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href='https://profwilliambyrnes.com/2009/10/'>October 2009</a> (2)</li> 691 <li><a href='https://profwilliambyrnes.com/2009/09/'>September 2009</a> (4)</li> 692 <li><a href='https://profwilliambyrnes.com/2009/08/'>August 2009</a> (9)</li> 693 <li><a href='https://profwilliambyrnes.com/2009/07/'>July 2009</a> (13)</li> 694 </ul> 695 696 </li> 697 </ul> 698 </div> 699 700<div id="content"> 701 702 <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 & Transfer Pricing Certificates or LL.M. / Master Legal Studies at Texas A&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 & 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>Â are designed for an in-depth study of tax risk management. Texas A&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 – Methods, Econometrics, and Tangibles – <em>January start</em></li> 717 718 719 720<li>Transfer Pricing II – Services and Intangibles – <em>March start</em></li> 721 722 723 724<li>International Tax Risk Management I – Data, Analytics, and Technology</li> 725 726 727 728<li>International Taxation and Treaties I – residency issues – <em>August start</em></li> 729 730 731 732<li>International Taxation and Treaties II – source issues – <em>October start</em></li> 733 734 735 736<li>Inhouse Tax Counsel: Tax Systems and Risk Management – <em>Summer</em></li> 737 738 739 740<li>Domestic (Inbound) Tax Risk Management – <em>August start</em></li> 741 742 743 744<li>U.S. International Tax Risk Management – Data and Analytics – <em>Spring </em></li> 745 746 747 748<li>U.S. International Tax Risk Management – Law and Regulation – <em>Summer</em></li> 749 750 751 752<li>FATCA, CRS, and AEoI Risk Management –<em> Summer</em></li> 753 754 755 756<li>European Union Tax Risk Management – <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’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’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. </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 worldâs largest natural-healthcare groups with revenues exceeding â¬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’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 toothpastesâcore items within Natmedâs flagship âNatmedâ and âNatcaâ 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 Natmedâs 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’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&A with a representative(s) of the tax department during week 1 on Monday and Thursday evenings for corporate brainstorming (and office hour Q&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 autonomyâask 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&A with a representative(s) of the tax department on Monday evening in week 2 to discuss the tax department’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 âGo / No-Goâ executive memorandum that frames the dealâs 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’s presentation to the executive board members’ 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’s learning for U.S. international tax updates, such as the CFC’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. 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 & 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&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&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> (âgold standardâ law jobs) for 2025 and 2026 – 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&gaa_n=ASWzDAiUyLwD9nvX9mGawgPMavcefh0jp9JrsRVKjoQk5s5fNfiGMLjmBIeDC9JyJA%3D%3D&gaa_ts=68a7800f&gaa_sig=6ggKiPuI3QfWHV-PT-eOYLi1HXFnVWTeSnGBUQBAzx1tRC2Au4hGJlxJFdGvk8N6J54cnPdUVvlgsTULHMk3iw%3D%3D">Wall Street Journal</a>, focusing on career outcomes, ranks Texas A&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&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&data=05%7C02%7Clshenton%40tamu.edu%7Cbb6e0dd9fda6450fdcf008ddff7b4184%7C68f381e346da47b9ba576f322b8f0da1%7C1%7C0%7C638947627038104642%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=SIqcOc3SCa%2BV7FBW%2F4dLOvQtzpGOtdVvJi1XF4GKqHc%3D&reserved=0">American Caldwellâs 2025â2026 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&M’s $20 billion (2025) foundation endowment is #2 for U.S. public universities</a>. Texas A&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&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&M system’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&D grants & 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&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&M is one of only 60 accredited universities of the Association of American Universities (R1: Doctoral Universities â 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> 828 829 830 831<p class="wp-block-paragraph"></p> 832<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" 833 data-shared="sharing-linkedin-9457" 834 class="share-linkedin sd-button share-icon" 835 href="https://profwilliambyrnes.com/2025/08/21/international-tax-transfer-pricing-certificates-or-ll-m-master-legal-studies-at-texas-am/?share=linkedin" 836 target="_blank" 837 aria-labelledby="sharing-linkedin-9457" 838 > 839 <span id="sharing-linkedin-9457" hidden>Share on LinkedIn (Opens in new window)</span> 840 <span>LinkedIn</span> 841 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 842 data-shared="sharing-facebook-9457" 843 class="share-facebook sd-button share-icon" 844 href="https://profwilliambyrnes.com/2025/08/21/international-tax-transfer-pricing-certificates-or-ll-m-master-legal-studies-at-texas-am/?share=facebook" 845 target="_blank" 846 aria-labelledby="sharing-facebook-9457" 847 > 848 <span id="sharing-facebook-9457" hidden>Share on Facebook (Opens in new window)</span> 849 <span>Facebook</span> 850 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 851 data-shared="sharing-twitter-9457" 852 class="share-twitter sd-button share-icon" 853 href="https://profwilliambyrnes.com/2025/08/21/international-tax-transfer-pricing-certificates-or-ll-m-master-legal-studies-at-texas-am/?share=twitter" 854 target="_blank" 855 aria-labelledby="sharing-twitter-9457" 856 > 857 <span id="sharing-twitter-9457" hidden>Share on X (Opens in new window)</span> 858 <span>X</span> 859 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 860 data-shared="sharing-email-9457" 861 class="share-email sd-button share-icon" 862 href="mailto:?subject=%5BShared%20Post%5D%20International%20Tax%20%26%20Transfer%20Pricing%20Certificates%20or%20LL.M.%20%2F%20Master%20Legal%20Studies%20at%20Texas%20A%26M&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2025%2F08%2F21%2Finternational-tax-transfer-pricing-certificates-or-ll-m-master-legal-studies-at-texas-am%2F&share=email" 863 target="_blank" 864 aria-labelledby="sharing-email-9457" 865 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. 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911cement, and Detection of Taxpayer 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 â 6:30 pm. Jesus College, Cambridge University (these are my lecture notes for today’s session, matching my slide deck).</p> 916 917 918 919<p class="wp-block-paragraph">Professor William Byrnes, Texas A&M University School of Law; Co-author, Money Laundering, Asset Forfeiture and Recovery and Compliance: A Global Guide (Lexis); Co-author, FATCA & 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 historyâelectronic 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&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, <strong>âShould tax authorities use AI?â</strong> 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 IMFâs 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 â What âAIâ means in tax administration</strong></p> 956 957 958 959<p class="wp-block-paragraph">For todayâs 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 autonomyâfor 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 controlsânot 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 âAI enforcement system.â 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 â 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>: <strong><em>Which returns, transactions, or taxpayers merit scarce human attention?</em></strong> 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 âthis taxpayer is guilty.â It should be a ranked lead accompanied by reason codes, confidence information, and the relevant discrepancies. A defensible model might say: <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> That is actionable intelligence. A bare score of â94â 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>: <strong><em>What does not fit?</em></strong> 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 taxpayerâs 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> Spainâs approach illustrates cross-database matching: property ownership, land-registry information, estate-agent records, and online rental advertisements can be compared with tax filings. The UKâs 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:Â <strong>an inconsistency may reflect timing, classification, erroneous third-party data, or a lawful business explanation.</strong>Â </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 <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, youâll appreciate the mass data analytics capability of machine learning, but that it must be translated into something âusableâ by our human analytical abilities, such as visual representation via a graph and relationship analysis. </p> 1108 1109 1110 1111<p class="wp-block-paragraph"><strong>Case Use Example</strong>: Chinaâs Golden Tax system uses data mining and anomaly detection across mandated e-invoice data to identify suspicious VAT refunds, shell companies, and illicit <em>fapiao</em> invoicing networks. Brazilâs 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>: Greeceâs 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 <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 â 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 âbogusâ firms issuing false invoices.</p> 1158 1159 1160 1161<p class="wp-block-paragraph">The practical sequence should be: <strong>mismatch â network analysis â evidence retrieval â human verification â proportionate intervention.</strong> 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. Based on my research for my Lexis tax treatise called FATCA & 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 evasionâand 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 âjudgment</em></strong>â<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 â 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 Actâs 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 controlsâdata quality, logging, documentation, human oversight, accuracy, and cybersecurityâare 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 <strong>SyRI</strong>, a court rejected an opaque welfare-fraud risk system on privacy and human-rights grounds. In the childcare-benefits scandal, algorithmic profilingâincluding problematic use of nationalityâcontributed 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 âbuggyâ 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 â 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. GAOâs 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 effectsânot 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 Advocateâs Office and TIGTA. But both would need a budget to be able to employ computer engineering technicians capable of âkicking the tiresâ 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 wrongâthe model owner, data steward, auditor, vendor, chief information officer, or agency head?</em></strong><strong> 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 â The next frontier</strong></p> 1276 1277 1278 1279<p class="wp-block-paragraph">[Dionysis – 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 capacityâbut 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 clearâdo 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 modelâor 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> 1370<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" 1371 data-shared="sharing-linkedin-9558" 1372 class="share-linkedin sd-button share-icon" 1373 href="https://profwilliambyrnes.com/2026/08/25/leveraging-artificial-intelligence-for-tax-authority-auditing-enforcement-and-detection-of-taxpayer-evasion/?share=linkedin" 1374 target="_blank" 1375 aria-labelledby="sharing-linkedin-9558" 1376 > 1377 <span id="sharing-linkedin-9558" hidden>Share on LinkedIn (Opens in new window)</span> 1378 <span>LinkedIn</span> 1379 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 1380 data-shared="sharing-facebook-9558" 1381 class="share-facebook sd-button share-icon" 1382 href="https://profwilliambyrnes.com/2026/08/25/leveraging-artificial-intelligence-for-tax-authority-auditing-enforcement-and-detection-of-taxpayer-evasion/?share=facebook" 1383 target="_blank" 1384 aria-labelledby="sharing-facebook-9558" 1385 > 1386 <span id="sharing-facebook-9558" hidden>Share on Facebook (Opens in new window)</span> 1387 <span>Facebook</span> 1388 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 1389 data-shared="sharing-twitter-9558" 1390 class="share-twitter sd-button share-icon" 1391 href="https://profwilliambyrnes.com/2026/08/25/leveraging-artificial-intelligence-for-tax-authority-auditing-enforcement-and-detection-of-taxpayer-evasion/?share=twitter" 1392 target="_blank" 1393 aria-labelledby="sharing-twitter-9558" 1394 > 1395 <span id="sharing-twitter-9558" hidden>Share on X (Opens in new window)</span> 1396 <span>X</span> 1397 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 1398 data-shared="sharing-email-9558" 1399 class="share-email sd-button share-icon" 1400 href="mailto:?subject=%5BShared%20Post%5D%20Leveraging%20Artificial%20Intelligence%20for%20Tax%20Authority%20Auditing%2C%20Enforcement%2C%20and%20Detection%20of%20Taxpayer%20Evasion&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2026%2F08%2F25%2Fleveraging-artificial-intelligence-for-tax-authority-auditing-enforcement-and-detection-of-taxpayer-evasion%2F&share=email" 1401 target="_blank" 1402 aria-labelledby="sharing-email-9558"
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href="https://profwilliambyrnes.com/2026/08/25/leveraging-artificial-intelligence-for-tax-authority-auditing-enforcement-and-detection-of-taxpayer-evasion/#respond">Leave a Comment »</a></p> 1445 </div> 1446 1447 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 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&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 Barryâs 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> 1790<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-en
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1877nt asset recovery? 15:15 Session 1: Identifying and understanding assets and their contextual parts: the main challenge in recoverability? </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 ânuancedâ.</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’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 â 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’s financial condition. The auditorsâ 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’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 â <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" 2015 data-shared="sharing-linkedin-9550" 2016 class="share-linkedin sd-button share-icon" 2017 href="https://profwilliambyrnes.com/2026/08/24/do-auditors-contribute-to-the-failure-of-effective-and-efficient-asset-recovery/?share=linkedin" 2018 target="_blank" 2019 aria-labelledby="sharing-linkedin-9550" 2020 > 2021 <span id="sharing-linkedin-9550" hidden>Share on LinkedIn (Opens in new window)</span> 2022 <span>LinkedIn</span> 2023 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 2024 data-shared="sharing-facebook-9550" 2025 class="share-facebook sd-button share-icon" 2026 href="https://profwilliambyrnes.com/2026/08/24/do-auditors-contribute-to-the-failure-of-effective-and-efficient-asset-recovery/?share=facebook" 2027 target="_blank" 2028 aria-labelledby="sharing-facebook-9550" 2029 > 2030 <span id="sharing-facebook-9550" hidden>Share on Facebook (Opens in new window)</span> 2031 <span>Facebook</span> 2032 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 2033 data-shared="sharing-twitter-9550" 2034 class="share-twitter sd-button share-icon" 2035 href="https://profwilliambyrnes.com/2026/08/24/do-auditors-contribute-to-the-failure-of-effective-and-efficient-asset-recovery/?share=twitter" 2036 target="_blank" 2037 aria-labelledby="sharing-twitter-9550" 2038 > 2039 <span id="sharing-twitter-9550" hidden>Share on X (Opens in new window)</span> 2040 <span>X</span> 2041 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 2042 data-shared="sharing-email-9550" 2043 class="share-email sd-button share-icon" 2044 href="mailto:?subject=%5BShared%20Post%5D%20Do%20Auditors%20Contribute%20to%20the%20Failure%20of%20Effective%20and%20Efficient%20Asset%20Recovery%3F&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2026%2F08%2F24%2Fdo-auditors-contribute-to-the-failure-of-effective-and-efficient-asset-recovery%2F&share=email" 2045 target="_blank" 2046 aria-labelledby="sharing-email-9550" 2047 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. 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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’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 & 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&h=67 150w, https://profwilliambyrnes.com/wp-content/uploads/2018/11/tax-facts-boosk-and-online-access.png?w=300&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’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 nationâs first explicit tax on digital assets. Read the full newsletter and articles on <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>. Thereâs 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 theyâve found success in careers that operate entirely under their own control. Many self-employed and contract workers are at the point where theyâre beginning to amass significant wealth and increasingly looking for ways to shelter larger portions of their income from taxation. Many of these so-called âgigâ economy entrepreneurs have historically taken a DIY approach to their retirement income planning. In todayâs market, fueled in part by President Trumpâs 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. <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 <a href="https://www.thinkadvisor.com/tax-facts/news/">newsletter here</a>.</p> 2172 2173 2174 2175<p class="wp-block-paragraph">2. <strong>Federal Court Finds RSUs Exempt from âRegular Rateâ 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. <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. <strong>Trump Accounts –
