtMi9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIxMDEzJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzkwMg/56de9bd818ff43cc248c315bBa923120a" target="_blank">Read more</a> </p>
8086
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8089<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
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8093<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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8097<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
8097C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
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8101<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
8102<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
8103
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8105
8106<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
8107
8108
8109
8110<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
8111
8112
8113
8114<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
8115
8116
8117
8118<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
8119
8120
8121
8122<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
8123
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8125
8126<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
8127
8128
8129
8130<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
8131</ul>
8132<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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8205			
8206		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/11/14/taxfacts-intelligence-nov-14-2022/#respond">Leave a Comment &#187;</a></p>
8207		</div>
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8210		<div class="post-9268 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9268">
8211			<h2><a href="https://profwilliambyrnes.com/2022/11/11/taxfacts-intelligence-nov-11-2022/" rel="bookmark">TaxFacts Intelligence: Nov 11,&nbsp;2022</a></h2>
8212			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on November 11, 2022</p>
8213			<div class="entry">
8214				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9268"></div><br/>
8215<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
8216<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. programs (e.g. international tax, transfer pricing, wealth management, or risk management</strong>) are accepting applications from financial professionals and from lawyers.  Over 850 enrolled, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
8217</div></div>
8218
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8220
8221<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
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8224
8225<p class="wp-block-paragraph">We have a few significant updates for 2023 this week. To keep up with rising costs, the Social Security cost-of-living adjustment, or COLA, will rise by a historic 8.7% for 2023&#8211;and the earnings base will rise along with it. Additionally, the IRS has finalized regulations that would fix the so-called ACA &#8220;family glitch&#8221; to help more taxpayers qualify for the premium tax credit starting in 2023. On the other hand, many valuable benefits for health FSAs have now expired, so taxpayers must revert to the old rules going into 2023.</p>
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8229<p class="wp-block-paragraph"><em>A note about our branding</em>:&nbsp;You may have noticed that&nbsp;<em>Tax Facts</em>&nbsp;is no longer using the&nbsp;<em>National Underwriter</em>&nbsp;brand and is now using the&nbsp;<em>ThinkAdvisor&nbsp;</em>brand. At ALM Global, LLC, we are working to align our expansive tax and finance portfolio to make pertinent coverage more accessible. We have joined&nbsp;<em>Tax Facts</em>&nbsp;with&nbsp;<em>ThinkAdvisor,</em>&nbsp;
8229a global information, data, intelligence and content division with reporters and editors all over the world. Although we have a new look, all of the valuable&nbsp;<em>Tax Facts&nbsp;</em>content is still here for you.</p>
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8233<p class="wp-block-paragraph"><strong>Social Security Administration Announces Record High COLA Adjustments for 2023.&nbsp;</strong>The Social Security Administration (SSA) announced that the 2023 Social Security cost-of-living adjustment (COLA) is 8.7%&#8211;which is the largest COLA increase that has been seen for decades (by contrast, the 2022 Social Security COLA was 5.9%). Working taxpayers will also have to pay Social Security taxes on a higher percentage of their income for 2023. The Social Security wage base&#8211;the amount of wages subject to Social Security taxes&#8211;is set to increase from $147,000 to $160,200 in 2023 (meaning that wages in excess of $160,200 will be exempt from Social Security taxes). Social Security and SSI recipients should expect to receive information about their new benefit amount by mail beginning in early December. For more information on how Social Security taxes apply, visit Tax Facts Online.&nbsp;<a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29437994.1293/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9zb2NpYWwtc2VjdXJpdHktdGF4ZXMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMTAyMCZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTc4Mw/56de9bd818ff43cc248c315bBdbbc1dde" target="_blank">Read More</a></p>
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8237<p class="wp-block-paragraph"><strong>IRS Finalizes Rule to Fix the ACA &#8220;Family Glitch.&#8221;&nbsp;</strong>The IRS has finalized proposed regulations that are designed to change the ACA rules governing premium tax credit eligibility. The final regulations&nbsp;provide that the affordability of employer-sponsored coverage for the employee&#8217;s&nbsp;family&nbsp;would be based on the amount the employee would be required to pay to cover both the employee and eligible&nbsp;family&nbsp;members, rather than the individual employee alone. Typically, employees are only eligible for a premium tax credit if their employer fails to provide &#8220;affordable&#8221; health coverage. &#8220;Affordability&#8221; is based on whether the employee contributions for self-only coverage exceeds a percentage of the employee&#8217;s household income (as indexed for inflation). Under the prior rules, if self-only coverage was affordable for the employee, coverage was also deemed affordable for a spouse and dependents (so that the spouse and dependents would not qualify for the premium tax credit). Under the new rule,&nbsp;family&nbsp;members are disqualified only if the cost of&nbsp;family&nbsp;coverage is less than the annual threshold. &#8220;Family&nbsp;coverage&#8221; means any employer plan that covers related individuals other than the employee (including self-plus-one plans). The regulations also create a separate minimum value rule for&nbsp;family&nbsp;members, so that they do not lose premium tax credit eligibility if the employer plan does not provide minimum value to the&nbsp;family&nbsp;members (regardless of cost). The regulations are effective for tax years beginning after December 31, 2022. For more information on the premium tax credit, visit Tax Facts Online.&nbsp;<a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29437994.1293/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9lbXBsb3llci1tYW5kYXRlL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjEwMjAmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS04ODgz/56de9bd818ff43cc248c315bB548f9478" target="_blank">Read More</a></p>
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8240
8241<p class="wp-block-paragraph"><strong>Reminder: Covid-Related Health FSA Provisions Expire in 2023.&nbsp;</strong>Although the COVID-19 public health emergency has now been extended through January 13, 2023, many COVID-related tax benefits have not been extended past 2022. As taxpayers plan to enter 2023, it&#8217;s important to remember that most of the relief related to health flexible spending accounts (FSAs) has expired. That means taxpayers will once again be subject to the &#8220;use it or lose it&#8221; rule and limited to a $570 carryover into 2023 (if the plan allows it). Many plans al
8241so were amended to eliminate the requirement that the participant participate in the FSA in the following year to take advantage of the carryover provisions. Generally, the applicable rules going into 2023 with respect to grace periods and carryovers from health FSAs will depend on the terms of the plan document as it existed prior to COVID-19. For more information on the expanded health FSA rules that applied during the pandemic and the standard rules governing FSAs, visit Tax Facts Online.&nbsp;<a href="https://link.nationalunderwriter.com/external/29437994.1293/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9mbGV4aWJsZS1zcGVuZGluZy1hcnJhbmdlbWVudHMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMTAyMCZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTM1MTY/56de9bd818ff43cc248c315bBceecca23" rel="noreferrer noopener" target="_blank">Read more</a></p>
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8243
8244
8245<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
8246
8247
8248
8249<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
8250
8251
8252
8253<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
8254
8255
8256
8257<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
8258<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
8259
8260
8261
8262<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
8263
8264
8265
8266<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
8267
8268
8269
8270<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
8271
8272
8273
8274<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
8275
8276
8277
8278<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
8279
8280
8281
8282<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
8283
8284
8285
8286<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
8287</ul>
8288<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-en
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8361			
8362		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/11/11/taxfacts-intelligence-nov-11-2022/#respond">Leave a Comment &#187;</a></p>
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8364
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8366		<div class="post-9263 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9263">
8367			<h2><a href="https://profwilliambyrnes.com/2022/11/09/taxfacts-intelligence-nov-9-2022/" rel="bookmark">TaxFacts Intelligence: Nov 9,&nbsp;2022</a></h2>
8368			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on November 9, 2022</p>
8369			<div class="entry">
8370				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9263"></div><br/>
8371<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
8372<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. of international tax, transfer pricing, wealth management, or risk management</strong> is accepting applications from financial professionals and from lawyers with at least five years of industry experience. Even though our graduate program has grown to over 800 enrollment, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. Learn more about how we educate and position the industry&#8217;s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
8373</div></div>
8374
8375
8376
8377<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
8378
8379
8380
8381<p class="wp-block-paragraph">The DOL has recently announced yet another change to the worker classification standard that will apply in determining whether a worker is properly classified as an employee or independent contractor. That shift could have a wide-ranging impact on employers who have increased their reliance on independent contractors following the “great resignation.” In other news, clients should be reminded to check their withholding to account for any changes&#8211;and new guidance shows that increased IRS funding is likely to impact non-U.S. citizens and residents. Read on for more. </p>
8382
8383
8384
8385<p class="wp-block-paragraph"><em>A note about our branding</em>: You may have noticed that <em>Tax Facts</em> is no longer using the <em>National Underwriter</em> brand and is now using the <em>ThinkAdvisor </em>brand. At ALM Global, LLC, we are working to align our expansive tax and finance portfolio to make pertinent coverage more accessible. We have joined <em>Tax Facts</em> with <em>ThinkAdvisor,</em> a global information, data, intelligence and content division 
8385with reporters and editors all over the world. Although we have a new look, all of the valuable <em>Tax Facts </em>content is still here for you.</p>
8386
8387
8388
8389<p class="wp-block-paragraph"><strong>DOL Publishes New Rule on Worker Classification. </strong>The Biden Department of Labor (DOL) has proposed a new standard for determining whether a worker is an employee or an independent contractor under the Fair Labor Standards Act. The &#8220;new&#8221; rule would restore the multi-factor, totality-of-the-circumstances approach to determining whether a worker is an employee or an independent contractor. Those factors would once again be evaluated without assigning any particular weight to any specific factor. The focus in determining independent contractor status under this rule focuses on the economic realities of the work relationship, including investment, opportunity for profit or risk of loss and whether the work is integral to the employer&#8217;s business. The proposed rule also rescinds the 2021 standard that was developed under the Trump administration entirely. For more information on how workers are classified for employment law purposes, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29516648.687/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9lbXBsb3llZXMtdnMtaW5kZXBlbmRlbnQtY29udHJhY3RvcnMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMTAyNyZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg3MjM/56de9bd818ff43cc248c315bB0c530901" target="_blank">Read More</a></p>
8390
8391
8392
8393<p class="wp-block-paragraph"><strong>IRS Reminder: Adjust Tax Withholding Now to Avoid Penalties During the 2022 Tax Filing Season. </strong>The IRS has released a reminder for taxpayers to check their withholding for 2022. Making adjustments now can prevent taxpayers from learning they have a larger than expected balance due during the April tax filing season. Clients should be reminded that they may need to adjust their withholding based on major life events, like marriage, divorce, a home purchase or the birth of a new child. The IRS website offers a tax withholding estimator that can help taxpayers determine whether they are having too much or too little withheld from their paychecks. Items that may impact a taxpayer&#8217;s taxes for 2022 include COVID-19 tax relief (including relief related to health insurance plans), disaster provisions designed to help taxpayers recover from wildfires, hurricanes and other unexpected events and a taxpayer&#8217;s moving into the gig economy during the so-called “great resignation.” For more information on estimated tax payments, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29516648.687/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9lc3RpbWF0ZWQtdGF4LWFuZC1zZWxmLWVtcGxveW1lbnQtdGF4L3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjEwMjcmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS04NTcy/56de9bd818ff43cc248c315bBe189dcd0" target="_blank">Read More</a></p>
8394
8395
8396
8397<p class="wp-block-paragraph"><strong>IRS Expected to Direct Increase Funding to Increase Compliance Among Non-U.S. Citizens. </strong>As most advisors now know, Congress will be allocating nearly $80 billion in additional funding to the IRS over the next ten years. One big questions that most have had is where the IRS intends to use those funds to increase enforcement efforts. At a recent American Bar Association Tax Section conference, one IRS official noted that a chunk of those funds will be used to increase tax compliance among non-U.S. citizens and foreign nationals who live and work in the United States. For advisors whose client rosters include non-U.S. citizens, now is the time to focus on compliance efforts. That may include participating in voluntary disclosure program. Advisors should also consider discussing the potential immigration consequences that falling out of compliance with U.S. tax obligations may create. For more information on the tax treatment of non-citizens, visit Tax Facts Online.