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 <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. <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 <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> 2192<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" 2193 data-shared="sharing-linkedin-9542" 2194 class="share-linkedin sd-button share-icon" 2195 href="https://profwilliambyrnes.com/2026/08/05/tax-facts-intelligence-july-30-aug-5/?share=linkedin" 2196 target="_blank" 2197 aria-labelledby="sharing-linkedin-9542" 2198 > 2199 <span id="sharing-linkedin-9542" hidden>Share on LinkedIn (Opens in new window)</span> 2200 <span>LinkedIn</span> 2201 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 2202 data-shared="sharing-facebook-9542" 2203 class="share-facebook sd-button share-icon" 2204 href="https://profwilliambyrnes.com/2026/08/05/tax-facts-intelligence-july-30-aug-5/?share=facebook" 2205 target="_blank" 2206 aria-labelledby="sharing-facebook-9542" 2207 > 2208 <span id="sharing-facebook-9542" hidden>Share on Facebook (Opens in new window)</span> 2209 <span>Facebook</span> 2210 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 2211 data-shared="sharing-twitter-9542" 2212 class="share-twitter sd-button share-icon" 2213 href="https://profwilliambyrnes.com/2026/08/05/tax-facts-intelligence-july-30-aug-5/?share=twitter" 2214 target="_blank" 2215 aria-labelledby="sharing-twitter-9542" 2216 > 2217 <span id="sharing-twitter-9542" hidden>Share on X (Opens in new window)</span> 2218 <span>X</span> 2219 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 2220 data-shared="sharing-email-9542" 2221 class="share-email sd-button share-icon" 2222 href="mailto:?subject=%5BShared%20Post%5D%20Tax%20Facts%20Intelligence%20%28July%2030%20-%20Aug%205%29&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2026%2F08%2F05%2Ftax-facts-intelligence-july-30-aug-5%2F&share=email" 2223 target="_blank" 2224 aria-labelledby="sharing-email-9542" 2225 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. You may need to create a new email yourself." data-email-share-nonce="413aa5d8a1" data-email-share-track-url="https://profwilliambyrnes.com/2026/08/05/tax-facts-intelligence-july-30-aug-5/?share=email"> 2226 <span id="sharing-email-9542" hidden>Email a link to a friend (Opens in new window)</span> 2227 <span>Email</span> 2228 </a></li><li class="share-tumblr"><a rel="nofollow noopener noreferrer" 2229 data-shared="sharing-tumblr-9542" 2230 class="share-tumblr sd-button share-icon" 2231 href="https://profwilliambyrnes.com/2026/08/05/tax-facts-intelligence-july-30-aug-5/?share=tumblr" 2232 target="_blank" 2233 aria-labelledby="sharing-tumblr-9542" 2234 > 2235 <span id="sharing-tumblr-9542" hidden>Share on Tumblr (Opens in new window)</span> 2236 <span>Tumblr</span> 2237 </a></li><li class="share-jetpack-whatsapp"><a rel="nofollow noopener noreferrer" 2238 data-shared="sharing-whatsapp-9542" 2239 class="share-jetpack-whatsapp sd-button share-icon" 2240 href="https://profwilliambyrnes.com/2026/08/05/tax-facts-intelligence-july-30-aug-5/?share=jetpack-whatsapp" 2241 target="_blank" 2242 aria-labelledby="sharing-whatsapp-9542" 2243 > 2244 <span id="sharing-whatsapp-9542" hidden>Share on WhatsApp (Opens in new window)</span> 2245 <span>WhatsApp</span> 2246 </a></li><li class="share-reddit"><a rel="nofollow noopener noreferrer" 2247 data-shared="sharing-reddit-9542" 2248 class="share-reddit sd-button share-icon" 2249 href="https://profwilliambyrnes.com/2026/08/05/tax-facts-intelligence-july-30-aug-5/?share=reddit" 2250 target="_blank" 2251 aria-labelledby="sharing-reddit-9542" 2252 > 2253 <span id="sharing-reddit-9542" hidden>Share on Reddit (Opens in new window)</span> 2254 <span>Reddit</span> 2255 </a></li><li class="share-print"><a rel="nofollow noopener noreferrer" 2256 data-shared="sharing-print-9542" 2257 class="share-print sd-button share-icon" 2258 href="https://profwilliambyrnes.com/2026/08/05/tax-facts-intelligence-july-30-aug-5/?share=print" 2259 target="_blank" 2260 aria-labelledby="sharing-print-9542" 2261 > 2262 <span id="sharing-print-9542" hidden>Print (Opens in new window)</span> 2263 <span>Print</span> 2264 </a></li><li class="share-end"></li></ul></div></div></div><div class='sharedaddy sd-block sd-like jetpack-likes-widget-wrapper jetpack-likes-widget-unloaded' id='like-post-wrapper-8589873-9542-6abe6ad151150' data-src='//widgets.wp.com/likes/index.html?ver=20261001#blog_id=8589873&post_id=9542&origin=williambyrnes.wordpress.com&obj_id=8589873-9542-6abe6ad151150&domain=profwilliambyrnes.com' data-name='like-post-frame-8589873-9542-6abe6ad151150' data-title='Like or Reblog'><div class='likes-widget-placeholder post-likes-widget-placeholder' style='height: 55px;'><span class='button'><span>Like</span></span> <span class='loading'>Loading...</span></div><span class='sd-text-color'></span><a class='sd-link-color'></a></div></div> </div> 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 »</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 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&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. McAndrewâs 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’ 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 Americaâs U.S. Art Market Report of 2026 reported that from 2023 through 2025, the substantial growth in auction volume of Sothebyâs, Christieâs, 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 artâs 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 â 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 Sothebyâs, Christieâs 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, Deloitteâs 2025 report found that artâs cumulative annual return of 9.06 percent was comparable to equities’ 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> </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 & 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 âunknownâ 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’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’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 âclean titleâ 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 transactionâs 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’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 HighâNet 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 & 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 â 81, DOI: 10.3905/jai.2008.705533 (using the Mei Moses, acquired in 2016 by Sotheby’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 & 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 & 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 & 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> 2504<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" 2505 data-shared="sharing-linkedin-9532" 2506 class="share-linkedin sd-button share-icon" 2507 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/?share=linkedin" 2508 target="_blank" 2509 aria-labelledby="sharing-linkedin-9532" 2510 > 2511 <span id="sharing-linkedin-9532" hidden>Share on LinkedIn (Opens in new window)</span> 2512 <span>LinkedIn</span> 2513 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 2514 data-shared="sharing-facebook-9532" 2515 class="share-facebook sd-button share-icon" 2516 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/?share=facebook" 2517 target="_blank" 2518 aria-labelledby="sharing-facebook-9532" 2519 > 2520 <span id="sharing-facebook-9532" hidden>Share on Facebook (Opens in new window)</span> 2521 <span>Facebook</span> 2522 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 2523 data-shared="sharing-twitter-9532" 2524 class="share-twitter sd-button share-icon" 2525 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/?share=twitter" 2526 target="_blank" 2527 aria-labelledby="sharing-twitter-9532" 2528 > 2529 <span id="sharing-twitter-9532" hidden>Share on X (Opens in new window)</span> 2530 <span>X</span> 2531 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 2532 data-shared="sharing-email-9532" 2533 class="share-email sd-button share-icon" 2534 href="mailto:?subject=%5BShared%20Post%5D%20Is%20Art%20an%20Alternative%20Investment%20that%20Beats%20Inflation%3F%20What%20Reliable%20Data%20Shows%20Over%20the%20Short%20and%20Long%20Term.&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2026%2F07%2F07%2Fis-art-an-alternative-investment-that-beats-inflation-what-reliable-data-shows-over-the-short-and-long-term%2F&share=email" 2535 target="_blank" 2536 aria-labelledby="sharing-email-9532" 2537 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. 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href="https://profwilliambyrnes.com/tag/inflation-hedge/" rel="tag">inflation hedge</a>, <a href="https://profwilliambyrnes.com/tag/investing/" rel="tag">Investing</a> | <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/#respond">Leave a Comment »</a></p> 2579 </div> 2580 2581 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 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"> 2586 <div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9496"></div><br/> 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="{"orientation":"1"}" 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, 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2587w, 456px" /></a></figure> 2588 2589 2590 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 Actâs (âIEEPAâ) authorization to ‘regulate…importation’ 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> 2592 2593 2594 2595<p class="wp-block-paragraph"><strong>The Brass Tacks of the Supreme Court Decision</strong></p> 2596 2597 2598 2599<p class="wp-block-paragraph">The Court held, simply stated, that âIEEPA does not authorize the President to impose tariffs.â<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 âlack of jurisdictionâ? Recall that this case originated with the United States Court of International Trade’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> 2600 2601 2602 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> </p> 2604 2605 2606 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, IIâAâ1, 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> 2608 2609 2610 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> 2612 2613 2614 2615<p class="wp-block-paragraph">The Courtâs six-vote summary decision language of part III is as follows:<a href="#_ftn10" id="_ftnref10">[10]</a> </p> 2616 2617 2618 2619<p class="wp-block-paragraph">âThe 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.â</p> 2620 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, âwhen Congress intended ‘regulate’ to mean taxingâ¦â<a href="#_ftn11" id="_ftnref11"><sup>[11]</sup></a></p> 2624 2625 2626 2627<p class="wp-block-paragraph"><strong>What We Thought The Decision Would Be Based on Oral Arguments.</strong></p> 2628 2629 2630 2631<p class="wp-block-paragraph">We previously read the U.S. Supreme Courtâs 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> 2632 2633 2634 2635<p class="wp-block-paragraph"><strong>The Crux of the Arguments of the Executive Branch</strong></p> 2636 2637 2638 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 âunusual and extraordinary threatâ ⦠âto the national security, foreign policy, or economy of the United Statesâ¦â.<a href="#_ftn16" id="_ftnref16"><sup>[16]</sup></a> In the first instance of its IEEPA analysis, the Supreme Court (the âCourtâ) will need to rule whether the President has met this IEEPA statutory language requirement for a declared national emergency. To this point, the Administrationâs (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 Administrationâs basis of an âunusual and extraordinary threatâ:<a href="#_ftn17" id="_ftnref17"><sup>[17]</sup></a></p> 2640 2641 2642 2643<p class="wp-block-paragraph">âOn 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> â¦â</p> 2644 2645 2646 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 âCRSâ), 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> 2648 2649 2650 2651<p class="wp-block-paragraph"><strong>What Powers Did Congress Grant the Executive in the IEEPA?</strong></p> 2652 2653 2654 2655<p class="wp-block-paragraph">What Presidential remediation actions has Congress authorized in the IEEPA under a declaration of a national emergency? 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> 2656 2657 2658 2659<p class="wp-block-paragraph">â⦠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; â¦â (emphasis added).</p> 2660 2661 2662 2663<p class="wp-block-paragraph">The above IEEPA paragraph does not mention the term “tariffs,” 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> 2664 2665 2666 2667<p class="wp-block-paragraph">âIEEPA authorizes the President to âinvestigate, block during the pendency of an investigation, regulate, direct and compel, nullify, void, prevent or prohibit . . . importation or exportation.â §1702(a)(1)(B). Absent from this lengthy list of specific powers is any mention of tariffs or duties. 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.â</p> 2668 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: â<em>The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises â¦â</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> â[W]ho pays the tariffs?â The Solicitor General responded that tariffs are borne by a combination of foreign manufacturers and importers, i.e., foreign taxpayers, but, to the Chief Justiceâs point, also by U.S. taxpayers.<a href="#_ftn26" id="_ftnref26"><sup>[26]</sup></a> Then the Chief Justice followed: ââ¦it’s been suggested that the tariffs are responsible for significant reduction in our deficit. I would say that’s raising revenue domestically.â To which the Solicitor General defended: ââ¦there certainly is incidental and collateral effect of the tariffs that they do raise revenue, but it’s very important that they are regulatory tariffs, not revenue-raising tariffs.â<a href="#_ftn27" id="_ftnref27"><sup>[27]</sup></a></p> 2676 2677 2678 2679<p class="wp-block-paragraph"><strong>The Executiveâs Reliance on Prior Court Decisions Related to Similar Language in Previous Legislation</strong></p> 2680 2681 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 (âTWEAâ).<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> 2684 2685 2686 2687<p class="wp-block-paragraph">ââ¦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 â¦â.</p> 2688 2689 2690 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> 2692 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 Trumpâs underlying justification of a national emergency: âDuring the summer of 1971, the United States was faced with an economic crisis. The nation suffered under an exceptionally severe and worsening balance of payments deficit.â<a href="#_ftn32" id="_ftnref32"><sup>[32]</sup></a> President Nixonâs 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> 2696 2697 2698 2699<p class="wp-block-paragraph">â⦠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 1962â¦, the President entered into, and proclaimed tariff rates under, trade agreements with foreign countries;â</p> 2700 2701 2702 2703<p class="wp-block-paragraph">In its analysis of the executive branchâs issuing of the tariff, the Appellate Court acknowledges the elephant in the room:<a href="#_ftn34" id="_ftnref34"><sup>[34]</sup></a></p> 2704 2705 2706 2707<p class="wp-block-paragraph">âBut 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.â</p> 2708 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: âto exercise the delegated substantive power, i.e., to “regulate importation,” 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> 2712 2713 2714 2715<p class="wp-block-paragraph"><a></a>However, the Appellate Court cautioned that the President may not âimpose whatever tariff rates he deems desirable simply by declaring a national emergencyâ.<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 Nixonâs 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 Courtâs analysis found that:<a href="#_ftn39" id="_ftnref39"><sup>[39]</sup></a></p> 2716 2717 2718 2719<p class="wp-block-paragraph">âIt 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 balanceâ¦â.</p> 2720 2721 2722 2723<p class="wp-block-paragraph">In conclusion, the Appellate Court reasoned that President Nixonâs limited surcharge, as a temporary measure, calculated to meet a particular national emergency, did not fall afoul of imposing âwhatever tariff rates he deems desirableâ.<a href="#_ftn40" id="_ftnref40"><sup>[40]</sup></a></p> 2724 2725 2726 2727<p class="wp-block-paragraph"><strong>The Supreme Courtâs Rejection of the Application of the Prior Decisions</strong></p> 2728 2729 2730 2731<p class="wp-block-paragraph">Regarding the Executiveâs reasoning, the Supreme Courtâs six-vote majority in Part II-B countered that:</p> 2732 2733 2734 2735<p class="wp-block-paragraph">âWhile 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).â<a href="#_ftn41" id="_ftnref41">[41]</a></p> 2736 2737 2738 2739<hr class="wp-block-separator has-alpha-channel-opacity" /> 2740 2741 2742 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> 2744 2745 2746 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> 2748 2749 2750 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> 2752 2753 2754 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> 2756 2757 2758 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> 2760 2761 2762 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> 2764 2765 2766 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> 2768 2769 2770 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> 2772 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 CBPâs press release of Dec. 16, 2025, âThanks To President Trump, CBP announces record-breaking $200 billion in tariff revenueâ, 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, âHow much revenue does the federal government collect from tariffs?â, 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, âTracking 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&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&context=1530671">Learning Res., Inc. v. Trump, Doc. No. 24-1287, 2025 U.S. LEXIS 2783</a>; and the second caseâs 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&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. 95â223, 91 Stat. 1626 (Dec. 28, 1977). We published an article via Kluwer Lawâs 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 Trumpâs 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 âCRS IEEPA Reportâ.<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 Carterâs 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. 65â91, 40 Stat. 411. Commonly referred to as the Trading with the Enemy Act (âTWEAâ).<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. & Pat. App. 1975), the Court of Customs and Patent Appeals held that it was “incontestable that [TWEA] does in fact delegate to the President, for use during war or during national emergency only, the power to ‘regulate importation'” and upheld the President’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. & 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&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&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&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&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&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> 2904<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" 2905 data-shared="sharing-linkedin-9496" 2906 class="share-linkedin sd-button share-icon" 2907 href="https://profwilliambyrnes.com/2026/02/20/supreme-court-nulls-the-trump-tariffs/?share=linkedin" 2908 target="_blank" 2909 aria-labelledby="sharing-linkedin-9496" 2910 > 2911 <span id="sharing-linkedin-9496" hidden>Share on LinkedIn (Opens in new window)</span> 2912 <span>LinkedIn</span> 2913 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 2914 data-shared="sharing-facebook-9496" 2915 class="share-facebook sd-button share-icon" 2916 href="https://profwilliambyrnes.com/2026/02/20/supreme-court-nulls-the-trump-tariffs/?share=facebook" 2917 target="_blank" 2918 aria-labelledby="sharing-facebook-9496" 2919 > 2920 <span id="sharing-facebook-9496" hidden>Share on Facebook (Opens in new window)</span> 2921 <span>Facebook</span> 2922 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 2923 data-shared="sharing-twitter-9496" 2924 class="share-twitter sd-button share-icon" 2925 href="https://profwilliambyrnes.com/2026/02/20/supreme-court-nulls-the-trump-tariffs/?share=twitter" 2926 target="_blank" 2927 aria-labelledby="sharing-twitter-9496" 2928 > 2929 <span id="sharing-twitter-9496" hidden>Share on X (Opens in new window)</span> 2930 <span>X</span> 2931 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 2932 data-shared="sharing-email-9496" 2933 class="share-email sd-button share-icon" 2934 href="mailto:?subject=%5BShared%20Post%5D%20Supreme%20Court%20Nulls%20the%20Trump%20Tariffs&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2026%2F02%2F20%2Fsupreme-court-nulls-the-trump-tariffs%2F&share=email" 2935 target="_blank" 2936 aria-labelledby="sharing-email-9496"
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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&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&M faculty colleagues Dr. <a href="https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=398344">Lorraine Eden</a>, Dr. <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5133805">Andrew Morriss,</a> and Dr. <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 OECDâs 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 âUnified Approachâ 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> 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 Nationsâ 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> 3000 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 âPractical Manual on Transfer Pricing for Developing Countriesâ (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 âfor clearer guidance on the policy and administrative aspects of applying transfer pricing analysis to some of the transactions of multinational enterprises (MNEs) in particular.â The UN Transfer Pricing Manual states that it is designed for application of the globally accepted âarmâs length standard.â In a communique released August 9, 2013, the Committee of Experts on International Cooperation in Tax Matters stated that the Committeeâs 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 armâs 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 armâs 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 armâs length principle. </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&Lang=E" rel="nofollow">http://www.un.org/ga/search/view_doc.asp?symbol=E/C.18/2013/4&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&Lang=E" rel="nofollow">http://www.un.org/ga/search/view_doc.asp?symbol=E/2014/45&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 OECDâs 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 OECDâs 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. âSafe harborsâ 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 Armâs 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"> o Part A relates to transfer pricing in a global environment;<br /><br /> o Part B contains guidance on design principles and policy considerations; this Part covers the substantive guidance on the armâs 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 /> o Part C addresses practical implementation of a transfer pricing regime in developing countries; and<br /><br /> 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 Mattersâ Practical Manual on Transfer Pricing for Developing Countries (Apr 4, 2017) (hereafter â2017 UN Manualâ). 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> </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 â2021 UN Manualâ. 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, âPromotion of inclusive and effective international tax cooperation at the United Nations.â 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> 3292 3293 3294 3295<p class="wp-block-paragraph"><strong>4. What About the Next Four Years (2025-2029) – An Overview of the UN’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 statesâ 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 â 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 2025â2029 term, come from diverse regions and serve in their personal capacities (they are nominated by governments but do not represent them directly). The groupâs mandate is to help countries craft âstronger and forward-lookingâ 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 countriesâ tax systems and boosting domestic resource mobilization (raising revenue at home) for development. This weekâs gathering marks the first meeting of the newly appointed membership. The primary focus of the agenda is to decide the Committeeâs 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 <a href="https://financing.desa.un.org/untc-31st-session-stakeholder-input">proposals</a> aimed at modernizing global tax norms for the Committeeâs 2025â2029 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 (âAIâ), 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> (21â24 Oct. 2025, Geneva).</p> 3316 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 ânexus without presenceâ 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 âdigital permanent establishment.â<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 armâs-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 submissionsâincluding those from France and several African statesârequesting 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 Unionâs 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 âgreeningâ 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 issuesâdigital taxation, corporate avoidance, environmental taxes, and transparencyâalready present substantial challenges, the Committeeâs 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. & 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 Intâl 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 2â3.</p> 3352 3353 3354 3355<p class="wp-block-paragraph"><a href="#_ftnref4">[4]</a> United Nations, Financing for Sustainable Development Office, âEnvironmental Taxationâ 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. & 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 & 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 multinationalsâ 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 â Mauritius and South Africa â 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. §§â¯5331â5333) (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 âtax techâ 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 âAI taxâ or the inclusion of AI services within digital services tax regimes.<a href="#_ftn4">[4]</a> Some scholars have even proposed a ârobot taxââa levy on corporations that substitute human labor with AI and automationâas 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 (âIRSâ) 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 Intâl 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 â
3391powerful tool for tax administrationsâ 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 Intâl 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 Intâl 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 2025â2029 (Sept. 2025), at 2â3 (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 & Bret Bogenschneider, âShould Robots Pay Taxes?â, 12 Harv. L. & Polây Rev. 145, 146â53 (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 Intâl 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 âAI taxâ 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. Depât 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 â including opening audits of 75 large partnerships â 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, & Rep. Harriet Hageman to Hon. Janet L. Yellen, U.S. Treasury Secretary (Mar. 20, 2024) (inquiring into the IRSâs use of AI to monitor taxpayersâ financial data without warrants, and citing concerns of âAI-powered warrantless financial surveillanceâ).</p> 3424 3425 3426 3427<p class="wp-block-paragraph"><strong>4.3 Health Taxes for Development â 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 â excise taxes on products like tobacco, alcohol, and sugary drinks that raise revenue and improve public health. Such taxes are sometimes called âsin taxes,â 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 1â3 (2021) (noting that well-designed health taxes on products like tobacco, alcohol, and sugary drinks can both raise revenues and significantly reduce harmful consumption â a âdouble dividendâ).</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 âSTTRâ Debate</strong></p> 3456 3457 3458 3459<p class="wp-block-paragraph">Even as the OECDâs 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) â 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 recipientâs country. Essentially, STTR is designed to prevent âdouble non-taxationâ 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 Nigeriaâs Federal Inland Revenue Service urged that it be prioritized and broadened. Nigeria noted some current proposals are too limited â for example, the OECDâs version excludes many transactions and has complex carve-outs â and it recommended a simpler rule to catch any payment that isnât taxed because the payee lacks a permanent establishment in the source country. Such a rule would strengthen developing countriesâ 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) â basically, if a multinationalâs 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 companyâs 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 âSignificant Economic Presenceâ </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 UNâs simpler STTR would likely
3463yield more revenue for developing countries than the OECDâs 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. Congressâ 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 â a scenario some lawmakers want to avoid. The UN Tax Committeeâs 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 OECDâs 9 percent STTR scope).</p> 3476 3477 3478 3479<p class="wp-block-paragraph"><a href="#_ftnref2">[2]</a> South Centre & G-24, Press Release: Country-Level Revenue Estimates â A Comparative Analysis of UN and OECD Subject to Tax Rules for 65 Member States (July 23, 2025) (reporting that the UNâs 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 â 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 UNâs 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 itâs 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 Committeeâs 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 â stakeholders arenât 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 âGender and Taxationâ 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 â say, a new UN handbook on health taxes or an outline for taxing remote work â it could mark a significant broadening of international tax cooperation. In the end, the 31st sessionâs expanded brief shows that tax is no longer a dry, isolated field; itâs 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> 3500 3501 3502 3503<p class="wp-block-paragraph"></p> 3504<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" 3505 data-shared="sharing-linkedin-9479" 3506 class="share-linkedin sd-button share-icon" 3507 href="https://profwilliambyrnes.com/2025/10/31/un-tax-committee-confronts-new-challenges-from-ai-to-health-taxes/?share=linkedin" 3508 target="_blank" 3509 aria-labelledby="sharing-linkedin-9479" 3510 > 3511 <span id="sharing-linkedin-9479" hidden>Share on LinkedIn (Opens in new window)</span> 3512 <span>LinkedIn</span> 3513 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 3514 data-shared="sharing-facebook-9479" 3515 class="share-facebook sd-button share-icon" 3516 href="https://profwilliambyrnes.com/2025/10/31/un-tax-committee-confronts-new-challenges-from-ai-to-health-taxes/?share=facebook" 3517 target="_blank" 3518 aria-labelledby="sharing-facebook-9479" 3519 > 3520 <span id="sharing-facebook-9479" hidden>Share on Facebook (Opens in new window)</span> 3521 <span>Facebook</span> 3522 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 3523 data-shared="sharing-twitter-9479" 3524 class="share-twitter sd-button share-icon" 3525 href="https://profwilliambyrnes.com/2025/10/31/un-tax-committee-confronts-new-challenges-from-ai-to-health-taxes/?share=twitter" 3526 target="_blank" 3527 aria-labelledby="sharing-twitter-9479" 3528 > 3529 <span id="sharing-twitter-9479" hidden>Share on X (Opens in new window)</span> 3530 <span>X</span> 3531 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 3532 data-shared="sharing-email-9479" 3533 class="share-email sd-button share-icon" 3534 href="mailto:?subject=%5BShared%20Post%5D%20UN%20Tax%20Committee%20Confronts%20New%20Challenges%20from%20AI%20to%20Health%20Taxes&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2025%2F10%2F31%2Fun-tax-committee-confronts-new-challenges-from-ai-to-health-taxes%2F&share=email" 3535 target="_blank" 3536 aria-labelledby="sharing-email-9479" 3537 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. 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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 BSAâs AML, CIP & SAR 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"> 3586 <div class="cs-rating pd-rating" id="pd_rating_holder_86568_post_9471"></div><br/> 3587<div data-wp-interactive="core/file" class="wp-block-file"><object data-wp-bind--hidden="!state.hasPdfPreview" hidden class="wp-block-file__embed" 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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> 3614<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" 3615 data-shared="sharing-linkedin-9471" 3616 class="share-linkedin sd-button share-icon" 3617 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/?share=linkedin" 3618 target="_blank" 3619 aria-labelledby="sharing-linkedin-9471" 3620 > 3621 <span id="sharing-linkedin-9471" hidden>Share on LinkedIn (Opens in new window)</span> 3622 <span>LinkedIn</span> 3623 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 3624 data-shared="sharing-facebook-9471" 3625 class="share-facebook sd-button share-icon" 3626 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/?share=facebook" 3627 target="_blank" 3628 aria-labelledby="sharing-facebook-9471" 3629 > 3630 <span id="sharing-facebook-9471" hidden>Share on Facebook (Opens in new window)</span> 3631 <span>Facebook</span> 3632 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 3633 data-shared="sharing-twitter-9471" 3634 class="share-twitter sd-button share-icon" 3635 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/?share=twitter" 3636 target="_blank" 3637 aria-labelledby="sharing-twitter-9471" 3638 > 3639 <span id="sharing-twitter-9471" hidden>Share on X (Opens in new window)</span> 3640 <span>X</span> 3641 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 3642 data-shared="sharing-email-9471" 3643 class="share-email sd-button share-icon" 3644 href="mailto:?subject=%5BShared%20Post%5D%20My%20Cambridge%20Plenary%20Presentation%3A%20Why%20is%20%245.5%20Trillion%20of%20U.S.%20AUM%20Exempt%20from%20the%20BSA%E2%80%99s%20AML%2C%20CIP%20%26%20SAR%20Rules%3F&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2025%2F09%2F08%2Fmy-cambridge-plenary-presentation-why-is-5-5-trillion-of-u-s-aum-exempt-from-the-bsas-aml-cip-sar-rules%2F&share=email" 3645 target="_blank" 3646 aria-labelledby="sharing-email-9471" 3647 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. 