8397 <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29516648.687/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9pbi1nZW5lcmFsLTgvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMTAyNyZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTk1MQ/56de9bd818ff43cc248c315bB0ce02c81" target="_blank">Read More</a></p>
8398
8399
8400
8401<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 and 2023 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
8402
8403
8404
8405<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
8406
8407
8408
8409<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
8410
8411
8412
8413<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
8414<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
8415
8416
8417
8418<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
8419
8420
8421
8422<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
8423
8424
8425
8426<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
8427
8428
8429
8430<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
8431
8432
8433
8434<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
8435
8436
8437
8438<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
8439
8440
8441
8442<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
8443</ul>
8444<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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8518		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/11/09/taxfacts-intelligence-nov-9-2022/#respond">Leave a Comment &#187;</a></p>
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8522		<div class="post-9256 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9256">
8523			<h2><a href="https://profwilliambyrnes.com/2022/11/07/taxfacts-intelligence-nov-7-2022/" rel="bookmark">TaxFacts Intelligence: Nov 7,&nbsp;2022</a></h2>
8524			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on November 7, 2022</p>
8525			<div class="entry">
8526				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9256"></div><br/>
8527<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
8528<p class="wp-block-paragraph">The<strong> Texas A&amp;M Master and LL.M. of international tax, transfer pricing, wealth management, or risk management</strong> is accepting applications from financial professionals and from lawyers with at least five years of industry experience. Even though our graduate program has grown to over 800 enrollment, the enrollment for a course&#8217;s section is kept to between 20 and a maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. Learn more about how we educate and position the industry&#8217;s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
8529</div></div>
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8533<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
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8537<p class="wp-block-paragraph">The end of 2022 is approaching at a rapid pace. Clients who are considering various planning strategies should be advised to act now to ensure that there will be enough time to execute the strategy before year-end. That includes for Roth conversions. The IRS has also issued warnings about schemes promising artificially high employee tax credit refunds&#8211;and is reminding service providers to look for new Forms 1099-Ks if their sales exceed $600 in 2022. Read on for more details..</p>
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8541<p class="wp-block-paragraph"><strong>Reminder: Taxpayers Considering Roth Conversions Should Act Now.&nbsp;</strong>As a reminder, the deadline for converting traditional IRA funds into a Roth is December 31, 2022 (not, as many people believe, the tax filing deadline in April 2023). Taxpayers who execute conversions in 2022 will pay taxes on the conversion at their 2022 rates, which are relatively low and could rise in the future. However, taxpayers should also consider the impact of a conversion on their Medicare premiums, Social Security benefits and other deductions and credits that phase out based on income. Taxpayers should also be reminded that, under the 2017 tax reforms, the right to re
8541characterize (or reverse) the conversion no longer exists&#8211;so once the client executes the Roth conversion, they&#8217;re stuck with that conversion even if it looks like a mistake in hindsight. For more information on the considerations that are important in evaluating whether a Roth conversion is a smart move, visit Tax Facts Online.<a href="https://link.nationalunderwriter.com/external/29586929.1829/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9pbi1nZW5lcmFsLTE3L3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjExMDMmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zNjYz/56de9bd818ff43cc248c315bB5bec62a1" target="_blank" rel="noreferrer noopener">&nbsp;Read more</a></p>
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8545<p class="wp-block-paragraph"><strong>IRS Warns Businesses About Schemes Promising Inflated ERC Returns. </strong>The IRS is warning business owners about scams perpetrated by third parties claiming that employers are eligible for large employment tax refunds generated by 
8545improperly claiming or overstating the employee retention credit (ERC). According to the IRS, these third parties typically charge a large fee or may require a percentage of the tax refund generated by the amended return.  While it’s possible that some business owners do legitimately qualify for a refund, many do not. Similarly, the business owner must remember that if the business files an amended return, they must also reduce the wage deductions they took on their tax return based on the amount of the ERC that is claimed on the amended return. In most cases, the third party offers to prepare an amended return that either improperly determines that the business is eligible for the ERC or overstates the amount of the credit available. Business owners should closely examine the qualification requirements and their individual circumstances before filing an amended return to claim the ERC. Employers must either satisfy the governmental order test or the gross receipts test to claim the credit. For more information on the ERC, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29586929.1829/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZWNlbnQtdXBkYXRlcy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIxMTAzJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtODU1NQ/56de9bd818ff43cc248c315bB6eb413d2" target="_blank">Read more</a></p>
8546
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8549<p class="wp-block-paragraph"><strong>IRS Reminder for Service Providers: Watch for 1099-Ks for Sales over $600 in early 2023. </strong>The IRS has released a reminder for service providers and others with over $600 in sales during the 2022 tax year. Those taxpayers may receive Forms 1099-K early in 2023 for the first time if their 2022 sales exceed the $600 mark.<strong> </strong>The IRS also reminds taxpayers that there is actually no change to the tax treatment of this income. The only change is to the reporting rules for Form 1099-K. As always, all income remains taxable, including from part-time work, side jobs or the sale of goods. Taxpayers must report all income on their tax return unless it is excluded by law even if they don&#8217;t receive a Form 1099-K or any other tax documents. The new reporting is designed to help taxpayers keep track of their income. The IRS suggests that taxpayers with side jobs may wish to consider making estimated tax payments throughout the year to cover their tax liability. For more information on the types of income that are taxable, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29586929.1829/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS93aGF0LWlzLWluY29tZS9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIxMTAzJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtODUxMw/56de9bd818ff43cc248c315bBc09728b1" target="_blank">Read more</a></p>
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8553<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
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8557<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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8561<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a> of law schools and is ranked in the top 10 for the employment of its graduating law students among U.S. law schools.</em></strong></p>
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8565<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7">
8566<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li>
8567
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8570<li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li>
8571
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8573
8574<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li>
8575
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8577
8578<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
8579
8580
8581
8582<li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">top 10 for the employment of its law graduates</a></li>
8583
8584
8585
8586<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
8587
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8589
8590<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
8591
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8593
8594<li>The School of Law enrollment is 850 Master/LL.M. students with a maximum of 30 per course section. The university enrollment is 70,000 degree seekers.</li>
8595</ul>
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8669			
8670		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/11/07/taxfacts-intelligence-nov-7-2022/#respond">Leave a Comment &#187;</a></p>
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8674		<div class="post-9252 post type-post status-publish format-standard hentry category-courses tag-tax" id="post-9252">
8675			<h2><a href="https://profwilliambyrnes.com/2022/06/22/texas-ams-international-tax-certificate-or-master-degree-online-begins-august-22/" rel="bookmark">Texas A&amp;M&#8217;s International Tax Certificate or Master Degree – online begins August&nbsp;22</a></h2>
8676			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on June 22, 2022</p>
8677			<div class="entry">
8678				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9252"></div><br/>
8679<p class="wp-block-paragraph">The <a href="http://law.tamu.edu/distance-education/international-tax">International Tax Certificate and Master Degree</a> is designed for international tax professionals (including lawyers, accountants, economists, and financial leaders) to deliver specialized legal training for an in-depth understanding of the international tax risk management field’s changing complex legal aspects.&nbsp;</p>
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8682
8683<p class="wp-block-paragraph">This graduate-level International Tax certificate or Master degree will prepare new and experienced international tax professionals to effectively address complex legal and policy challenges with respect to global tax risk. Specifically, participants will be exposed to (i) important U.S. and international laws, regulations and policies in the international tax risk management field, and (ii) technology, data, and practice, as well as applications of law and regulation through case studies through a weekly based structure.&nbsp;Individuals who complete the program will be able to synthesize scenarios, practice, and legal regulation in the international tax risk management field, providing analysis or judgments for consideration to organizational leadership with a nuanced perspective.</p>
8684
8685
8686
8687<p class="wp-block-paragraph">Courses are offered by asynchronous distance learning to provide a flexible schedule for working professionals. Interactive coursework includes case study assignments and regular interaction opportunities with classmates &amp; the faculty through twice-weekly zoom meetings (recorded), pre-recorded videos, audio casts, discussion boards, and group breakout sessions.&nbsp; For more information, please go to&nbsp;<a href="http://law.tamu.edu/distance-education/international-tax">law.tamu.edu/distance-education/international-tax</a>.</p>
8688
8689
8690
8691<p class="wp-block-paragraph"><strong>Example courses:</strong></p>
8692
8693
8694
8695<ul class="wp-block-list">
8696<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">LAW 625</a> Spring Term A Transfer Pricing l &#8211; Methods, Econometrics, and Tangibles</li>
8697
8698
8699