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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 »</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 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’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 – 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 ‘checking the books’ and investment marketing. </p> 3702 3703 3704 3705<p class="wp-block-paragraph">However, about 23,000 investment advisors are ‘Exempt Reporting Advisers’ (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’ 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;âor (2) is an adviser solely to one or more private funds and has less than $150 million AUMâin 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’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’s a burden in time and costs. Anyway, that rule was the last administration’s FinCEN. </p> 3714 3715 3716 3717<p class="wp-block-paragraph">This administration’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’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 ‘know your client’ or ‘KYC’ 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 3719 3720 3721<p class="wp-block-paragraph"><strong><em>Is bringing investment advisors with the scope of ‘know your client’ 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’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’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 ‘enough’ ($20 million?) and let the investment industry invest his wealth for his family to live on after the cancer took him (wouldn’t have made for a really engrossing series if he didn’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 – then passes the estate to his wife. </p> 3734 3735 3736 3737<p class="wp-block-paragraph">Does the investment advisor find Walter White’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’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’t. It’s Walter’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’s a few more filings? From an investment advisor’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’m of the (perhaps naive) belief that most financial advisors do not want to facilitate investment of criminals’ 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’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 ‘good guys’, 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 ‘do the right thing,’ when the right thing may not even be fit for its purpose. </p> 3754 3755 3756 3757<p class="wp-block-paragraph">I am confident that this topic warrants a scholarly paper. But it’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 ‘know your client’ 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> 3762<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" 3763 data-shared="sharing-linkedin-9441" 3764 class="share-linkedin sd-button share-icon" 3765 href="https://profwilliambyrnes.com/2025/07/23/is-bringing-investment-advisors-with-the-scope-of-kyc-and-sar-rules-too-much-or-much-needed/?share=linkedin" 3766 target="_blank" 3767 aria-labelledby="sharing-linkedin-9441" 3768 > 3769 <span id="sharing-linkedin-9441" hidden>Share on LinkedIn (Opens in new window)</span> 3770 <span>LinkedIn</span> 3771 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 3772 data-shared="sharing-facebook-9441" 3773 class="share-facebook sd-button share-icon" 3774 href="https://profwilliambyrnes.com/2025/07/23/is-bringing-investment-advisors-with-the-scope-of-kyc-and-sar-rules-too-much-or-much-needed/?share=facebook" 3775 target="_blank" 3776 aria-labelledby="sharing-facebook-9441" 3777 > 3778 <span id="sharing-facebook-9441" hidden>Share on Facebook (Opens in new window)</span> 3779 <span>Facebook</span> 3780 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 3781 data-shared="sharing-twitter-9441" 3782 class="share-twitter sd-button share-icon" 3783 href="https://profwilliambyrnes.com/2025/07/23/is-bringing-investment-advisors-with-the-scope-of-kyc-and-sar-rules-too-much-or-much-needed/?share=twitter" 3784 target="_blank" 3785 aria-labelledby="sharing-twitter-9441" 3786 > 3787 <span id="sharing-twitter-9441" hidden>Share on X (Opens in new window)</span> 3788 <span>X</span> 3789 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 3790 data-shared="sharing-email-9441" 3791 class="share-email sd-button share-icon" 3792 href="mailto:?subject=%5BShared%20Post%5D%20Is%20bringing%20investment%20advisors%20with%20the%20scope%20of%20KYC%20and%20SAR%20rules%20too%20much%20or%20much%20needed%3F&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2025%2F07%2F23%2Fis-bringing-investment-advisors-with-the-scope-of-kyc-and-sar-rules-too-much-or-much-needed%2F&share=email" 3793 target="_blank" 3794 aria-labelledby="sharing-email-9441"
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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> 3850 3851 3852 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> 3854 3855 3856 3857<p class="wp-block-paragraph">Let’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’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 – 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> 3858 3859 3860 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’ 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 – 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> 3862 3863 3864 3865<p class="wp-block-paragraph">Physicians’ 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> 3866 3867 3868 3869<p class="wp-block-paragraph">With high incomes relative to other professions, itâs 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> 3870 3871 3872 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> Franceâs 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, Canadaâs is $5,922, Germanyâs is $6,182, and the U.S.âs is double that: $12,434. But the U.S.â double the per capita health care spend does not buy better health outcomes. For 2022, the U.S.’s life expectancy of 77.43 was the worst of the four countries, Germany’s 80.71, <a href="https://www.cihi.ca/en/national-health-expenditure-trends">Canada</a>âs 81.30, and Franceâs 82.23. Of course, the other countries partly achieve lower costs through much lower physician compensation. These countries’ 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 3875 3876 3877<p class="wp-block-paragraph">As the physicians’ 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’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 3879 3880 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’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 (âAmLawâ) 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 3883 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 3887 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 3891 3892 3893<hr class="wp-block-separator has-alpha-channel-opacity" /> 3894 3895 3896 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 3899 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 3903 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> 3910 3911 3912 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 3915 3916 3917<p class="wp-block-paragraph"><a href="#_ftnref6" id="_ftn6">[6]</a> 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 3919 3920 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> 3922 3923 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): 13â20.</p> 3926 3927 3928 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> 3930 3931 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 3935 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> 3938 3939 3940 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 3943 3944 3945<p class="wp-block-paragraph"><a href="#_ftnref13" id="_ftn13">[13]</a> <em>National health expenditure data Historical</em>. Centers for Medicare & Medicaid Services, Dec. 18, 2024.</p> 3946 3947 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> 3954 3955 3956 3957<p class="wp-block-paragraph"><a href="#_ftnref16" id="_ftn16">[16]</a> Zachary Levinson, Scott Hulver, Jamie Godwin, and Tricia Neuman. <em>Key Facts About Hospitals</em>. KFF, Feb. 19, 2025.</p> 3958 3959 3960 3961<p class="wp-block-paragraph"><a href="#_ftnref17" id="_ftn17">[17]</a> Cohen, M., Maeda, J., & Pelech, Daria. <em>The Prices That Commercial Health Insurers and Medicare Pay for Hospitalsâ and Physiciansâ Services</em>. Congressional Budget Office, Jan. 2022.</p> 3962 3963 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> 3966 3967 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> 3970 3971 3972 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> 3974 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" 3987 data-shared="sharing-linkedin-9432" 3988 class="share-linkedin sd-button share-icon" 3989 href="https://profwilliambyrnes.com/2025/06/19/who-is-responsible-for-increasing-health-care-costs/?share=linkedin" 3990 target="_blank" 3991 aria-labelledby="sharing-linkedin-9432" 3992 > 3993 <span id="sharing-linkedin-9432" hidden>Share on LinkedIn (Opens in new window)</span> 3994 <span>LinkedIn</span> 3995 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 3996 data-shared="sharing-facebook-9432" 3997 class="share-facebook sd-button share-icon" 3998 href="https://profwilliambyrnes.com/2025/06/19/who-is-responsible-for-increasing-health-care-costs/?share=facebook" 3999 target="_blank" 4000 aria-labelledby="sharing-facebook-9432" 4001 > 4002 <span id="sharing-facebook-9432" hidden>Share on Facebook (Opens in new window)</span> 4003 <span>Facebook</span> 4004 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 4005 data-shared="sharing-twitter-9432" 4006 class="share-twitter sd-button share-icon" 4007 href="https://profwilliambyrnes.com/2025/06/19/who-is-responsible-for-increasing-health-care-costs/?share=twitter" 4008 target="_blank" 4009 aria-labelledby="sharing-twitter-9432" 4010 > 4011 <span id="sharing-twitter-9432" hidden>Share on X (Opens in new window)</span> 4012 <span>X</span> 4013 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 4014 data-shared="sharing-email-9432" 4015 class="share-email sd-button share-icon" 4016 href="mailto:?subject=%5BShared%20Post%5D%20Who%20is%20Responsible%20for%20Increasing%20Health%20Care%20Costs%3F&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2025%2F06%2F19%2Fwho-is-responsible-for-increasing-health-care-costs%2F&share=email" 4017 target="_blank" 4018 aria-labelledby="sharing-email-9432" 4019 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. 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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, OâConnor, 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 Reaganâs administrationâs 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 administrationâs 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 statuteâs 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 âare more properly addressed to legislators or administrators, not to judges.â<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 agencyâs regulatory choices if (the second step of analysis) – (a) the regulatory scheme is technical and complex, <a>(b) the agency considered the matter in a detailed and reasoned fashion, 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>Todayâs 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 âNew Jersey Fisheries caseâ.<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’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 doctrineâs 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 âMSAâ) 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 (âNMFSâ).<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 (âNE-FMCâ)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">âRespect,â 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 agencyâs actions, and set aside agency action, findings, and conclusions not per a statute.<a href="#_ftn15" id="_ftnref15">[15]</a> The majority concludes: âThe deference that Chevron requires of courts reviewing agency action cannot be squared with the APA.â<a href="#_ftn16" id="_ftnref16">[16]</a></p> 4112 4113 4114 4115<p class="wp-block-paragraph">Thus, the majority decision was: âCourts 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.â<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 âCRSâ) published an In Focus article regarding âThe Possible Elimination of Chevron Deference: Potential Implications for Tax Revenue and Administrationâ.<a href="#_ftn18" id="_ftnref18">[18]</a> The CRS stated that without Chevron’
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 âagreedâ or âsomewhat agreedâ that Chevron made them more willing to adopt âa more aggressive interpretation.â </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, Iâll add more thoughts and analysis about the end of Chevron on tax regulations and, in particular, for transfer pricing. Â </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&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&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&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&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. </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&context=1530671">Marbury v. Madison, 5 U.S. (1 Cranch) 137 (1803)</a>; The Administrative Procedure Act (APA), Pub. L. 79â404 (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&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 âarmâs length result is not simply any result that maximizes oneâs tax obligationsâ, Kluwer International Tax Blog (June 14, 2019), <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> 4218<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-en
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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’ impact on future 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 âMRTâ) 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 corporationâs shares.</p> 4302 4303 4304 4305<p class="wp-block-paragraph">A couple filing jointly as married taxpayers, Charles and Kathleen Moore (the âtaxpayerâ), 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 ârealizedâ to be taxed. The Federal District Court dismissed the suit, and the Ninth Circuit Court of Appeals affirmed that dismissal.</p> 4306 4307 4308 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’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 Courtâs three liberal Justices (Sotomayor, Kagan, and Jackson). Justice Jackson also wrote an ancillary concurring opinion.</p> 4310 4311 4312 4313<p class="wp-block-paragraph">The Court found that the MRT taxed the ârealizedâ income of the underlying foreign corporation KisanKraft, which the MRT attributed pro rata to the American shareholders. The five-judge majority stated that the Courtâs longstanding precedents confirm that Congress may attribute an entityâs 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 âthe gains and profits of all companies.â<a href="#_ftn3" id="_ftnref3">[3]</a> </p> 4314 4315 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. Also, the Court cautioned that its decision does not address the partiesâ disagreement over whether realization is a constitutional requirement for an income tax.</p> 4318 4319 4320 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> 4322 4323 4324 4325<p class="wp-block-paragraph">Justice Barrettâs concurrence presented contrarian arguments that will certainly be the focus of many tax professorsâ wrath and scowls: âSubpart F and the MRT may or may not be constitutional, nonarbitrary attributions of closely held foreign corporationsâ income to their shareholders.â<a href="#_ftn4" id="_ftnref4">[4]</a> The Justice first parsed âderivedâ and ârealizedâ.<a href="#_ftn5" id="_ftnref5">[5]</a> Then she diverged to set up the contrarian arguments.</p> 4326 4327 4328 4329<p class="wp-block-paragraph">She states that the government conceded ââ¦that a tax on the âtotal value ofâ the shares âat a particular point [in] timeâ is a âquintessential tax on propertyâ that must be apporti
4329oned.â She continued with the governmentâs approach: â⦠looking at property value across two points in time makes a difference, ⦠because then the tax targets appreciation rather than the assetâs value. As the Government sees it, Congress may tax without apportionment âall economic gainsâ measured ââbetween two points in time.ââ And the increase in value between Time A and Time B is âincome.ââ</p> 4330 4331 4332 4333<p class="wp-block-paragraph">At this point, Justice Barrett delivers the punch line: âThe Government is unable to cite a single decision upholding an unapportioned tax on appreciation. ⦠That is no surprise, because our precedent forecloses the Governmentâs argument.â Then she lays out the contrarian argument:<a href="#_ftn6" id="_ftnref6">[6]</a>  </p> 4334 4335 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 â[w]hether the taxpayer has realized income does not determine whether a tax is constitutional.â 36 F. 4th 930, 935 (2022). In its view, the âSupreme Court has made clear that realization of income is not a constitutional requirement.â <em>Id.</em>, at 936. <strong><em>The Ninth Circuit misread our cases</em></strong>. Contrary to its assertion, this Court has ânever abandoned the core requirement that income must be realized to be taxable without apporti
4338onment.â</p> 4339</blockquote> 4340 4341 4342 4343<p class="wp-block-paragraph">Justice Barrett concludes: âIn 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>âs admonition that Congress cannot âlook upon stockholders as partners . . . when they are notâ; Congress may not âindulge the fiction that they have received and realized a share of the profits of the companyâ when they have not.â<a href="#_ftn7" id="_ftnref7">[7]</a> Justice Thomas, as the author of the 33-page dissent, is more pointed: ââ¦the majorityâs âattributionâ doctrine is an unsupported invention.â<a href="#_ftn8" id="_ftnref8">[8]</a> He analyzes attempts to pass federal tax laws and their constitutionality from the nation’s founding through the Sixteenth Amendment, finding that Sixteenth Amendment âincomeâ is only <em>realized</em> income. He states in pertinent part: âThe 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 precedentsâmostly about tax avoidanceâto invent an âattributionâ doctrine that sustains the MRT.â</p> 4344 4345 4346 4347<hr class="wp-block-separator has-alpha-channel-opacity" /> 4348 4349 4350 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 4357 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>. </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&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&context=1530671">Moore 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&reporter=1290&cite=2024%20U.S.%20LEXIS%202711&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&reporter=1290&cite=2024%20U.S.%20LEXIS%202711&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&context=1530671">Moore v. United States, No. 22-800, 2024 U.S. LEXIS 2711, at *69 (June 20, 2024)</a>.</p> 4380 4381 4382 4383<p class="wp-block-paragraph"></p> 4384<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" 4385 data-shared="sharing-linkedin-9415" 4386 class="share-linkedin sd-button share-icon" 4387 href="https://profwilliambyrnes.com/2024/06/20/supreme-court-holds-constitutional-tax-on-u-s-shareholders-for-imputed-undistributed-income-of-foreign-corporations-but
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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 4469 4470 4471<p class="wp-block-paragraph" id="ember2928">Texasâ state budget for FY2024 is approximately $160 billion (it is enacted biennially, the total spending amount for 2024 and 2025 being $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 4473 4474 4475<p class="wp-block-paragraph" id="ember2929">Contrast Californiaâs 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. Californiaâs 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 4477 4478 4479<p class="wp-block-paragraph" id="ember2930">Texasâ potential budget spending approximately doubles when factoring in local general revenues, to $310.1 billion for FY2021 for example. Californiaâs combined state and local direct general expenditures were $574.8 billion in FY2021.[4]</p> 4480 4481 4482 4483<p class="wp-block-paragraph" id="ember2931">Consider one other state. New York state’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 Yorkâs 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] Texasâ nonstate local debt (e.g. county, school board, localities, water utilities, community colleges, hospitals) debt stood at $308 billion. Californiaâs 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] In addition, New York City has issued over $90 billion of outstanding debt as of FY2023.[11] The cumulative debt of New Yorkâs 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 4493 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’ sales tax rate is 8.25%, Los Angeles’ is 9.5%, and New York City’s is 8.875%. Very roughly, for the couple’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’ 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 4501 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’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’s a cost-discussion for another day.</p> 4504 4505 4506 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 Californiaâs Fiscal Outlook, Legislative Analystâs 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 Analystâs 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 – 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 Analystâs 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>. 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 State Fiscal Year 2024-25, NY State Assembly Ways & 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 4533 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) – 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>âs 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> 4572<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" 4573 data-shared="sharing-linkedin-9410" 4574 class="share-linkedin sd-button share-icon" 4575 href="https://profwilliambyrnes.com/2024/05/28/texas-california-and-new-york-expenditure-debt-tax-burden-for-2024/?share=linkedin" 4576 target="_blank" 4577 aria-labelledby="sharing-linkedin-9410" 4578 > 4579 <span id="sharing-linkedin-9410" hidden>Share on LinkedIn (Opens in new window)</span> 4580 <span>LinkedIn</span> 4581 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 4582 data-shared="sharing-facebook-9410" 4583 class="share-facebook sd-button share-icon" 4584 href="https://profwilliambyrnes.com/2024/05/28/texas-california-and-new-york-expenditure-debt-tax-burden-for-2024/?share=facebook" 4585 target="_blank" 4586 aria-labelledby="sharing-facebook-9410" 4587 > 4588 <span id="sharing-facebook-9410" hidden>Share on Facebook (Opens in new window)</span> 4589 <span>Facebook</span> 4590 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 4591 data-shared="sharing-twitter-9410" 4592 class="share-twitter sd-button share-icon" 4593 href="https://profwilliambyrnes.com/2024/05/28/texas-california-and-new-york-expenditure-debt-tax-burden-for-2024/?share=twitter" 4594 target="_blank" 4595 aria-labelledby="sharing-twitter-9410" 4596 > 4597 <span id="sharing-twitter-9410" hidden>Share on X (Opens in new window)</span> 4598 <span>X</span> 4599 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 4600 data-shared="sharing-email-9410" 4601 class="share-email sd-button share-icon" 4602 href="mailto:?subject=%5BShared%20Post%5D%20Texas%2C%20California%2C%20and%20New%20York%20expenditure%2C%20debt%2C%20tax%20burden%20for%202024&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2024%2F05%2F28%2Ftexas-california-and-new-york-expenditure-debt-tax-burden-for-2024%2F&share=email" 4603 target="_blank" 4604 aria-labelledby="sharing-email-9410"
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4655ift and an engraved gold Texas A&M watch. Texas A&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">“The Distinguished Achievement Award, generously funded by The Association of Former Students, is among the most prestigious awards presented to Texas A&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.”</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&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">“Congratulations again on this honor and thank you for your outstanding contributions to our university!”, President Welch wrote in closing.</p> 4670 4671 4672 4673<p class="wp-block-paragraph">Professor Byrnes responded, “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.” </p> 4674 4675 4676 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="{"aperture":"1.8","camera":"SM-S908U","created_timestamp":"1716282676","focal_length":"6.4","iso":"320","shutter_speed":"0.0083","orientation":"1","latitude":"32.748353399722","longitude":"-97.325551399722"}" 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 4679 4680 4681<p class="wp-block-paragraph">“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”, added Professor Byrnes. “One of the articles will be a policy analysis of Congress and the IRS’ 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 – a topic my Texas A&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&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&M’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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data-shared="sharing-print-9399" 4755 class="share-print sd-button share-icon" 4756 href="https://profwilliambyrnes.com/2024/05/24/texas-am-university-law-professor-honored-with-distinguished-achievement-award/?share=print" 4757 target="_blank" 4758 aria-labelledby="sharing-print-9399" 4759 > 4760 <span id="sharing-print-9399" hidden>Print (Opens in new window)</span> 4761 <span>Print</span> 4762 </a></li><li class="share-end"></li></ul></div></div></div><div class='sharedaddy sd-block sd-like jetpack-likes-widget-wrapper jetpack-likes-widget-unloaded' id='like-post-wrapper-8589873-9399-6abe6ad17269d' data-src='//widgets.wp.com/likes/index.html?ver=20261001#blog_id=8589873&post_id=9399&origin=williambyrnes.wordpress.com&obj_id=8589873-9399-6abe6ad17269d&domain=profwilliambyrnes.com' data-name='like-post-frame-8589873-9399-6abe6ad17269d' data-title='Like or Reblog'><div class='likes-widget-placeholder post-likes-widget-placeholder' style='height: 55px;'><span class='button'><span>Like</span></span> <span class='loading'>Loading...</span></div><span class='sd-text-color'></span><a class='sd-link-color'></a></div></div> </div> 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 »</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 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! Iâm Professor William Byrnes of Texas A&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’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 balanceâover $750,000.</li> 4791 4792 4793 4794<li><strong>Advisors’ 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 holderâs 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 personâs 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’t married and does not have children, then the succession law will favor the immediate family. In the federal court case Iâll 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 & Gamble v. Estate of Jeffrey Rolison</strong></p> 4820 4821 4822 4823<p class="wp-block-paragraph">Letâs 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 & Gamble for 30 years, participated in the Procter & Gamble employee retirement plan. In 1987, when Mr. Rolison provided his personal information to his employerâs 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&rel=1&showsearch=0&showinfo=1&iv_load_policy=1&fs=1&hl=en&autohide=2&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 & Gamble retirement plan paid out the account balance, which had grown to $754,000, to the ex-girlfriend. The administrator of Jeffrey Rolison’s estate sued the Procter & 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. </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 & 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’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 beneficiaryâs 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 holderâs 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’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&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 & 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> 4878<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-en
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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 »</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 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’ (Texas A&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 4963 4964 4965<figure class="wp-block-image size-large"><img data-attachment-id="9375" data-permalink="https://profwilliambyrnes.com/2023/08/21/beware-the-roth-conversion-penalty-trap/screenshot_20230821_100717_taxfacts/" 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data-shared="sharing-print-9373" 5129 class="share-print sd-button share-icon" 5130 href="https://profwilliambyrnes.com/2023/08/09/byrnes-and-bloinks-tax-facts-intelligence-july-2023-wealth-building-strategy-articles/?share=print" 5131 target="_blank" 5132 aria-labelledby="sharing-print-9373" 5133 > 5134 <span id="sharing-print-9373" hidden>Print (Opens in new window)</span> 5135 <span>Print</span> 5136 </a></li><li class="share-end"></li></ul></div></div></div><div class='sharedaddy sd-block sd-like jetpack-likes-widget-wrapper jetpack-likes-widget-unloaded' id='like-post-wrapper-8589873-9373-6abe6ad179d54' data-src='//widgets.wp.com/likes/index.html?ver=20261001#blog_id=8589873&post_id=9373&origin=williambyrnes.wordpress.com&obj_id=8589873-9373-6abe6ad179d54&domain=profwilliambyrnes.com' data-name='like-post-frame-8589873-9373-6abe6ad179d54' data-title='Like or Reblog'><div class='likes-widget-placeholder post-likes-widget-placeholder' style='height: 55px;'><span class='button'><span>Like</span></span> <span class='loading'>Loading...</span></div><span class='sd-text-color'></span><a class='sd-link-color'></a></div></div> </div> 5137 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 »</a></p> 5139 </div> 5140 5141 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 & Transfer Pricing Certificates or Master Degree at Texas A&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> 5148 5149 5150 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 5153 5154 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 & 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="http://law.tamu.edu/distance-education/international-tax">law.tamu.edu/distance-education/international-tax</a>.</p> 5156 5157 5158 5159<p class="wp-block-paragraph">Texas A&M’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 â Highest Research Activity) and one of only 17 universities that hold the triple U.S. federal grant of Land, Sea, and Space! Texas A&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 âgold standardâ jobs for 2022 – the third consecutive year the law school has ranked in the top 10 nationally for gold-standard employment outcomes. The law school’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&M AggieLand North</a> $1.2 billion dollar investment.</p> 5160 5161 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 – Methods, Econometrics, and Tangibles – <em>January start</em></li> 5169 5170 5171 5172<li>Transfer Pricing II – Services and Intangibles – <em>March start</em></li> 5173 5174 5175 5176<li>International Tax Risk Management I – Data, Analytics, and Technology</li> 5177 5178 5179 5180<li>International Taxation and Treaties – residency issues – <em>August start</em></li> 5181 5182 5183 5184<li>International Taxation and Treaties – source issues – <em>October start</em></li> 5185 5186 5187 5188<li>Inhouse Tax Counsel: Tax Systems and Risk Management – <em>Fall</em></li> 5189 5190 5191 5192<li>International Tax Risk Management II – Data, Analytics, and Technology</li> 5193 5194 5195 5196<li>U.S. International Tax Risk Management – Data and Analytics – <em>Spring </em></li> 5197 5198 5199 5200<li>U.S. International Tax Risk Management – Law and Regulation – <em>Summer</em></li> 5201 5202 5203 5204<li>FATCA, CRS, and AEoI Risk Management –<em> Summer</em></li> 5205</ul> 5206 5207 5208 5209<p class="wp-block-paragraph"><strong><em>Texas A&M Rankings and Stats</em></strong></p> 5210 5211 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> 5215 5216 5217 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 5220 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 5224 5225 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> 5227 5228 5229 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> 5231 5232 5233 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li> 5235 5236 5237 5238<li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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> 5240<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" 5241 data-shared="sharing-linkedin-9360" 5242 class="share-linkedin sd-button share-icon" 5243 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Over 850 enrolled, the enrollment for a course’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> <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> 5330 5331 5332 5333<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> 5334 5335 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%–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’s required contribution for self-only coverage does not exceed 9.61% of the employee’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> 5338 5339 5340 5341<p class="wp-block-paragraph"><strong>Should Your Client Offer Health Coverage Benefits to Independent Contractors?  </strong>In today’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’s also possible that the employer could become subject to M-1 filing requirements–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> 5342 5343 5344 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’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’s logic, while the actively managed funds may be more expensive, that alone wouldn’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’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’ 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’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 5355 5356 5357<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 5393 data-shared="sharing-linkedin-9339" 5394 class="share-linkedin sd-button share-icon" 5395 href="https://profwilliambyrnes.com/2022/12/29/taxfacts-intelligence-december-29-2022/?share=linkedin" 5396 target="_blank" 5397 aria-labelledby="sharing-linkedin-9339" 5398 > 5399 <span id="sharing-linkedin-9339" hidden>Share on LinkedIn (Opens in new window)</span> 5400 <span>LinkedIn</span> 5401 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 5402 data-shared="sharing-facebook-9339" 5403 class="share-facebook sd-button share-icon" 5404 href="https://profwilliambyrnes.com/2022/12/29/taxfacts-intelligence-december-29-2022/?share=facebook" 5405 target="_blank" 5406 aria-labelledby="sharing-facebook-9339" 5407 > 5408 <span id="sharing-facebook-9339" hidden>Share on Facebook (Opens in new window)</span> 5409 <span>Facebook</span> 5410 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 5411 data-shared="sharing-twitter-9339" 5412 class="share-twitter sd-button share-icon" 5413 href="https://profwilliambyrnes.com/2022/12/29/taxfacts-intelligence-december-29-2022/?share=twitter" 5414 target="_blank" 5415 aria-labelledby="sharing-twitter-9339" 5416 > 5417 <span id="sharing-twitter-9339" hidden>Share on X (Opens in new window)</span> 5418 <span>X</span> 5419 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 5420 data-shared="sharing-email-9339" 5421 class="share-email sd-button share-icon" 5422 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20December%2029%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F12%2F29%2Ftaxfacts-intelligence-december-29-2022%2F&share=email" 5423 target="_blank" 5424 aria-labelledby="sharing-email-9339"
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Over 850 enrolled, the enrollment for a course’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> <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> 5482 5483 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> 5486 5487 5488 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 “covered employee” 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’s likely that many more cities may consider implementing their own programs in light of gas price increases–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> 5490 5491 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’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 5495 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’s estate–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’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 5499 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’s wealth preservation and growth.</p> 5502 5503 5504 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&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 5545 data-shared="sharing-linkedin-9332" 5546 class="share-linkedin sd-button share-icon" 5547 href="https://profwilliambyrnes.com/2022/12/27/taxfacts-intelligence-december-27-2022/?share=linkedin" 5548 target="_blank" 5549 aria-labelledby="sharing-linkedin-9332" 5550 > 5551 <span id="sharing-linkedin-9332" hidden>Share on LinkedIn (Opens in new window)</span> 5552 <span>LinkedIn</span> 5553 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 5554 data-shared="sharing-facebook-9332" 5555 class="share-facebook sd-button share-icon" 5556 href="https://profwilliambyrnes.com/2022/12/27/taxfacts-intelligence-december-27-2022/?share=facebook" 5557 target="_blank" 5558 aria-labelledby="sharing-facebook-9332" 5559 > 5560 <span id="sharing-facebook-9332" hidden>Share on Facebook (Opens in new window)</span> 5561 <span>Facebook</span> 5562 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 5563 data-shared="sharing-twitter-9332" 5564 class="share-twitter sd-button share-icon" 5565 href="https://profwilliambyrnes.com/2022/12/27/taxfacts-intelligence-december-27-2022/?share=twitter" 5566 target="_blank" 5567 aria-labelledby="sharing-twitter-9332" 5568 > 5569 <span id="sharing-twitter-9332" hidden>Share on X (Opens in new window)</span> 5570 <span>X</span> 5571 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 5572 data-shared="sharing-email-9332" 5573 class="share-email sd-button share-icon" 5574 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20December%2027%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F12%2F27%2Ftaxfacts-intelligence-december-27-2022%2F&share=email" 5575 target="_blank" 5576 aria-labelledby="sharing-email-9332"