8700<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">LAW 626</a> Spring Term B Transfer Pricing II &#8211; Services and Intangibles</li>
8701
8702
8703
8704<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">LAW 627</a> International Tax Risk Management I &#8211; Data, Analytics, and Technology</li>
8705
8706
8707
8708<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">LAW 647</a> Fall Term A International Taxation and Treaties &#8211; residency issues</li>
8709
8710
8711
8712<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">LAW 649</a> Fall Term B International Taxation and Treaties &#8211; source issues</li>
8713
8714
8715
8716<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">LAW 719</a> Fall Tax Inhouse Counsel &amp; Risk Management</li>
8717
8718
8719
8720<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">LAW 720</a>  Fall International Tax Risk Management II &#8211; Data, Analytics, and Technology </li>
8721
8722
8723
8724<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">Law </a>Spring U.S. International Tax Risk Management &#8211; Data and Analytics </li>
8725
8726
8727
8728<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">Law</a> Summer U.S. International Tax Risk Management &#8211; Law and Regulation </li>
8729
8730
8731
8732<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">Law</a> Summer FATCA, CRS, and AEoI Risk Management &#8211; Summer</li>
8733</ul>
8734
8735
8736
8737<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
8738<p class="wp-block-paragraph" style="font-size:18px">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
8738C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a>, has the #1 bar passage in Texas, and #1 for employment in Texas (and top 10 in U.S.)</em></strong> The law school&#8217;s new campus is part of the <a href="https://www.wfaa.com/article/news/local/texas-am-university-1-billion-investment-fort-worth/287-b018939e-5517-44ee-90d0-0a5f936c2cd3">Texas A&amp;M AggieLand North</a> billion dollar investment.</p>
8739</div></div>
8740
8741
8742
8743<ul class="wp-block-list" id="block-8586daaf-226d-4554-9e3a-9afacac3edd9">
8744<li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2022)</a></li>
8745
8746
8747
8748<li><a href="https://www.usnews.com/education/best-colleges/the-short-list-college/articles/10-universities-with-the-biggest-endowments">#1 endowment for U.S. public universities, #8 overall (US News 2022)</a></li>
8749
8750
8751
8752<li><a href="https://www.tamu.edu/about/at-a-glance.html">#1 of U.S. public universities for a superior education at an affordable cost (Fiske 2021)</a></li>
8753
8754
8755
8756<li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li>
8757
8758
8759
8760<li><a href="https://blog.law.tamu.edu/blog/pair-of-texas-am-law-grads-accept-prestigious-clerkships-with-texas-supreme-court-justice-young">#1 Gold Standard employment outcome in U.S. Third year in top 10 in the U.S.</a></li>
8761
8762
8763
8764<li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in US among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li>
8765
8766
8767
8768<li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li>
8769</ul>
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8843			
8844		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/courses/" rel="category tag">Courses</a> | Tagged: <a href="https://profwilliambyrnes.com/tag/tax/" rel="tag">tax</a> |    <a href="https://profwilliambyrnes.com/2022/06/22/texas-ams-international-tax-certificate-or-master-degree-online-begins-august-22/#respond">Leave a Comment &#187;</a></p>
8845		</div>
8846
8847	
8848		<div class="post-9242 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9242">
8849			<h2><a href="https://profwilliambyrnes.com/2022/04/25/taxfacts-intelligence-when-does-covid-19-qualifies-as-a-employees-protected-disability/" rel="bookmark">TaxFacts Intelligence: When does COVID-19 Qualifies as a Employee&#8217;s Protected&nbsp;Disability?</a></h2>
8850			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on April 25, 2022</p>
8851			<div class="entry">
8852				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9242"></div><br/>
8853<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
8854<p class="wp-block-paragraph">The<strong> Texas A&amp;M graduate program for tax, wealth, and risk management</strong> is accepting applications from financial professionals with at least five years of industry experience for the summer. Even though our graduate program has grown to over 750 enrollment, the enrollment for a course section is between 20 and the maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. Learn more about how we educate and position the industry&#8217;s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
8855</div></div>
8856
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8858
8859<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
8860
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8863<p class="wp-block-paragraph">The April 18th tax filing deadline has passed and it&#8217;s already time to plan for this tax year of 2022. You&#8217;ll want to make sure you are prepared with the most up-to-date tax knowledge as you. We want you to have access to the 2022 Tax Facts books and the weekly intelligence newsletter &#8211; the reference solution that helps answer critical tax questions with the latest tax developments. <strong>Save 15% </strong>off any <em>2022 Tax Facts</em> print or eBook by using <strong>Code TFN15</strong> now through the end of the month.</p>
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8867<p class="wp-block-paragraph">In tax news, we have a mixed bag of updates for both individual and small business clients this week.  The IRS released proposed regulations offering clarity on what clients who are interested in the MEP option can expect in situations where the &#8220;one bad apple&#8221; rule might have applied pre-SECURE Act.  The EEOC has clarified whether and when COVID-19 itself can qualify as a disability for ADA purposes.  Business clients should also be advised of the return to the Trump-era test for determining independent contractor status.</p>
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8871<p class="wp-block-paragraph"><strong></strong><strong></strong><strong>EEOC Offers Clarity on When COVID-19 Qualifies as a Disability</strong> The EEOC has recently introduced clarifying guidance on when COVID-19 will qualify as a disability for federal anti-discrimination law purposes. In some cases, COVID-19 will qualify as a disability under the Americans with Disabilities Act (ADA)&#8211;often, based on side effects associated with the virus, rather than the infection itself.  If an employee is diagnosed with COVID-19, experiences symptoms and recovers from those symptoms in a few weeks, the employee would not be considered disabled for ADA purposes (so would not be entitled to reasonable accommodation).  The EEOC also reminds employers that employees aren&#8217;t automatically entitled to reasonable accommodation even if they do experience symptoms of &#8220;Long COVID&#8221; or other COVID-related health issues.  The employee is only entitled to accommodation if the disability requires the accommodation and it is not an undue hardship for the employer.  For more information on the tax credit that is available for employee medical leave, visit Tax Facts Online.
8871 <a rel="noreferrer noopener" href="https://link.law.com/external/26340116.1174/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jcmVkaXRzL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjAxMTMmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS03Njg/56de9bd818ff43cc248c315bBd820e977" target="_blank">Read More</a></p>
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8875<p class="wp-block-paragraph"><strong></strong><strong>Court Reinstates Trump-Era Independent Contractor Test.  </strong>The Trump-era rule was designed to make it easier for employers to classify workers as independent contractors, rather than traditional employees, by focusing on whether workers are economically dependent upon an employer—or in business for themselves.  The Trump-era test prioritizes two key factors, including (1) the worker&#8217;s degree of control over the work performed, and (2) the worker’s opportunity for profit or loss.  Under the Biden administration, the DOL stated that prioritizing these factors for determining employment status under the FLSA undermined the longstanding balancing approach of the economic realities test and court decisions requiring a review of the totality of the circumstances related to the employment relationship.  The Trump DOL rule would result in many workers&#8217; losing FLSA protections, including minimum wage and overtime benefits.  Several business groups filed a lawsuit in federal court to challenge the Biden administration&#8217;s acts.  The court vacated the Biden administration&#8217;s acts and reinstated the Trump-era rule, determining that the DOL&#8217;s delay of the effective date for the Trump-era rule violated the Administrative Procedure Act by providing only a 19-day period for notice and comments (rather than the 30-day minimum).  The court also found that the DOL limited the content of the responses to whether the effective date should be delayed (so unduly limited the scope of the comments received, making the decision to rescind the Trump-era rule &#8220;arbitrary and capricious&#8221;).  The court determined that the Trump rule became effective March 8, 2021.  For more information, visit Tax Facts Online.  <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27287199.1716/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9lbXBsb3llZXMtdnMtaW5kZXBlbmRlbnQtY29udHJhY3RvcnMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDQwNyZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg3MjI/56de9bd818ff43cc248c315bB716f4064" target="_blank">Read More</a></p>
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8879<p class="wp-block-paragraph"><strong></strong><strong>IRS Clarifies Exception to the &#8220;One Bad Apple&#8221; Rule for MEPs. </strong>The IRS proposed a new rule implementing the SECURE Act exception to the one bad apple rule—also known as the unified plan rule.  Under the proposed rule, the MEP must describe the procedures the plan will follow if one participant fails to satisfy the qualification rules.  Those procedures must outline the notices that will be sent and when those notices will be sent. The MEP must also disclose the actions that it will take if the non-qualifying participant fails to take action or initiate a spinoff to separate the MEP within 60 days after the date the final notice is sent. The proposed rules provide that the plan may be required to provide up to three notices to a participating employer that does not respond to the initial notice.  The final notice must be provided to the DOL and all impacted participants.  The non-qualifying employer has two options upon receipt of a notice: (1) take remedial action or (2) initiate a spinoff within 60 days of the final notice.  If the employer does neither, the MEP administrator must stop accepting contributions from the non-compliant employer and participants.  The MEP must also provide notice to the impacted participants and give them an election with respect to the treatment of their accounts.  Participants could elect to remain in the plan or transfer their funds to another retirement plan.  The IRS notes that it intends to publish guidance that c
8879ontains model language for MEP plan administrators.  For more information, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27287199.1716/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9tdWx0aXBsZS1lbXBsb3llci1wbGFuLW1lcC9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwNDA3JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzc2OQ/56de9bd818ff43cc248c315bB94d9689a" target="_blank">Read More</a> </p>
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8883<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
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8887<p class="wp-block-paragraph"><em><strong>Wealth &amp; Risk Management Degree for Industry Professionals</strong></em> &#8211; learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
8888
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8891<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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8895<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a>, has the #1 bar passage in Texas, and #1 for employment in Texas (and top 10 in U.S.)</em></strong></p>
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8899<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7"><li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li><li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 employment outcome for law schools in Texas and in top 10 in the USA</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 bar passage in Texas</a></li><li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li><li>The School of Law enrollment for the Spring 2022 semester is 700+ degree-seeking Master/LL.M. students, and 450+ J.D.s. The university enrollment is 68,000+ degree seekers.</li></ul>
8900<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-en
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8973			
8974		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/04/25/taxfacts-intelligence-when-does-covid-19-qualifies-as-a-employees-protected-disability/#respond">Leave a Comment &#187;</a></p>
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8978		<div class="post-9239 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9239">
8979			<h2><a href="https://profwilliambyrnes.com/2022/04/20/taxfacts-intelligence-wednesday-april-20/" rel="bookmark">TaxFacts Intelligence: Wednesday, April&nbsp;20</a></h2>
8980			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on April 20, 2022</p>
8981			<div class="entry">
8982				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9239"></div><br/>
8983<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
8984<p class="wp-block-paragraph">The<strong> Texas A&amp;M graduate program for tax, wealth, and risk management</strong> is accepting applications from financial professionals with at least five years of industry experience for the summer. Even though our graduate program has grown to over 750 enrollment, the enrollment for a course section is between 20 and the maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. Learn more about how we educate and position the industry&#8217;s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
8985</div></div>
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8989<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
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8993<p class="wp-block-paragraph">Although many tax changes have not made it through the Democrat&#8217;s discussions for a spring or summer final bill to show voters before November&#8217;
8993s election, two that seem to have traction are the proposals to impose a minimum tax on corporations with $1 billion in profits and another to impose a minimum tax on wealthy individuals (basically, require mark to market of assets each year, like a wealth tax). Now that tax season is over, time to turn our attention to inflation-adjusted 2022 limits such as health FSAs and qualified transit benefits.</p>
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8997<p class="wp-block-paragraph"><strong>2022 Contribution Limits for FSAs, Transportation Benefits. </strong> In 2022, taxpayers will be entitled to contribute a maximum of $2,850 to their health FSAs (up from $2,750 in 2021).  The health FSA carryover amount also increased to $570 (up from $550 in 2021).  For dependent care FSAs, the annual contribution limit will be $5,000 per married couple in 2022 (the limit was temporarily increased to $10,200 for 2021).  The limit on tax-preferred transit/parking benefits also increased from $270 to $280 per month in 2022.  Employers who offer these types of benefits should update their plan documents and communicate the increased limits to employees.  For more information on the types of tax-preferred transportation benefits that employers can offer employees, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.law.com/external/25816170.487/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jaG9pY2Utb2YtZW50aXR5LWFuZC10aGUtc21hbGwtYnVzaW5lc3MvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIxMTEyNSZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg5MDU/56de9bd818ff43cc248c315bBfd4f2069" target="_blank"><strong>Read More</strong></a></p>
8998
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9001<p class="wp-block-paragraph"><strong>IRS Updates FAQ on Unemployment Compensation Exclusion and 2020 Tax Credit Eligibility</strong> The IRS recently updated its FAQ for the 2020 unemployment compensation exclusion.  As background, many taxpayers file their 2020 income tax returns before the IRS announced that $10,200 in unemployment compensation would be excluded from 2020 taxable income. Because the IRS automatically made the changes to exclude $10,200 in unemployment compensation from taxpayers&#8217; 2020 income, many clients may be eligible for the additional child tax credit or the earned income credit. The IRS announced that it is sending CP08 and CP09 notices to individuals who did not claim the credit on their return but may now be eligible for it. The notices will be sent in November and December of 2021. Receiving the notice is not a confirmation that the taxpayer is eligible for these tax credits—and taxpayers are not required to file an amended return to claim the tax credits if they simply reply to the CP08 notice or CP09 notice. The IRS will calculate the amount available and treat it as an overpayment.  For more information on the available tax credits, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.law.com/external/25816170.487/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jcmVkaXRzLTIvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIxMTEyNSZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg1NTI/56de9bd818ff43cc248c315bB3da7e186" target="_blank"><strong>Read More</strong></a></p>
9002
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9004
9005<p class="wp-block-paragraph"><strong>Understanding the New Corporate Profits Minimum Tax Proposal</strong></p>
9006
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9009<p class="wp-block-paragraph">The proposal to revive the corporate alternative minimum tax, that the Tax Cuts &amp; Jobs Act repealed, is now oriented for corporations with at least $1 billion in profits (as reported to shareholders). These corporations would need to pay at least a 15 percent minimum tax on those profits.  If enacted, the tax would be effective in tax years beginning after 2022. The tax would apply to corporate taxpayers (but not to S corporations, RICs or REITs) that satisfy certain annual minimum income requirements over a three-year period.  Income of controlled foreign corporations and non-consolidated entities would also be included—and any deductions for U.S. or foreign income taxes would be removed in calculating income.  It&#8217;s estimated that this tax would apply to about 200 corporations and raise hundreds of billions of dollars in revenue.  Like many taxes that start as a thin edge of the wedge, this one may expand to include more taxpayers and at a higher rate, over time. For more information on the current corporate income tax structure, visit Tax Facts Online.
9009 <a rel="noreferrer noopener" href="https://link.law.com/external/25816170.487/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jb3Jwb3JhdGlvbnMtYW5kLW90aGVyLWJ1c2luZXNzLWVudGl0aWVzL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMTExMjUmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS03OTg/56de9bd818ff43cc248c315bB4aacbbac" target="_blank"><strong>Read More</strong></a></p>
9010
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9013<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
9014
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9017<p class="wp-block-paragraph"><em><strong>Wealth &amp; Risk Management Degree for Industry Professionals</strong></em> &#8211; learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
9018
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9021<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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9025<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a>, has the #1 bar passage in Texas, and #1 for employment in Texas (and top 10 in U.S.)</em></strong></p>
9026
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9029<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7"><li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li><li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 employment outcome for law schools in Texas and in top 10 in the USA</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 bar passage in Texas</a></li><li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li><li>The School of Law enrollment for the Spring 2022 semester is 700+ degree-seeking Master/LL.M. students, and 450+ J.D.s. The university enrollment is 68,000+ degree seekers.</li></ul>
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9104		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/04/20/taxfacts-intelligence-wednesday-april-20/#respond">Leave a Comment &#187;</a></p>
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9108		<div class="post-9235 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9235">
9109			<h2><a href="https://profwilliambyrnes.com/2022/04/18/taxfacts-intelligence-1040s-due-today-monday-april-18/" rel="bookmark">TaxFacts Intelligence: 1040s due today Monday April&nbsp;18</a></h2>
9110			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on April 18, 2022</p>
9111			<div class="entry">
9112				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9235"></div><br/>
9113<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
9114<p class="wp-block-paragraph">The<strong> Texas A&amp;M graduate program for tax, wealth, and risk management</strong> is accepting applications from financial professionals with at least five years of industry experience for the summer. Even though our graduate program has grown to over 750 enrollment, the enrollment for a course section is between 20 and the maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. Learn more about how we educate and position the industry&#8217;s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
9115</div></div>
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9119<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
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9123<p class="wp-block-paragraph">The IRS deadline for 2021 tax returns is today&#8211;and, for this year, the IRS is reminding taxpayers about recent changes that will make this year&#8217;s filing season a bit different than past years.  Similarly, the DOL has recently introduced changes to Form 5500 that will impact MEPs, PEPs and other small business retirement plans for 2022.  We also have coverage this week on how business owners should proceed now that the Supreme Court has weighed in on OSHA&#8217;s &#8220;vaccinate-or-test&#8221; mandate.</p>
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9127<p class="wp-block-paragraph"><strong>IRS: Tax Tips for a Smooth 2022 Tax Filing Today</strong> The IRS&#8217; last day to accept 2021 1040s as filed by the deadline is today &#8211; electronically, or by postmark. Because of the Emancipation Day holiday in Washington, D.C., the 2022 tax filing deadline moved this year from April 15 Friday to today April 18 (April 19 for taxpayers who live in Maine or Massachusetts).  The IRS encourages taxpayers to file electronically today to ensure fast processing&#8211;and notes that the average refund will be received within 21 days if the taxpayer files electronically, signs up for direct deposit and has no issues with their return.  Taxpayers may need the information from the IRS&#8217; Letter 6419 that provides information about advance child tax credit payments, and the IRS&#8217; Letter 6475 that provides information about the third economic impact payment &#8211; these were received by taxpayers in January and February.  Taxpayers who received these funds will need these letters to complete their tax returns today &#8211; otherwise, request the automatic extension today (if must be requested today, it cannot be requested afterward).  Taxpayers who received advance child tax credits can also obtain information about those payments using the online portal at <a rel="noreferrer noopener" href="https://link.law.com/external/26413519.1203/aHR0cDovL2lycy5nb3YvP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjAxMjAmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3Rz/56de9bd818ff43cc248c315bB8040d228" target="_blank">irs.gov</a>. Taxpayers who received the child tax credit or earned income tax credit should also remember that the IRS cannot issue their refund before mid-February.  For more information on federal tax filing information, visit Tax Facts Online.