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Over 850 enrolled, the enrollment for a course’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> <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’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’s sales tax rules. This guidance is the first to emerge at the state level and, while it only applies in Washington, it’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’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’s address that’s given in the seller’s records. If these three rules don’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’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’s location, but seems to imply that the location of the seller’s server would be the deemed location if the seller does not take steps to identify the buyer’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’s required contribution for self-only coverage does not exceed 9.12% of the employee’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’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’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&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 â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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> 5696<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" 5697 data-shared="sharing-linkedin-9328" 5698 class="share-linkedin sd-button share-icon" 5699 href="https://profwilliambyrnes.com/2022/12/22/taxfacts-intelligence-december-22-2022/?share=linkedin" 5700 target="_blank" 5701 aria-labelledby="sharing-linkedin-9328" 5702 > 5703 <span id="sharing-linkedin-9328" hidden>Share on LinkedIn (Opens in new window)</span> 5704 <span>LinkedIn</span> 5705 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 5706 data-shared="sharing-facebook-9328" 5707 class="share-facebook sd-button share-icon" 5708 href="https://profwilliambyrnes.com/2022/12/22/taxfacts-intelligence-december-22-2022/?share=facebook" 5709 target="_blank" 5710 aria-labelledby="sharing-facebook-9328" 5711 > 5712 <span id="sharing-facebook-9328" hidden>Share on Facebook (Opens in new window)</span> 5713 <span>Facebook</span> 5714 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 5715 data-shared="sharing-twitter-9328" 5716 class="share-twitter sd-button share-icon" 5717 href="https://profwilliambyrnes.com/2022/12/22/taxfacts-intelligence-december-22-2022/?share=twitter" 5718 target="_blank" 5719 aria-labelledby="sharing-twitter-9328" 5720 > 5721 <span id="sharing-twitter-9328" hidden>Share on X (Opens in new window)</span> 5722 <span>X</span> 5723 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 5724 data-shared="sharing-email-9328" 5725 class="share-email sd-button share-icon" 5726 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20December%2022%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F12%2F22%2Ftaxfacts-intelligence-december-22-2022%2F&share=email" 5727 target="_blank" 5728 aria-labelledby="sharing-email-9328"
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Over 850 enrolled, the enrollment for a course’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> <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 5787 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’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’s “book income” 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 5795 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 5799 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’s favorable opinion letter and will be treated as individually designed plans. When a plan is individually designed, there’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’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 5811 5812 5813<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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> 5848<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" 5849 data-shared="sharing-linkedin-9326" 5850 class="share-linkedin sd-button share-icon" 5851 href="https://profwilliambyrnes.com/2022/12/21/taxfacts-intelligence-december-21-2022/?share=linkedin" 5852 target="_blank" 5853 aria-labelledby="sharing-linkedin-9326" 5854 > 5855 <span id="sharing-linkedin-9326" hidden>Share on LinkedIn (Opens in new window)</span> 5856 <span>LinkedIn</span> 5857 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 5858 data-shared="sharing-facebook-9326" 5859 class="share-facebook sd-button share-icon" 5860 href="https://profwilliambyrnes.com/2022/12/21/taxfacts-intelligence-december-21-2022/?share=facebook" 5861 target="_blank" 5862 aria-labelledby="sharing-facebook-9326" 5863 > 5864 <span id="sharing-facebook-9326" hidden>Share on Facebook (Opens in new window)</span> 5865 <span>Facebook</span> 5866 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 5867 data-shared="sharing-twitter-9326" 5868 class="share-twitter sd-button share-icon" 5869 href="https://profwilliambyrnes.com/2022/12/21/taxfacts-intelligence-december-21-2022/?share=twitter" 5870 target="_blank" 5871 aria-labelledby="sharing-twitter-9326" 5872 > 5873 <span id="sharing-twitter-9326" hidden>Share on X (Opens in new window)</span> 5874 <span>X</span> 5875 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 5876 data-shared="sharing-email-9326" 5877 class="share-email sd-button share-icon" 5878 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20December%2021%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F12%2F21%2Ftaxfacts-intelligence-december-21-2022%2F&share=email" 5879 target="_blank" 5880 aria-labelledby="sharing-email-9326"
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Over 850 enrolled, the enrollment for a course’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> <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’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 “Energy Efficient Home Improvement Credit” 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 taxpayerâs 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 âexcess business lossâ 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’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’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’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 5955 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’s wealth preservation and growth.</p> 5958 5959 5960 5961<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 5962 5963 5964 5965<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 â 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 5972 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li> 5991 5992 5993 5994<li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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 5996 5997 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" 6001 data-shared="sharing-linkedin-9323" 6002 class="share-linkedin sd-button share-icon" 6003 href="https://profwilliambyrnes.com/2022/12/19/taxfacts-intelligence-december-19-2022/?share=linkedin" 6004 target="_blank" 6005 aria-labelledby="sharing-linkedin-9323" 6006 > 6007 <span id="sharing-linkedin-9323" hidden>Share on LinkedIn (Opens in new window)</span> 6008 <span>LinkedIn</span> 6009 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 6010 data-shared="sharing-facebook-9323" 6011 class="share-facebook sd-button share-icon" 6012 href="https://profwilliambyrnes.com/2022/12/19/taxfacts-intelligence-december-19-2022/?share=facebook" 6013 target="_blank" 6014 aria-labelledby="sharing-facebook-9323" 6015 > 6016 <span id="sharing-facebook-9323" hidden>Share on Facebook (Opens in new window)</span> 6017 <span>Facebook</span> 6018 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 6019 data-shared="sharing-twitter-9323" 6020 class="share-twitter sd-button share-icon" 6021 href="https://profwilliambyrnes.com/2022/12/19/taxfacts-intelligence-december-19-2022/?share=twitter" 6022 target="_blank" 6023 aria-labelledby="sharing-twitter-9323" 6024 > 6025 <span id="sharing-twitter-9323" hidden>Share on X (Opens in new window)</span> 6026 <span>X</span> 6027 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 6028 data-shared="sharing-email-9323" 6029 class="share-email sd-button share-icon" 6030 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20December%2019%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F12%2F19%2Ftaxfacts-intelligence-december-19-2022%2F&share=email" 6031 target="_blank" 6032 aria-labelledby="sharing-email-9323"
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Over 850 enrolled, the enrollment for a course’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> 6086 6087 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> <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> 6090 6091 6092 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–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’s premium subsidy extension could impact employer-sponsored health coverage–and a note on the retirement-related bills making their way through Congress. </p> 6094 6095 6096 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’s inflationary environment. One potential solution is an education savings account (ESA). ESAs are relatively easy to establish and don’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’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> 6098 6099 6100 6101<p class="wp-block-paragraph"><strong>Focus on SECURE Act 2.0: What’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> 6102 6103 6104 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> 6106 6107 6108 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’s wealth preservation and growth.</p> 6110 6111 6112 6113<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 6114 6115 6116 6117<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 6153 data-shared="sharing-linkedin-9314" 6154 class="share-linkedin sd-button share-icon" 6155 href="https://profwilliambyrnes.com/2022/12/16/taxfacts-intelligence-december-14-2022/?share=linkedin" 6156 target="_blank" 6157 aria-labelledby="sharing-linkedin-9314" 6158 > 6159 <span id="sharing-linkedin-9314" hidden>Share on LinkedIn (Opens in new window)</span> 6160 <span>LinkedIn</span> 6161 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 6162 data-shared="sharing-facebook-9314" 6163 class="share-facebook sd-button share-icon" 6164 href="https://profwilliambyrnes.com/2022/12/16/taxfacts-intelligence-december-14-2022/?share=facebook" 6165 target="_blank" 6166 aria-labelledby="sharing-facebook-9314" 6167 > 6168 <span id="sharing-facebook-9314" hidden>Share on Facebook (Opens in new window)</span> 6169 <span>Facebook</span> 6170 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 6171 data-shared="sharing-twitter-9314" 6172 class="share-twitter sd-button share-icon" 6173 href="https://profwilliambyrnes.com/2022/12/16/taxfacts-intelligence-december-14-2022/?share=twitter" 6174 target="_blank" 6175 aria-labelledby="sharing-twitter-9314" 6176 > 6177 <span id="sharing-twitter-9314" hidden>Share on X (Opens in new window)</span> 6178 <span>X</span> 6179 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 6180 data-shared="sharing-email-9314" 6181 class="share-email sd-button share-icon" 6182 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20December%2016%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F12%2F16%2Ftaxfacts-intelligence-december-14-2022%2F&share=email" 6183 target="_blank" 6184 aria-labelledby="sharing-email-9314" 6185 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. You may need to create a new email yourself." data-email-sh
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Over 850 enrolled, the enrollment for a course’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> <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 vehicleâs cost, whichever is less. Used electric vehicles only qualify if theyâre 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’t Dismiss Amazon Employee’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’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 & 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’t need those funds to cover living expenses while they’re still working. Clients need to understand that RMDs are not eligible for rollover. The client must take their RMD before completing the rollover–and the first distribution from the plan counts toward the RMD if the client is subject to RMD requirements (the client can’t roll funds into an IRA and take their RMD later in the year). Further, 401(k) RMDs can’t be taken from the client’s IRA–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–at which point, those funds become subject to the rules governing IRAs (not the 401(k) rules, so the “still working” exception won’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’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&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 6305 data-shared="sharing-linkedin-9319" 6306 class="share-linkedin sd-button share-icon" 6307 href="https://profwilliambyrnes.com/2022/12/14/taxfacts-intelligence-december-16-2022/?share=linkedin" 6308 target="_blank" 6309 aria-labelledby="sharing-linkedin-9319" 6310 > 6311 <span id="sharing-linkedin-9319" hidden>Share on LinkedIn (Opens in new window)</span> 6312 <span>LinkedIn</span> 6313 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 6314 data-shared="sharing-facebook-9319" 6315 class="share-facebook sd-button share-icon" 6316 href="https://profwilliambyrnes.com/2022/12/14/taxfacts-intelligence-december-16-2022/?share=facebook" 6317 target="_blank" 6318 aria-labelledby="sharing-facebook-9319" 6319 > 6320 <span id="sharing-facebook-9319" hidden>Share on Facebook (Opens in new window)</span> 6321 <span>Facebook</span> 6322 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 6323 data-shared="sharing-twitter-9319" 6324 class="share-twitter sd-button share-icon" 6325 href="https://profwilliambyrnes.com/2022/12/14/taxfacts-intelligence-december-16-2022/?share=twitter" 6326 target="_blank" 6327 aria-labelledby="sharing-twitter-9319" 6328 > 6329 <span id="sharing-twitter-9319" hidden>Share on X (Opens in new window)</span> 6330 <span>X</span> 6331 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 6332 data-shared="sharing-email-9319" 6333 class="share-email sd-button share-icon" 6334 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20December%2014%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F12%2F14%2Ftaxfacts-intelligence-december-16-2022%2F&share=email" 6335 target="_blank" 6336 aria-labelledby="sharing-email-9319"
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Over 850 enrolled, the enrollment for a course’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> <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’
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 employerâor in business for themselves. The current test prioritizes (1) the worker’s degree of control over the work performed, and (2) the workerâs opportunity for profit or loss. Biden’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’s acts. The court vacated the Biden administration’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’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’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’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’t required to factor in the client’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’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&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 6457 data-shared="sharing-linkedin-9312" 6458 class="share-linkedin sd-button share-icon" 6459 href="https://profwilliambyrnes.com/2022/12/12/taxfacts-intelligence-december-12-2022/?share=linkedin" 6460 target="_blank" 6461 aria-labelledby="sharing-linkedin-9312" 6462 > 6463 <span id="sharing-linkedin-9312" hidden>Share on LinkedIn (Opens in new window)</span> 6464 <span>LinkedIn</span> 6465 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 6466 data-shared="sharing-facebook-9312" 6467 class="share-facebook sd-button share-icon" 6468 href="https://profwilliambyrnes.com/2022/12/12/taxfacts-intelligence-december-12-2022/?share=facebook" 6469 target="_blank" 6470 aria-labelledby="sharing-facebook-9312" 6471 > 6472 <span id="sharing-facebook-9312" hidden>Share on Facebook (Opens in new window)</span> 6473 <span>Facebook</span> 6474 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 6475 data-shared="sharing-twitter-9312" 6476 class="share-twitter sd-button share-icon" 6477 href="https://profwilliambyrnes.com/2022/12/12/taxfacts-intelligence-december-12-2022/?share=twitter" 6478 target="_blank" 6479 aria-labelledby="sharing-twitter-9312" 6480 > 6481 <span id="sharing-twitter-9312" hidden>Share on X (Opens in new window)</span> 6482 <span>X</span> 6483 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 6484 data-shared="sharing-email-9312" 6485 class="share-email sd-button share-icon" 6486 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20December%2012%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F12%2F12%2Ftaxfacts-intelligence-december-12-2022%2F&share=email" 6487 target="_blank" 6488 aria-labelledby="sharing-email-9312"