9127 <a rel="noreferrer noopener" href="https://link.law.com/external/26413519.1203/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9mZWRlcmFsLWluY29tZS10YXgtZm9yLWluZGl2aWR1YWxzLWFuZC1zbWFsbC1idXNpbmVzc2VzL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjAxMjAmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS04NTAx/56de9bd818ff43cc248c315bBdb8acd8b" target="_blank"><strong>Read More</strong></a></p>
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9131<p class="wp-block-paragraph"><strong>U.S. Supreme Court Reinstates Stay of Enforcement on OSHA ETS</strong> Near the end of 2021, the Sixth Circuit ruled to dissolve an existing stay of OSHA’s emergency temporary standard (ETS) that would have required employers with at least 100 employees to require employees to receive the COVID-19 vaccine or submit to weekly testing.  In response, the Supreme Court considered the issue and opted to reinstate the enforcement stay—so that OSHA cannot enforce its ETS until further notice.   The Court reasoned that the ETS was overly broad and failed to consider the risks associated with different industries.  The ETS will now be sent back to the Sixth Circuit for a decision—and, if the Sixth Circuit rules in favor of enforcing the ETS, the Supreme Court may again be asked to review that decision.  For now, employers should begin to comply with state laws on the issue.  If the state requires vaccination-or-testing, employers should comply with that law.  Employers can now also safely comply with state laws that prohibit employers from imposing vaccine mandates&#8211;but should stay tuned for the Sixth Circuit&#8217;s next ruling.  For more information on the tax credit for employers who offer paid time off for employee vaccination, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.law.com/external/26413519.1203/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jcmVkaXRzL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjAxMjAmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS03NzE/56de9bd818ff43cc248c315bBd1cb7b02" target="_blank"><strong>Read More</strong></a></p>
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9135<p class="wp-block-paragraph"><strong>DOL Introduces Form 5500 Changes for PEPs</strong> The SECURE Act created a new kind of multiple employer plan (MEP), called a pooled employer plan (PEP) for employers that didn&#8217;t qualify to participate in a MEP under pre-existing rules.  PEPs allow unrelated employers to pool together to offer retirement benefits to employees.  PEPs are required to report their aggregate account balances for every employer-participant starting with the 2021 plan year and must also report certain information about the plan provider.  MEPs are also now subject to new reporting requirements, which they will file in an attachment to Form 5500 for the 2021 plan year.  The MEP must report year-end account balances for each employer-participant, but the DOL has clarified that this requirement doesn&#8217;t apply to MEPs that function as defined benefit plans.  The revised Form 5500 provides information on these reporting requirements, and is also updated for post-SECURE Act retirement plans that were adopted retroactively.  For more information on MEPs, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.law.com/external/26413519.1203/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9tdWx0aXBsZS1lbXBsb3llci1wbGFuLW1lcC9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMTIwJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzc2NQ/56de9bd818ff43cc248c315bBca6f67eb" target="_blank"><strong>Read More</strong></a></p>
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9139<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
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9143<p class="wp-block-paragraph"><em><strong>Wealth &amp; Risk Management Degree for Industry Professionals</strong></em> &#8211; learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
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9147<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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9151<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
9151C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a>, has the #1 bar passage in Texas, and #1 for employment in Texas (and top 10 in U.S.)</em></strong></p>
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9155<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7"><li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li><li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 employment outcome for law schools in Texas and in top 10 in the USA</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 bar passage in Texas</a></li><li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li><li>The School of Law enrollment for the Spring 2022 semester is 700+ degree-seeking Master/LL.M. students, and 450+ J.D.s. The university enrollment is 68,000+ degree seekers.</li></ul>
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9230		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/04/18/taxfacts-intelligence-1040s-due-today-monday-april-18/#respond">Leave a Comment &#187;</a></p>
9231		</div>
9232
9233	
9234		<div class="post-9233 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9233">
9235			<h2><a href="https://profwilliambyrnes.com/2022/04/15/taxfacts-intelligence-foreign-asset-reporting-obligations-due-by-monday-april-18/" rel="bookmark">TaxFacts Intelligence: Foreign Asset Reporting Obligations Due by Monday April&nbsp;18</a></h2>
9236			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on April 15, 2022</p>
9237			<div class="entry">
9238				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9233"></div><br/>
9239<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
9240<p class="wp-block-paragraph">The<strong> Texas A&amp;M graduate program for tax, wealth, and risk management</strong> is accepting applications from financial professionals with at least five years of industry experience for the summer. Even though our graduate program has grown to over 750 enrollment, the enrollment for a course section is between 20 and the maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. Learn more about how we educate and position the industry&#8217;s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
9241</div></div>
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9245<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
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9249<p class="wp-block-paragraph">The NLRB is considering changing the way independent contractor status is determined, which can impact a host of employment-related issues.  And by Monday, April 18th &#8211; help your clients avoid confusion (and penalties) this tax season by brushing up on the reporting rules for foreign assets and accounts and by making last minute IRA contributions still deductible for the 2021 tax year.</p>
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9253<p class="wp-block-paragraph"><strong>FBAR vs. Form 8938: Do Clients Need to File Both?</strong> FBAR and Form 8938 are two of the foreign tax filing forms that clients most commonly have to deal with.  The two forms are similar in that both require taxpayers with certain foreign assets and accounts to report information about those accounts to the IRS.  While Form 8938 was introduced later, it doesn&#8217;t actually replace the FBAR.  In some situations, a client may have to file both forms.  Form 8938 is actually a part of the client&#8217;s federal income tax return, while FBAR is a form that is filed electronically, directly with FinCEN.  Form 8938 is a much more wide-ranging form, meaning that many clients that don&#8217;t have FBAR filing obligations may nonetheless be required to file Form 8938 (foreign assets beyond mere financial accounts are included in the Form 8938 reporting obligations).  Taxpayers should be careful to ensure they meet the individual filing deadlines.  Because Form 8938 is part of the client&#8217;s tax return, any automatic extension that applies to that tax return will also apply.  The same isn&#8217;t true of the FBAR filing, which is subject to its own set of deadlines and extension rules.  For more information on FBAR filing requirements, visit Tax Facts Online.
9253 <a rel="noreferrer noopener" href="https://link.law.com/external/26340116.1174/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9pbi1nZW5lcmFsLTgvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDExMyZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTk3MA/56de9bd818ff43cc248c315bB3330dfc2" target="_blank"><strong>Read More</strong></a></p>
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9257<p class="wp-block-paragraph"><strong></strong><strong>Deadline for 2021 IRA Contributions is Fast Approaching.  </strong>Clients should be reminded that, though it&#8217;s hard to believe, the April 18 tax filing deadline for 2021 tax returns is right around the corner.  That also means that April 18, 2022 is the deadline for making 2021 IRA contributions.  The April 18 deadline is not extended even if the client takes advantage of the six-month tax filing extension and files a return by October 15, 2022.  It&#8217;s important that clients who are making 2021 contributions in 2022 clearly state that the contribution should be counted for 2021&#8211;or risk their IRA custodian reporting the contribution as a 2022 contribution, which can create a tax headache down the road.  If the contribution is a nondeductible contribution, the client must also file Form 8606 with their 2021 tax return (and should be advised to keep track of their tax basis in the account for purposes of determining tax liability on future distributions).  Note also that the deadline for establishing and funding a SEP IRA is the business&#8217; tax filing deadline (which may or may not be the same as the individual deadline).  For more information on the IRA contribution rules, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27287199.1716/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9pbi1nZW5lcmFsLTE3L3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjA0MDcmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zNjU1/56de9bd818ff43cc248c315bBc5e96cdd" target="_blank">Read More</a></p>
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9261<p class="wp-block-paragraph"><strong>NLRB Considers Implementing New Standard for Determining Independent Contractor Status</strong> The National Labor Relations Board (NLRB) recently announced that it will be considering a change to the standard it uses to determine whether a worker is an employee or an independent contractor.&nbsp; Typically, independent contractors are exempt from protections under most federal employment laws.&nbsp; For example, independent contractors can&#8217;t form or join a union.&nbsp; The NLRB is considering whether to continue applying the approach developed under the Trump administration in 2020, which generally makes it easier for employers to classify workers as independent contractors.&nbsp; Many expect that, under the Biden administration, the NLRB will adopt an approach that restricts an employer&#8217;s ability to classify workers as independent contractors further.&nbsp; It&#8217;s also expected that the NLRB will determine whether misclassifying a worker as an independent contractor, rather than an employee, can be sufficient to violate the National Labor Relations Act (NLRA).&nbsp; For more information on the standards used to classify workers as employees or independent contractors, visit Tax Facts Online.&nbsp;<a rel="noreferrer noopener" href="https://link.law.com/external/26340116.1174/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9lbXBsb3llZXMtdnMtaW5kZXBlbmRlbnQtY29udHJhY3RvcnMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDExMyZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg3MjU/56de9bd818ff43cc248c315bB227294a2" target="_blank"><strong>Read More</strong></a></p>
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9265<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
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9269<p class="wp-block-paragraph"><em><strong>Wealth &amp; Risk Management Degree for Industry Professionals</strong></em> &#8211; learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
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9273<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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9277<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
9277C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a>, has the #1 bar passage in Texas, and #1 for employment in Texas (and top 10 in U.S.)</em></strong></p>
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9281<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7"><li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li><li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 employment outcome for law schools in Texas and in top 10 in the USA</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 bar passage in Texas</a></li><li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li><li>The School of Law enrollment for the Spring 2022 semester is 700+ degree-seeking Master/LL.M. students, and 450+ J.D.s. The university enrollment is 68,000+ degree seekers.</li></ul>
9282<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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9355			
9356		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/04/15/taxfacts-intelligence-foreign-asset-reporting-obligations-due-by-monday-april-18/#respond">Leave a Comment &#187;</a></p>
9357		</div>
9358
9359	
9360		<div class="post-9226 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9226">
9361			<h2><a href="https://profwilliambyrnes.com/2022/04/13/taxfacts-intelligence-rmds-for-2021-missed-its-possible-to-avoid-the-50-penalty/" rel="bookmark">TaxFacts Intelligence: RMDs for 2021 missed? It&#8217;s possible to avoid the 50%&nbsp;penalty</a></h2>
9362			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on April 13, 2022</p>
9363			<div class="entry">
9364				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9226"></div><br/>
9365<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
9366<p class="wp-block-paragraph">The<strong> Texas A&amp;M graduate program for tax, wealth, and risk management</strong> is accepting applications from financial professionals with at least five years of industry experience for the summer. Even though our graduate program has grown to over 750 enrollment, the enrollment for a course section is between 20 and the maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. Learn more about how we educate and position the industry&#8217;s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
9367</div></div>
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9371<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
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9375<p class="wp-block-paragraph">For clients who missed 2021 RMDs, it&#8217;s not too late to fix the mistake and potentially avoid stiff penalty taxes. We also have information on the newly revised forms that plan participants may receive to document retirement distributions beginning in 2022&#8211;and a summary of a new case that limits the rights of non-plan participants to sue under ERISA.</p>
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9379<p class="wp-block-paragraph"><strong>Clients Still Have Opportunities to Correct Missed RMDs for 2021</strong> As most clients know, the IRS requires retirement plan participants to begin taking periodic distributions from IRAs and 401(k)s once the owner reaches age 72. Missing an RMD has steep consequences. The owner will be subject to a 50% penalty and the plan could lose its qualified status.If the RMD failures are no more than three years in the past, the owner can use a self-correction program (SCP) to correct the mistake. The SCP is only available until the last day of the third plan year following the plan year when the missed RMD occurred. The RMD will have to be distributed with earnings that accrued on the missed RMD during the failure period. The participant can also use Form 5329 to request a waiver of the penalty tax. In all cases, use of the SCP should be documented and the plan should document steps taken to prevent future missed RMDs. Along with Form 5329, the participant must file a letter stating that the error was due to reasonable cause and that reasonable steps have been taken to prevent future errors. For more information on the penalty for failure to comply with the RMD rules, visit Tax Facts Online.
9379 <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/26816067.300/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZXF1aXJlZC1taW5pbXVtLWRpc3RyaWJ1dGlvbnMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDIyNCZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTM2ODU/56de9bd818ff43cc248c315bB74373bcf" target="_blank">Read more</a></p>
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9383<p class="wp-block-paragraph"><strong>IRS Releases Revised Form W-4P and Form W-4R for 2022</strong> The IRS recently released a revised Form W-4P (Withholding Certificate for Periodic Pension or Annuity Payments) and a new Form W-4R (Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions) for use beginning in 2022. Now, individuals will receive different forms depending on the type of payments involved. Only individuals receiving periodic pension or annuity payments will receive the revised Form W-4P. Plan participants receiving nonperiodic payments, lump sum distributions, IRA distributions or certain rollover distributions will receive the Form W-4R going forward. In the past, those individuals would also have received Form W-4P. The forms can be used beginning in 2022. However, the IRS is not requiring plan administrators to make the change until January 1, 2023. For more information on the withholding requirements for annuity and retirement distributions, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/26816067.300/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9kaXN0cmlidXRpb25zL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjAyMjQmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zNjc1/56de9bd818ff43cc248c315bBf805f9b0" target="_blank">Read more</a></p>
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9387<p class="wp-block-paragraph"><strong>Misclassified Independent Contractor Can&#8217;t File ERISA Lawsuit</strong> A California court recently ruled that a worker who claimed he was misclassified as an independent contractor could not file a lawsuit under ERISA for retirement plan benefits. The worker claimed that he was mistakenly excluded from the defendant&#8217;s retirement plans because he should have been properly classified as an employee. The court found that because the worker was not a plan participant, beneficiary or fiduciary, he lacked standing to sue under ERISA. In order to qualify as a plan participant, the plaintiff would must have a colorable claim to plan benefits. Here, the worker merely alleged that he should have been entitled to participate in the employer&#8217;s plan. As a result, the court dismissed the worker&#8217;s claims entirely without determining whether he should have been classified as an employee. For more information on the consequences of worker misclassification, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/26816067.300/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9lbXBsb3llZXMtdnMtaW5kZXBlbmRlbnQtY29udHJhY3RvcnMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDIyNCZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg3Mjk/56de9bd818ff43cc248c315bB6cb41bbf" target="_blank">Read more</a></p>
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9391<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
9392
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9395<p class="wp-block-paragraph"><em><strong>Wealth &amp; Risk Management Degree for Industry Professionals</strong></em> &#8211; learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
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9399<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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9403<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
9403C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a>, has the #1 bar passage in Texas, and #1 for employment in Texas (and top 10 in U.S.)</em></strong></p>
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9407<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7"><li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li><li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 employment outcome for law schools in Texas and in top 10 in the USA</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 bar passage in Texas</a></li><li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li><li>The School of Law enrollment for the Spring 2022 semester is 700+ degree-seeking Master/LL.M. students, and 450+ J.D.s. The university enrollment is 68,000+ degree seekers.</li></ul>
9408<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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9481			
9482		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/04/13/taxfacts-intelligence-rmds-for-2021-missed-its-possible-to-avoid-the-50-penalty/#respond">Leave a Comment &#187;</a></p>
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9486		<div class="post-9221 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9221">
9487			<h2><a href="https://profwilliambyrnes.com/2022/04/11/taxfacts-intelligence-properly-reporting-crypto-transactions-by-april-18/" rel="bookmark">TaxFacts Intelligence: Properly Reporting Crypto Transactions by April&nbsp;18</a></h2>
9488			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on April 11, 2022</p>
9489			<div class="entry">
9490				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9221"></div><br/>
9491<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
9492<p class="wp-block-paragraph">The<strong> Texas A&amp;M graduate program for tax, wealth, and risk management</strong> is accepting applications from financial professionals with at least five years of industry experience for the summer. Even though our graduate program has grown to over 750 enrollment, the enrollment for a course section is between 20 and the maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. Learn more about how we educate and position the industry&#8217;s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
9493</div></div>
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9497<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
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9501<p class="wp-block-paragraph">Within the more than 2,000 pages of the Consolidated Appropriations Act of 2022 is an important provision that allows HSA and HDHP participants to continue accessing remote healthcare services without jeopardizing HSA eligibility.&nbsp; The DOL also shone a spotlight on cryptocurrency investments this week by making it clear that plan fiduciaries would be asked to justify any decisions related to crypto investments in retirement accounts.&nbsp; Finally, we have a summary&nbsp;of the IRS&#8217; warning to taxpayers regarding proper reporting of crypto transactions on their 2021 tax returns.&nbsp; Read on for more.</p>
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9505<p class="wp-block-paragraph"><strong></strong><strong>Consolidated</strong>&nbsp;<strong>Appropriations Act Extends HDHP Telehealth Relief.&nbsp;&nbsp;</strong>The recently enacted Consolidated Appropriations Act of 2022 (CAA 2022) extends prior CARES Act relief for high deductible health plans (HDHPs) that provide remote care services.&nbsp; HDHPs will be permitted to provide first-dollar telehealth services from April 2022 through December 2022 (regardless of the plan year) without jeopardizing HDHP status.&nbsp; The remote services do not have to be related to COVID-19 or preventative in nature in order to qualify.&nbsp; In other words, HDHPs can waive the deductible for telehealth services without jeopardizing a plan participant&#8217;s eligibility to make HSA contributions.&nbsp; Plans and participants should note that if the HDHP is a calendar year plan, the usual rules regarding the plan deductible will apply between January 2022 and March 2022.&nbsp; For more information on the HDHP rules,&nbsp;<a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27057980.1892/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9pbi1nZW5lcmFsLTcvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yM
9505DIyMDMxNyZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTM5NA/56de9bd818ff43cc248c315bB57ccc06f" target="_blank">Read More</a></p>
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9509<p class="wp-block-paragraph"><strong></strong><strong>DOL Releases Warning on Cryptocurrency in 401(k)s.&nbsp;&nbsp;</strong>The Department of Labor (DOL) issued a compliance assistance release that warns retirement plan fiduciaries about allowing participants to invest in either cryptocurrencies or products that are related to cryptocurrency.&nbsp; The guidance comes in response to President Biden&#8217;s executive order that directed agencies to study the risks and benefits of cryptocurrency.&nbsp; The DOL release warned that in the eyes of the DOL, cryptocurrency poses significant risks and challenges for participants, including the risk of fraud, theft and loss.&nbsp; The release is clear that plan fiduciaries who allow cryptocurrency investment options should expect to be questioned about how those decisions could comply with their duties of prudence and loyalty.&nbsp; Plan fiduciaries should pay close attention and carefully evaluate whether allowing crypto-related products in their investment lineup is worth the risk, given the DOL&#8217;s sweeping statements and indication that it will presume that a fiduciary who offers cryptocurrency products has acted imprudently.&nbsp; For more information on the current DOL fiduciary standard and new prohibited transaction exemption, visit Tax Facts Online.&nbsp;<a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27057980.1892/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9wcm9oaWJpdGVkLXRyYW5zYWN0aW9ucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzE3JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzk4Ng/56de9bd818ff43cc248c315bB7d533d68" target="_blank">Read More</a>&nbsp;</p>
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9513<p class="wp-block-paragraph"><strong></strong><strong>IRS Reminds Taxpayers of Virtual Currency Reporting Obligations.&nbsp;&nbsp;</strong>The IRS released a reminder for taxpayers who have engaged in virtual currency transactions during the 2021 tax year. The 2021 Form 1040 due next Monday (April 18) contains a question at the top that asks about these virtual currency transactions.&nbsp; Taxpayers should check &#8220;yes&#8221; if they have engaged in any disposition, sale or exchange of a financial interest in virtual currency.&nbsp; That includes the receipt of virtual currency for goods and services, receipt of cryptocurrency for free (if the receipt does not qualify as a bona fide gift), receipt of cryptocurrency through mining or staking activities or hard forks.&nbsp; Exchanges or trades of cryptocurrency for other cryptocurrency, property goods or services must also be reported, as must sales of virtual currency.&nbsp; Taxpayers who held the cryptocurrency as a capital asset should use Form 8949 to determine gain or loss (which is reported on Schedule D of Form 1040).&nbsp; Taxpayers who received cryptocurrency as compensation should report the income as they would any other type of income.&nbsp; For more information on reporting obligations related to virtual currency transactions, visit Tax Facts Online. &nbsp;<a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27057980.1892/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9iaXRjb2lucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzE3JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtNzcyNA/56de9bd818ff43cc248c315bB1175f826" target="_blank">Read More</a>&nbsp;</p>