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Over 850 enrolled, the enrollment for a course’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> <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> 6546 6547 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 6551 6552 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 6555 6556 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> 6558 6559 6560 6561<p class="wp-block-paragraph"><strong>Can DCAPs Reimburse Employees for âHold-the-Spotâ Fees? </strong>As more offices are reopening in our current âpost-COVIDâ 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’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 6563 6564 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’s wealth preservation and growth.</p> 6566 6567 6568 6569<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 6570 6571 6572 6573<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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> 6574 6575 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 6580 6581 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 6588 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li> 6599 6600 6601 6602<li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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> 6603 6604 6605 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" 6609 data-shared="sharing-linkedin-9310" 6610 class="share-linkedin sd-button share-icon" 6611 href="https://profwilliambyrnes.com/2022/12/09/taxfacts-intelligence-december-9-2022/?share=linkedin" 6612 target="_blank" 6613 aria-labelledby="sharing-linkedin-9310" 6614 > 6615 <span id="sharing-linkedin-9310" hidden>Share on LinkedIn (Opens in new window)</span> 6616 <span>LinkedIn</span> 6617 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 6618 data-shared="sharing-facebook-9310" 6619 class="share-facebook sd-button share-icon" 6620 href="https://profwilliambyrnes.com/2022/12/09/taxfacts-intelligence-december-9-2022/?share=facebook" 6621 target="_blank" 6622 aria-labelledby="sharing-facebook-9310" 6623 > 6624 <span id="sharing-facebook-9310" hidden>Share on Facebook (Opens in new window)</span> 6625 <span>Facebook</span> 6626 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 6627 data-shared="sharing-twitter-9310" 6628 class="share-twitter sd-button share-icon" 6629 href="https://profwilliambyrnes.com/2022/12/09/taxfacts-intelligence-december-9-2022/?share=twitter" 6630 target="_blank" 6631 aria-labelledby="sharing-twitter-9310" 6632 > 6633 <span id="sharing-twitter-9310" hidden>Share on X (Opens in new window)</span> 6634 <span>X</span> 6635 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 6636 data-shared="sharing-email-9310" 6637 class="share-email sd-button share-icon" 6638 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20December%209%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F12%2F09%2Ftaxfacts-intelligence-december-9-2022%2F&share=email" 6639 target="_blank" 6640 aria-labelledby="sharing-email-9310"
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Over 850 enrolled, the enrollment for a course’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> 6694 6695 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> <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> 6698 6699 6700 6701<p class="wp-block-paragraph">Today’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–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–and a reminder for clients who have taken advantage of the six-month tax filing extension. Read on for more.</p> 6702 6703 6704 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’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–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–which could boost the overall health of the retirement plan and help the employer satisfy the IRS’ 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> 6706 6707 6708 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’s rates). That may increase the plan’s liquidity needs and also decrease the plan’s funding status. A significant decrease in funding status could subject the plan to IRC Section 436’s prohibition or limitations on paying lump sums at all. It’s important for plan sponsors to start planning now–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> 6710 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’ announcement, taxpayers who are waiting for their 2020 returns to process because of IRS backups in its workload, can enter “$0” 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’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&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 â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 6761 data-shared="sharing-linkedin-9307" 6762 class="share-linkedin sd-button share-icon" 6763 href="https://profwilliambyrnes.com/2022/12/07/taxfacts-intelligence-december-7-2022/?share=linkedin" 6764 target="_blank" 6765 aria-labelledby="sharing-linkedin-9307" 6766 > 6767 <span id="sharing-linkedin-9307" hidden>Share on LinkedIn (Opens in new window)</span> 6768 <span>LinkedIn</span> 6769 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 6770 data-shared="sharing-facebook-9307" 6771 class="share-facebook sd-button share-icon" 6772 href="https://profwilliambyrnes.com/2022/12/07/taxfacts-intelligence-december-7-2022/?share=facebook" 6773 target="_blank" 6774 aria-labelledby="sharing-facebook-9307" 6775 > 6776 <span id="sharing-facebook-9307" hidden>Share on Facebook (Opens in new window)</span> 6777 <span>Facebook</span> 6778 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 6779 data-shared="sharing-twitter-9307" 6780 class="share-twitter sd-button share-icon" 6781 href="https://profwilliambyrnes.com/2022/12/07/taxfacts-intelligence-december-7-2022/?share=twitter" 6782 target="_blank" 6783 aria-labelledby="sharing-twitter-9307" 6784 > 6785 <span id="sharing-twitter-9307" hidden>Share on X (Opens in new window)</span> 6786 <span>X</span> 6787 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 6788 data-shared="sharing-email-9307" 6789 class="share-email sd-button share-icon" 6790 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20December%207%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F12%2F07%2Ftaxfacts-intelligence-december-7-2022%2F&share=email" 6791 target="_blank" 6792 aria-labelledby="sharing-email-9307" 6793 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. 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Over 850 enrolled, the enrollment for a course’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> <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’s also time for many small business clients to start their 401(k) restatement process. Finally, in the midst of the so-called “Great Resignation,” it’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’s true even if the client hasn’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’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’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 employeeâs 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 employeeâs second year of service with the employerâemployer 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’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&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 6913 data-shared="sharing-linkedin-9304" 6914 class="share-linkedin sd-button share-icon" 6915 href="https://profwilliambyrnes.com/2022/12/05/taxfacts-intelligence-december-5-2022/?share=linkedin" 6916 target="_blank" 6917 aria-labelledby="sharing-linkedin-9304" 6918 > 6919 <span id="sharing-linkedin-9304" hidden>Share on LinkedIn (Opens in new window)</span> 6920 <span>LinkedIn</span> 6921 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 6922 data-shared="sharing-facebook-9304" 6923 class="share-facebook sd-button share-icon" 6924 href="https://profwilliambyrnes.com/2022/12/05/taxfacts-intelligence-december-5-2022/?share=facebook" 6925 target="_blank" 6926 aria-labelledby="sharing-facebook-9304" 6927 > 6928 <span id="sharing-facebook-9304" hidden>Share on Facebook (Opens in new window)</span> 6929 <span>Facebook</span> 6930 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 6931 data-shared="sharing-twitter-9304" 6932 class="share-twitter sd-button share-icon" 6933 href="https://profwilliambyrnes.com/2022/12/05/taxfacts-intelligence-december-5-2022/?share=twitter" 6934 target="_blank" 6935 aria-labelledby="sharing-twitter-9304" 6936 > 6937 <span id="sharing-twitter-9304" hidden>Share on X (Opens in new window)</span> 6938 <span>X</span> 6939 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 6940 data-shared="sharing-email-9304" 6941 class="share-email sd-button share-icon" 6942 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20December%205%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F12%2F05%2Ftaxfacts-intelligence-december-5-2022%2F&share=email" 6943 target="_blank" 6944 aria-labelledby="sharing-email-9304"
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Over 850 enrolled, the enrollment for a course’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> <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 “family glitch” fix creates any new obligations at the employer level–or merely provides potential new benefits for an employee’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 âFamily Glitch.â </strong>The IRS proposed regulations of May 2022 fix the so-called “family glitch” under the Affordable Care Act. Under current law, a family’s ACA marketplace subsidy eligibility is based on the employee’s cost for employee-only coverage (not the cost of the employee’s family coverage). So, if the employee’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’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’s obligations would continue to be based on whether the employee’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’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’s labor shortage. Those business clients should be reminded about the DOL’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’ 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–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’s likely that the DOL could require the bonus to be considered when determining the employee’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 âGreat Resignation.â </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 spouseâs 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 spouseâs 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 spouseâs 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’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&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 â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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> 7064<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" 7065 data-shared="sharing-linkedin-9302" 7066 class="share-linkedin sd-button share-icon" 7067 href="https://profwilliambyrnes.com/2022/12/02/taxfacts-intelligence-december-2-2022/?share=linkedin" 7068 target="_blank" 7069 aria-labelledby="sharing-linkedin-9302" 7070 > 7071 <span id="sharing-linkedin-9302" hidden>Share on LinkedIn (Opens in new window)</span> 7072 <span>LinkedIn</span> 7073 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 7074 data-shared="sharing-facebook-9302" 7075 class="share-facebook sd-button share-icon" 7076 href="https://profwilliambyrnes.com/2022/12/02/taxfacts-intelligence-december-2-2022/?share=facebook" 7077 target="_blank" 7078 aria-labelledby="sharing-facebook-9302" 7079 > 7080 <span id="sharing-facebook-9302" hidden>Share on Facebook (Opens in new window)</span> 7081 <span>Facebook</span> 7082 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 7083 data-shared="sharing-twitter-9302" 7084 class="share-twitter sd-button share-icon" 7085 href="https://profwilliambyrnes.com/2022/12/02/taxfacts-intelligence-december-2-2022/?share=twitter" 7086 target="_blank" 7087 aria-labelledby="sharing-twitter-9302" 7088 > 7089 <span id="sharing-twitter-9302" hidden>Share on X (Opens in new window)</span> 7090 <span>X</span> 7091 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 7092 data-shared="sharing-email-9302" 7093 class="share-email sd-button share-icon" 7094 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20December%202%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F12%2F02%2Ftaxfacts-intelligence-december-2-2022%2F&share=email" 7095 target="_blank" 7096 aria-labelledby="sharing-email-9302" 7097 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. 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Over 850 enrolled, the enrollment for a course’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> <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’s situation, there are many reasons why a client might want to consider a Roth conversion in today’s market. Also, we have details on the proposed SECURE Act 2.0’s new rules for part-time employees in 401(k) plans and the most recent IRS extension of the waiver of the so-called “physical presence requirement” 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’s IRA has declined (which is what most clients are seeing right now), the client can convert the IRA assets at that lower valueâgenerating 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 Actâs 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’s spouse must be witnessed in the “physical presence” of an authorized witness. The relief allowed this “witnessing” 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.
7169Â <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’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&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 â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 7217 data-shared="sharing-linkedin-9298" 7218 class="share-linkedin sd-button share-icon" 7219 href="https://profwilliambyrnes.com/2022/11/30/taxfacts-intelligence-nov-30-2022/?share=linkedin" 7220 target="_blank" 7221 aria-labelledby="sharing-linkedin-9298" 7222 > 7223 <span id="sharing-linkedin-9298" hidden>Share on LinkedIn (Opens in new window)</span> 7224 <span>LinkedIn</span> 7225 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 7226 data-shared="sharing-facebook-9298" 7227 class="share-facebook sd-button share-icon" 7228 href="https://profwilliambyrnes.com/2022/11/30/taxfacts-intelligence-nov-30-2022/?share=facebook" 7229 target="_blank" 7230 aria-labelledby="sharing-facebook-9298" 7231 > 7232 <span id="sharing-facebook-9298" hidden>Share on Facebook (Opens in new window)</span> 7233 <span>Facebook</span> 7234 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 7235 data-shared="sharing-twitter-9298" 7236 class="share-twitter sd-button share-icon" 7237 href="https://profwilliambyrnes.com/2022/11/30/taxfacts-intelligence-nov-30-2022/?share=twitter" 7238 target="_blank" 7239 aria-labelledby="sharing-twitter-9298" 7240 > 7241 <span id="sharing-twitter-9298" hidden>Share on X (Opens in new window)</span> 7242 <span>X</span> 7243 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 7244 data-shared="sharing-email-9298" 7245 class="share-email sd-button share-icon" 7246 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20Nov%2030%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F11%2F30%2Ftaxfacts-intelligence-nov-30-2022%2F&share=email" 7247 target="_blank" 7248 aria-labelledby="sharing-email-9298"
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Over 850 enrolled, the enrollment for a course’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> <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–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’s 401(k) under existing anti-alienation rules. Finally, we have a summary of how the Treasury Department’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’s victims in a criminal case. The government sought to garnish the defendant’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 7315 7316 7317<p class="wp-block-paragraph"><strong>Treasury Greenbook Offers Insight into Biden Administration’s Crypto Plan.  </strong>The Treasury Department’s General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals (known as the “greenbook”) offers insight into some of the administration’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 7319 7320 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’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’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–although the client does have the option of rolling the funds into a Roth IRA, which aren’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 7323 7324 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’s wealth preservation and growth.</p> 7326 7327 7328 7329<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 7330 7331 7332 7333<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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 7335 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 7340 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 7344 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 7348 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li> 7359 7360 7361 7362<li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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> 7363 7364 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> 7368<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" 7369 data-shared="sharing-linkedin-9296" 7370 class="share-linkedin sd-button share-icon" 7371 href="https://profwilliambyrnes.com/2022/11/28/taxfacts-intelligence-nov-28-2022/?share=linkedin" 7372 target="_blank" 7373 aria-labelledby="sharing-linkedin-9296" 7374 > 7375 <span id="sharing-linkedin-9296" hidden>Share on LinkedIn (Opens in new window)</span> 7376 <span>LinkedIn</span> 7377 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 7378 data-shared="sharing-facebook-9296" 7379 class="share-facebook sd-button share-icon" 7380 href="https://profwilliambyrnes.com/2022/11/28/taxfacts-intelligence-nov-28-2022/?share=facebook" 7381 target="_blank" 7382 aria-labelledby="sharing-facebook-9296" 7383 > 7384 <span id="sharing-facebook-9296" hidden>Share on Facebook (Opens in new window)</span> 7385 <span>Facebook</span> 7386 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 7387 data-shared="sharing-twitter-9296" 7388 class="share-twitter sd-button share-icon" 7389 href="https://profwilliambyrnes.com/2022/11/28/taxfacts-intelligence-nov-28-2022/?share=twitter" 7390 target="_blank" 7391 aria-labelledby="sharing-twitter-9296" 7392 > 7393 <span id="sharing-twitter-9296" hidden>Share on X (Opens in new window)</span> 7394 <span>X</span> 7395 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 7396 data-shared="sharing-email-9296" 7397 class="share-email sd-button share-icon" 7398 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20Nov%2028%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F11%2F28%2Ftaxfacts-intelligence-nov-28-2022%2F&share=email" 7399 target="_blank" 7400 aria-labelledby="sharing-email-9296"