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9517<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
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9521<p class="wp-block-paragraph"><em><strong>Wealth &amp; Risk Management Degree for Industry Professionals</strong></em> &#8211; learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
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9525<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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9529<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2
9529C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a>, has the #1 bar passage in Texas, and #1 for employment in Texas (and top 10 in U.S.)</em></strong></p>
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9533<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7"><li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li><li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 employment outcome for law schools in Texas and in top 10 in the USA</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 bar passage in Texas</a></li><li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li><li>The School of Law enrollment for the Spring 2022 semester is 700+ degree-seeking Master/LL.M. students, and 450+ J.D.s. The university enrollment is 68,000+ degree seekers.</li></ul>
9534<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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9607			
9608		<p class="category">Posted in <a href="https://profwilliambyrnes.com/category/retirement-planning/" rel="category tag">Retirement Planning</a>, <a href="https://profwilliambyrnes.com/category/taxation/" rel="category tag">Taxation</a>, <a href="https://profwilliambyrnes.com/category/wealth-management/" rel="category tag">Wealth Management</a> |    <a href="https://profwilliambyrnes.com/2022/04/11/taxfacts-intelligence-properly-reporting-crypto-transactions-by-april-18/#respond">Leave a Comment &#187;</a></p>
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9612		<div class="post-9218 post type-post status-publish format-standard hentry category-retirement-planning category-taxation category-wealth-management" id="post-9218">
9613			<h2><a href="https://profwilliambyrnes.com/2022/04/07/taxfacts-intelligence-required-minimum-distribution-regs-explained-and-analyzed/" rel="bookmark">TaxFacts Intelligence: Required Minimum Distribution Regs Explained and&nbsp;Analyzed</a></h2>
9614			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on April 7, 2022</p>
9615			<div class="entry">
9616				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9218"></div><br/>
9617<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
9618<p class="wp-block-paragraph">The<strong> Texas A&amp;M graduate program for tax, wealth, and risk management</strong> is accepting applications from financial professionals with at least five years of industry experience for the summer. Even though our graduate program has grown to over 750 enrollment, the enrollment for a course section is between 20 and the maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. Learn more about how we educate and position the industry&#8217;s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
9619</div></div>
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9623<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
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9627<p class="wp-block-paragraph">The IRS has released long-anticipated proposed regulations on changes made to the required minimum distribution rules under the SECURE Act.&nbsp; The proposed regs contained a few surprises that will impact any client who inherits a retirement account&#8211;especially those who have inherited an account from an individual who was already taking RMDs.&nbsp; The regulations are detailed, and it is very possible that they will be modified in response to comments, which are due by May 25, 2022.&nbsp;</p>
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9631<p class="wp-block-paragraph"><strong></strong><strong>IRS Releases Proposed Regulations on SECURE Act RMD Changes.&nbsp;&nbsp;</strong>The IRS released proposed regulations on changes to the required minimum distribution (RMD) rules effective beginning in 2020.&nbsp; In a surprise move, the regulations require most designated beneficiaries to take annual RMDs within the ten-year distribution period if the original account owner died after the required beginning date (the SECURE Act is silent with respect to whether annual distributions are required).&nbsp; However, the IRS has yet to release guidance for clients who inherited accounts after the SECURE Act&#8217;s effective date and before the regulations were issued.&nbsp; In other words, they don&#8217;t address whether a client may be required to take a retroactive RMD for 2021.&nbsp; The proposed regulations themselves are effective January 1, 2022 (the existing regulations must be applied for 2021).&nbsp; For more information on the RMD rules that apply after an account owner&#8217;s death, visit Tax Facts Online. &nbsp;<a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/26975408.576/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZXF1aXJlZC1taW5pbXVtLWRpc3RyaWJ1dGlvbnMtMi9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzEwJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzkwMg/56de9bd818ff43cc248c315bBc0a8c422" target="_blank">Read More</a>&nbsp;</p>
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9635<p class="wp-block-paragraph"><strong></strong><strong>IRS Proposed RMD Regs Clarify Eligible Designated Beneficiary Definitions.&nbsp;</strong>&nbsp;The proposed regulations also clarify a few points with respect to the new definition of &#8220;eligible designated beneficiary&#8221;.&nbsp; An&nbsp;eligible designated beneficiary is entitled to continue using the life expectancy distribution method even post-SECURE Act.&nbsp; Under the proposed regulations, the &#8220;age of majority&#8221; for eligible designated beneficiaries who are minor children is age 21 (many expected that an age 18 limit would apply).&nbsp; Defined benefit plans that use the definition of &#8220;age of majority&#8221; under the existing regulations can continue to do so (meaning that those plans can treat a child as being under the age of majority if that child has not completed a course of education and is under age 26).&nbsp; Spousal beneficiaries will also be required to elect to treat the deceased spouse&#8217;s IRA as their own by the later of (1) December 31 of the year following the year of the owner&#8217;s death or (2) age 72.&nbsp; Additionally, the regulations propose a rule that would treat an account owner as having no eligible designated beneficiary if the owner has multiple designated beneficiaries and one of those beneficiaries is not an eligible designated beneficiary.&nbsp; In situations involving multiple designated beneficiaries, the life expectancy of the oldest benef
9635iciary will be used (under prior regulations, the shortest life expectancy was used).&nbsp; For more information on the RMD rules, visit Tax Facts Online. &nbsp;<a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/26975408.576/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZXF1aXJlZC1taW5pbXVtLWRpc3RyaWJ1dGlvbnMtMi9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzEwJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzkwMw/56de9bd818ff43cc248c315bBfc3f5f0c" target="_blank">Read More</a>.&nbsp;</p>
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9639<p class="wp-block-paragraph"><strong></strong><strong>Post-SECURE Act Guidance on Trusts as Inherited Account Beneficiaries.&nbsp;</strong>&nbsp;Under the general rule for employees dying on or after January 1, 2020, beneficiaries of a trust may be treated as having been designated as beneficiaries of the employee under a qualified plan for purposes of determining the period over which RMDs must be made. &nbsp; Beneficiaries of a see-through trust can continue to be treated as designated beneficiaries under regulations proposed in 2022.&nbsp; The regulations continue to apply the requirement that the trust beneficiaries be identifiable.&nbsp; Beneficiaries of a valid see-through trust will be taken into account if they could receive amounts in the trust representing the participant&#8217;s interest in the retirement plan that are not contingent upon, or delayed until, the death of another trust beneficiary who predeceases the plan participant.&nbsp; Those beneficiaries with only remote interests will be disregarded.&nbsp; For more information on the rules governing see-through trust beneficiaries, visit Tax Facts Online.&nbsp;<a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/26975408.576/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZXF1aXJlZC1taW5pbXVtLWRpc3RyaWJ1dGlvbnMtMi9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzEwJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzkwNw/56de9bd818ff43cc248c315bB5c1f5393" target="_blank">Read More</a>&nbsp;</p>
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9643<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
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9647<p class="wp-block-paragraph"><em><strong>Wealth &amp; Risk Management Degree for Industry Professionals</strong></em> &#8211; learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
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9651<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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9655<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a>, has the #1 bar passage in Texas, and #1 for employment in Texas (and top 10 in U.S.)</em></strong></p>
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9659<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7"><li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li><li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">
9659#1 employment outcome for law schools in Texas and in top 10 in the USA</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 bar passage in Texas</a></li><li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li><li>The School of Law enrollment for the Spring 2022 semester is 700+ degree-seeking Master/LL.M. students, and 450+ J.D.s. The university enrollment is 68,000+ degree seekers.</li></ul>
9660<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div class="sharedaddy sd-sharing-enabled"><div class="robots-nocontent sd-block sd-social sd-social-icon-text sd-sharing"><h3 class="sd-title">Share this:</h3><div class="sd-content"><ul><li class="share-linkedin"><a rel="nofollow noopener noreferrer"
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9739			<h2><a href="https://profwilliambyrnes.com/2022/04/04/taxfacts-intelligence-court-defines-retirement/" rel="bookmark">TaxFacts Intelligence: Court Defines &#8216;Retirement&#8217;</a></h2>
9740			<p class="date">Posted by <a href="https://plus.google.com/u/0/+WilliamByrnesarticles/about">William Byrnes</a> on April 4, 2022</p>
9741			<div class="entry">
9742				<div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9210"></div><br/>
9743<div class="wp-block-media-text alignwide is-stacked-on-mobile" style="grid-template-columns:15% auto;"><figure class="wp-block-media-text__media"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure><div class="wp-block-media-text__content">
9744<p class="wp-block-paragraph" style="font-size:18px;">Robert and I have an exciting announcement for our&nbsp;<em>Tax Facts</em>&nbsp;subscribers. In February, our publisher ALM&nbsp;will be launching&nbsp;<em>Tax Facts Premium,&nbsp;</em>a new add-on product<em>&nbsp;</em>that provides valuable tools and content, including:</p>
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9748<ul class="wp-block-list"><li><strong>calculators</strong>&nbsp;(tax, retirement income, investment, personal finance, business, and more)</li><li><strong>
9748practice aids</strong>&nbsp;(buy sell agreements, as well as documents related to business life insurance, estate planning, retirement planning, and employee benefits)</li><li><strong>soft</strong>&nbsp;<strong>skills</strong>&nbsp;(practical guidance on how to build and maintain clients)</li><li><strong>archives&nbsp;</strong>(archived content including featured articles and the intelligence weekly).</li></ul>
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9752<p class="wp-block-paragraph">Also, the <strong>Texas A&amp;M graduate program for tax, wealth, and risk management</strong> is accepting applications from financial professionals with at least five years of industry experience for the summer. Even though our graduate program has grown to over 750 enrollment, the typical enrollment for a course section is between 20 and the maximum of 30 so that each student receives meaningful feedback throughout the course from the full-time academic faculty and renowned professional case study leaders, and each other via teamwork and peer review. Learn more about how we educate and position the industry&#8217;s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
9753</div></div>
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9757<figure class="wp-block-table"><table><tbody><tr><td><strong><a href="https://www.thinkadvisor.com/author/profile/William-H.-Byrnes/">Prof. William H. Byrnes</a></strong> <img loading="lazy" src="https://ci6.googleusercontent.com/proxy/hxlq1wGlHcC8PqtM_aNHEvlUGoYchY2ag5-bNQQif11gnwXNWuyGqM-DvLxta8AC288peyJS86y8-PF420-fPfipVfaG4JA8LBXigbi7fLS5Q7KEJxtWXSe43vxA=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/william-byrnes.png" alt="" width="67" height="67"/></td><td><img loading="lazy" width="67" height="67" src="https://ci3.googleusercontent.com/proxy/M_42_q6f2z7H5t2k2dW2S9XHew2B-IVFzbWxbm9h2BV5n3o2ORX5eeR9PS5_fNvKyCyIxBQchio_XudH_H9eCaYkwQACCsRXkNtNGXISmCMWixmUhOv2VfNLQVg=s0-d-e1-ft#http://imageserver.amlaw.com/sailthru/briefings/editors/robert-bloink.png" alt=""/> <strong>&nbsp; &nbsp; &nbsp; &nbsp; <a href="https://www.law.com/texaslawyer/author/profile/robert-bloink/?slreturn=20210705125951">Robert Bloink, J.D., LL.M.</a></strong></td></tr></tbody></table></figure>
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9761<p class="wp-block-paragraph">This week, we have some important IRS and court updates regarding interpreting the definitions of two key terms that apply in the retirement plan context&#8211;&#8220;retirement&#8221; and &#8220;compensation.&#8221;&nbsp; The IRS has also released the limitations that apply under IRC Section 280F for taxpayers with certain luxury passenger auto leases and depreciable passenger automobiles.&nbsp; Read on for more.</p>
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9765<p class="wp-block-paragraph"><strong></strong><strong>Second Circuit Weighs in on &#8220;Retirement&#8221; Definition for Defined Benefit Plan Purposes.&nbsp;&nbsp;</strong>The Second Circuit recently affirmed a lower court ruling dealing with the definition of &#8220;retirement&#8221; in a situation involving a multi-employer defined benefit pension&nbsp;plan.&nbsp; In&nbsp;<em>Metzgar v. U.A. Plumbers &amp; Steamfitters Local No. 22 Pension Fund</em>, the plan set the normal retirement age at 65 but also contained a special early retirement option for employees after their 55th birthdays.&nbsp; The special option was available if the employee&#8217;s combined age and years of service was at least 85.&nbsp; For many years, the plan interpreted the rule to not require an employee to stop working to receive plan benefits (the employee only had to stop working in a &#8220;disqualifying position&#8221;).&nbsp; So, participants could receive benefits and work in management-related positions at the same time.&nbsp; Later, the plan changed the rules to require employees to stop working to receive benefits.&nbsp; The court agreed that the reinterpretation was required to protect the plan&#8217;s tax-exempt status, and that the plan did not violate the plan participants&#8217; rights by requiring the employee to stop working in order to continue receiving plan benefits.&nbsp; For more information on the rules governing multi-employer retirement plans, visit Tax Facts Online.&nbsp;<a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27134776.189/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9wZW5zaW9ucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzI0JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzczOA/56de9bd818ff43cc248c315bB288ea584" target="_blank">Read More</a></p>
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9769<p class="wp-block-paragraph"><strong></strong><strong>IRS Releases 2022 Depreciation Limits for Certain Passenger Automobiles.</strong>&nbsp; Revenue Procedure 2022-17 provides the depreciation limits for certain passenger automobiles first placed into service during 2022, and also provides the amounts that must be included in income for taxpayers who lease certain automobiles beginning in 2022. For passenger automobiles purchased after September 28, 2017 and first placed in service in 2022, and to which the extra Section 168 depreciation deduction does apply, the first year limitation is $19,200, decreasing to $18,000 in year two and falling to $10,800 in year three.&nbsp; For all subsequent years, the limit is $6,460.&nbsp; If no bonus depreciation applies, the limits are $11,200 in year one, $18,000 in year two, $10,800 in year three and $6,460 in all subsequent years.&nbsp; For taxpayers with a lease term that begins in 2022, the dollar amounts that must be used to determine income inclusion begin at $56,000 and can be found in Table 3 of Rev. Proc. 2022-17.&nbsp; For more information on the depreciation rules and limits that apply to passenger automobiles, visit Tax Facts on Insurance and Employee Benefits Online.&nbsp;<a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27134776.189/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9hZGp1c3RlZC1ncm9zcy1pbmNvbWUvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yM
9769DIyMDMyNCZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTcyNg/56de9bd818ff43cc248c315bBdf6db373" target="_blank">Read More</a>&nbsp;&nbsp;</p>
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9773<p class="wp-block-paragraph"><strong></strong><strong>Is Your Lump Sum Payout of Unused Vacation Time &#8220;Compensation&#8221; for Retirement Plan Purposes?&nbsp;</strong>&nbsp;It&#8217;s been a strange couple of years in the workplace.&nbsp; Many American workers have been unwilling or unable to use their vacation time and are now looking at a situation where their employers may be compensating them in the form of a lump sum payout based on company policies.&nbsp; That can leave clients wondering whether that payout counts as &#8220;compensation&#8221; for purposes of determining the retirement plan contribution limits.&nbsp; Lump sum payments of unused vacation are treated as supplemental wages that are subject to Social Security and Medicare taxes.&nbsp; That means that a lump sum payout of unused vacation should also be included as &#8220;compensation&#8221; for retirement plan purposes unless the specific retirement plan actually provides otherwise.&nbsp; So, unless the payout is specifically excluded by the plan, taxpayers should be entitled to include that compensation when determining their permissible retirement plan contributions for the year.&nbsp; For more information on the definition of &#8220;compensation&#8221; and relevance for Section 415 contribution purposes, visit Tax Facts Online.&nbsp;<a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27134776.189/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9kZWZpbmVkLWNvbnRyaWJ1dGlvbi1wbGFucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzI0JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzcyOQ/56de9bd818ff43cc248c315bBe762a5d9" target="_blank">Read More</a>&nbsp;</p>
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9777<p class="wp-block-paragraph">Look in your <a href="https://www.alm.com/taxfacts/">Tax Facts Online app</a> for our continuing analysis of 2022 legislative and regulatory updates, weekly intelligence, and the impact on planning for a client&#8217;s wealth preservation and growth.</p>
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9781<p class="wp-block-paragraph"><em><strong>Wealth &amp; Risk Management Degree for Industry Professionals</strong></em> &#8211; learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p>
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9785<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure>
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9789<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&amp;M, operating budget of $9.6 billion (<a href="https://www.tamus.edu/todays-regents-meeting-on-sec-in-bethancourt-ballroom-2-2/#:~:text=BRYAN%2DCOLLEGE%20STATION%2C%20Texas%20%E2%80%94,System's%20five%2Dyear%20capital%20plan.">FY2022</a>) and capital budget of $1.9 billion, <em>is #1 for U.S. public universities</em>, one of&nbsp;only 60&nbsp;accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space! <strong><em>The law school, <a href="https://today.tamu.edu/2022/03/29/u-s-news-world-report-ranks-texas-am-among-best-graduate-schools/">ranked in the 1st tier</a>, has the #1 bar passage in Texas, and #1 for employment in Texas (and top 10 in U.S.)</em></strong></p>
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9793<ul class="wp-block-list" id="block-f5560fc5-34b1-4693-8de2-dc77ae4992d7"><li><a href="https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states">Ranked in top 20 public universities by Wall Street Journal / Times Higher Education (2020)</a></li><li><a href="https://nces.ed.gov/fastfacts/display.asp?id=73">#2 endowment for U.S. public universities, #8 overall</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source3" target="_blank">#1 of U.S. public universities for a superior education at an affordable cost</a></li><li><a rel="noreferrer noopener" href="https://law.tamu.edu/distance-education/international-tax#source4" target="_blank">#1 for most CEOs employed by Fortune 500</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">
9793#1 employment outcome for law schools in Texas and in top 10 in the USA</a></li><li><a href="https://today.tamu.edu/2021/04/23/school-of-law-top-in-texas-for-class-of-2020-employment/">#1 bar passage in Texas</a></li><li><a href="https://money.com/best-colleges/">Rank #11 by Money Best Colleges Report, 2021 and #5 in U.S. among public universities</a> (Sources: U.S. Department of Education, Peterson&#8217;s,&nbsp;<a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&amp;M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly&#8217;s 2020 overall college rankings based on the quality of education, accessibility, graduation rates, student involvement, and research: see <a href="http://tx.ag/WashMonth20">tx.ag/WashMonth20</a></li><li>The School of Law enrollment for the Spring 2022 semester is 700+ degree-seeking Master/LL.M. students, and 450+ J.D.s. The university enrollment is 68,000+ degree seekers.</li></ul>
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