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Over 850 enrolled, the enrollment for a course’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> 7454 7455 7456 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> <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> 7458 7459 7460 7461<p class="wp-block-paragraph">This week, we’d like to draw retirement plan sponsors’ attention to the importance of self-audits in light of the significant increase in IRS funding under the Inflation Reduction Act–and provide some insight on how student borrowers can prepare for Biden’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> 7462 7463 7464 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’s being operated in accordance with those amendments–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> 7466 7467 7468 7469<p class="wp-block-paragraph"><strong>How Can Clients Prepare Today for Biden’s Student Loan Forgiveness Plan? </strong>The Department of Education announced that an application to apply for student loan forgiveness under President Biden’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’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’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> 7470 7471 7472 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’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&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 7521 data-shared="sharing-linkedin-9294" 7522 class="share-linkedin sd-button share-icon" 7523 href="https://profwilliambyrnes.com/2022/11/22/taxfacts-intelligence-nov-22-2022/?share=linkedin" 7524 target="_blank" 7525 aria-labelledby="sharing-linkedin-9294" 7526 > 7527 <span id="sharing-linkedin-9294" hidden>Share on LinkedIn (Opens in new window)</span> 7528 <span>LinkedIn</span> 7529 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 7530 data-shared="sharing-facebook-9294" 7531 class="share-facebook sd-button share-icon" 7532 href="https://profwilliambyrnes.com/2022/11/22/taxfacts-intelligence-nov-22-2022/?share=facebook" 7533 target="_blank" 7534 aria-labelledby="sharing-facebook-9294" 7535 > 7536 <span id="sharing-facebook-9294" hidden>Share on Facebook (Opens in new window)</span> 7537 <span>Facebook</span> 7538 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 7539 data-shared="sharing-twitter-9294" 7540 class="share-twitter sd-button share-icon" 7541 href="https://profwilliambyrnes.com/2022/11/22/taxfacts-intelligence-nov-22-2022/?share=twitter" 7542 target="_blank" 7543 aria-labelledby="sharing-twitter-9294" 7544 > 7545 <span id="sharing-twitter-9294" hidden>Share on X (Opens in new window)</span> 7546 <span>X</span> 7547 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 7548 data-shared="sharing-email-9294" 7549 class="share-email sd-button share-icon" 7550 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20Nov%2022%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F11%2F22%2Ftaxfacts-intelligence-nov-22-2022%2F&share=email" 7551 target="_blank" 7552 aria-labelledby="sharing-email-9294"
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Over 850 enrolled, the enrollment for a course’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> <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 7611 7612 7613<p class="wp-block-paragraph">The CPI-W data for 2022 led to the very large Social Security COLA increase for 2023 – 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–and a summary of the IRS’ 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 7619 7620 7621<p class="wp-block-paragraph">Unfortunately, the increase in the value of a taxpayer’s Social Security check has adverse tax consequences because it increases the taxpayer’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’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 7627 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’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’s wealth preservation and growth.</p> 7634 7635 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&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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> 7676<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" 7677 data-shared="sharing-linkedin-9286" 7678 class="share-linkedin sd-button share-icon" 7679 href="https://profwilliambyrnes.com/2022/11/21/taxfacts-intelligence-nov-21-2022/?share=linkedin" 7680 target="_blank" 7681 aria-labelledby="sharing-linkedin-9286" 7682 > 7683 <span id="sharing-linkedin-9286" hidden>Share on LinkedIn (Opens in new window)</span> 7684 <span>LinkedIn</span> 7685 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 7686 data-shared="sharing-facebook-9286" 7687 class="share-facebook sd-button share-icon" 7688 href="https://profwilliambyrnes.com/2022/11/21/taxfacts-intelligence-nov-21-2022/?share=facebook" 7689 target="_blank" 7690 aria-labelledby="sharing-facebook-9286" 7691 > 7692 <span id="sharing-facebook-9286" hidden>Share on Facebook (Opens in new window)</span> 7693 <span>Facebook</span> 7694 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 7695 data-shared="sharing-twitter-9286" 7696 class="share-twitter sd-button share-icon" 7697 href="https://profwilliambyrnes.com/2022/11/21/taxfacts-intelligence-nov-21-2022/?share=twitter" 7698 target="_blank" 7699 aria-labelledby="sharing-twitter-9286" 7700 > 7701 <span id="sharing-twitter-9286" hidden>Share on X (Opens in new window)</span> 7702 <span>X</span> 7703 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 7704 data-shared="sharing-email-9286" 7705 class="share-email sd-button share-icon" 7706 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20Nov%2021%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F11%2F21%2Ftaxfacts-intelligence-nov-21-2022%2F&share=email" 7707 target="_blank" 7708 aria-labelledby="sharing-email-9286"
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Over 850 enrolled, the enrollment for a course’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> <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–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. </strong>Time is running out for taxpayers to make use of FSAs and transportation benefits. 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. 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 href="https://link.nationalunderwriter.com/external/29212074.981/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZWNlbnQtdXBkYXRlcy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwOTI5JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtODkwMg/56de9bd818ff43cc248c315bBf645195c" rel="noreferrer noopener" target="_blank">Read More</a> </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’s wealth preservation and growth.</p> 7786 7787 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&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 â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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> 7828<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" 7829 data-shared="sharing-linkedin-9283" 7830 class="share-linkedin sd-button share-icon" 7831 href="https://profwilliambyrnes.com/2022/11/18/taxfacts-intelligence-nov-18-2022/?share=linkedin" 7832 target="_blank" 7833 aria-labelledby="sharing-linkedin-9283" 7834 > 7835 <span id="sharing-linkedin-9283" hidden>Share on LinkedIn (Opens in new window)</span> 7836 <span>LinkedIn</span> 7837 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 7838 data-shared="sharing-facebook-9283" 7839 class="share-facebook sd-button share-icon" 7840 href="https://profwilliambyrnes.com/2022/11/18/taxfacts-intelligence-nov-18-2022/?share=facebook" 7841 target="_blank" 7842 aria-labelledby="sharing-facebook-9283" 7843 > 7844 <span id="sharing-facebook-9283" hidden>Share on Facebook (Opens in new window)</span> 7845 <span>Facebook</span> 7846 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 7847 data-shared="sharing-twitter-9283" 7848 class="share-twitter sd-button share-icon" 7849 href="https://profwilliambyrnes.com/2022/11/18/taxfacts-intelligence-nov-18-2022/?share=twitter" 7850 target="_blank" 7851 aria-labelledby="sharing-twitter-9283" 7852 > 7853 <span id="sharing-twitter-9283" hidden>Share on X (Opens in new window)</span> 7854 <span>X</span> 7855 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 7856 data-shared="sharing-email-9283" 7857 class="share-email sd-button share-icon" 7858 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20Nov%2018%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F11%2F18%2Ftaxfacts-intelligence-nov-18-2022%2F&share=email" 7859 target="_blank" 7860 aria-labelledby="sharing-email-9283" 7861 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. 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Over 850 enrolled, the enrollment for a course’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> <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’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. </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: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” For 2022, the question could be changed to include other types of digital assets, such as NFTs. The new question will read: “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.)”. While the draft instructions have not yet been released, many hope that those instructions will clarify the meaning of the term “digital asset” and the meaning of virtual currency generally. For more information on the tax treatment of virtual currency, visit Tax Facts Online. <a href="https://link.nationalunderwriter.com/external/29287193.1482/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9iaXRjb2lucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIxMDA2JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtNzcyMQ/56de9bd818ff43cc248c315bBfb521b48" rel="noreferrer noopener" target="_blank">Read More</a> </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’t vary much from year to year–which may indicate that loan payments have not been made or that their fair value isn’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 7931 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.
7933Â <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29287193.1482/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9pbi1nZW5lcmFsLTE3L3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjEwMDYmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS0zNjY5/56de9bd818ff43cc248c315bB860ca664" target="_blank">Â 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’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&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 â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 7981 data-shared="sharing-linkedin-9279" 7982 class="share-linkedin sd-button share-icon" 7983 href="https://profwilliambyrnes.com/2022/11/16/taxfacts-intelligence-nov-16-2022/?share=linkedin" 7984 target="_blank" 7985 aria-labelledby="sharing-linkedin-9279" 7986 > 7987 <span id="sharing-linkedin-9279" hidden>Share on LinkedIn (Opens in new window)</span> 7988 <span>LinkedIn</span> 7989 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 7990 data-shared="sharing-facebook-9279" 7991 class="share-facebook sd-button share-icon" 7992 href="https://profwilliambyrnes.com/2022/11/16/taxfacts-intelligence-nov-16-2022/?share=facebook" 7993 target="_blank" 7994 aria-labelledby="sharing-facebook-9279" 7995 > 7996 <span id="sharing-facebook-9279" hidden>Share on Facebook (Opens in new window)</span> 7997 <span>Facebook</span> 7998 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 7999 data-shared="sharing-twitter-9279" 8000 class="share-twitter sd-button share-icon" 8001 href="https://profwilliambyrnes.com/2022/11/16/taxfacts-intelligence-nov-16-2022/?share=twitter" 8002 target="_blank" 8003 aria-labelledby="sharing-twitter-9279" 8004 > 8005 <span id="sharing-twitter-9279" hidden>Share on X (Opens in new window)</span> 8006 <span>X</span> 8007 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 8008 data-shared="sharing-email-9279" 8009 class="share-email sd-button share-icon" 8010 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20Nov%2016%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F11%2F16%2Ftaxfacts-intelligence-nov-16-2022%2F&share=email" 8011 target="_blank" 8012 aria-labelledby="sharing-email-9279"
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Over 850 enrolled, the enrollment for a course’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> <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 “FL Hurricane Ian” 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 8079 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 8083 8084 8085<p class="wp-block-paragraph"><strong>IRS Clarifies SECURE Act RMD Penalty Application for 2021 and 2022. </strong>The IRS’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’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 8087 8088 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’s wealth preservation and growth.</p> 8090 8091 8092 8093<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 8094 8095 8096 8097<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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> 8098 8099 8100 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 8104 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li> 8123 8124 8125 8126<li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 8133 data-shared="sharing-linkedin-9273" 8134 class="share-linkedin sd-button share-icon" 8135 href="https://profwilliambyrnes.com/2022/11/14/taxfacts-intelligence-nov-14-2022/?share=linkedin" 8136 target="_blank" 8137 aria-labelledby="sharing-linkedin-9273" 8138 > 8139 <span id="sharing-linkedin-9273" hidden>Share on LinkedIn (Opens in new window)</span> 8140 <span>LinkedIn</span> 8141 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 8142 data-shared="sharing-facebook-9273" 8143 class="share-facebook sd-button share-icon" 8144 href="https://profwilliambyrnes.com/2022/11/14/taxfacts-intelligence-nov-14-2022/?share=facebook" 8145 target="_blank" 8146 aria-labelledby="sharing-facebook-9273" 8147 > 8148 <span id="sharing-facebook-9273" hidden>Share on Facebook (Opens in new window)</span> 8149 <span>Facebook</span> 8150 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 8151 data-shared="sharing-twitter-9273" 8152 class="share-twitter sd-button share-icon" 8153 href="https://profwilliambyrnes.com/2022/11/14/taxfacts-intelligence-nov-14-2022/?share=twitter" 8154 target="_blank" 8155 aria-labelledby="sharing-twitter-9273" 8156 > 8157 <span id="sharing-twitter-9273" hidden>Share on X (Opens in new window)</span> 8158 <span>X</span> 8159 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 8160 data-shared="sharing-email-9273" 8161 class="share-email sd-button share-icon" 8162 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20Nov%2014%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F11%2F14%2Ftaxfacts-intelligence-nov-14-2022%2F&share=email" 8163 target="_blank" 8164 aria-labelledby="sharing-email-9273"
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Over 850 enrolled, the enrollment for a course’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 8219 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> <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> 8222 8223 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–and the earnings base will rise along with it. Additionally, the IRS has finalized regulations that would fix the so-called ACA “family glitch” 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> 8226 8227 8228 8229<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>
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 <em>Tax Facts </em>content is still here for you.</p> 8230 8231 8232 8233<p class="wp-block-paragraph"><strong>Social Security Administration Announces Record High COLA Adjustments for 2023. </strong>The Social Security Administration (SSA) announced that the 2023 Social Security cost-of-living adjustment (COLA) is 8.7%–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–the amount of wages subject to Social Security taxes–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. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29437994.1293/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9zb2NpYWwtc2VjdXJpdHktdGF4ZXMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMTAyMCZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTc4Mw/56de9bd818ff43cc248c315bBdbbc1dde" target="_blank">Read More</a></p> 8234 8235 8236 8237<p class="wp-block-paragraph"><strong>IRS Finalizes Rule to Fix the ACA “Family Glitch.” </strong>The IRS has finalized proposed regulations that are designed to change the ACA rules governing premium tax credit eligibility. The final regulations provide that the affordability of employer-sponsored coverage for the employee’s family would be based on the amount the employee would be required to pay to cover both the employee and eligible family members, rather than the individual employee alone. Typically, employees are only eligible for a premium tax credit if their employer fails to provide “affordable” health coverage. “Affordability” is based on whether the employee contributions for self-only coverage exceeds a percentage of the employee’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, family members are disqualified only if the cost of family coverage is less than the annual threshold. “Family coverage” 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 family members, so that they do not lose premium tax credit eligibility if the employer plan does not provide minimum value to the family 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. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/29437994.1293/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9lbXBsb3llci1tYW5kYXRlL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMjEwMjAmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS04ODgz/56de9bd818ff43cc248c315bB548f9478" target="_blank">Read More</a></p> 8238 8239 8240 8241<p class="wp-block-paragraph"><strong>Reminder: Covid-Related Health FSA Provisions Expire in 2023. </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’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 “use it or lose it” 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. <a href="https://link.nationalunderwriter.com/external/29437994.1293/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9mbGV4aWJsZS1zcGVuZGluZy1hcnJhbmdlbWVudHMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMTAyMCZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTM1MTY/56de9bd818ff43cc248c315bBceecca23" rel="noreferrer noopener" target="_blank">Read more</a></p> 8242 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’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&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 â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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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Even though our graduate program has grown to over 800 enrollment, the enrollment for a course’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’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> <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 âgreat resignation.â In other news, clients should be reminded to check their withholding to account for any changes–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 “new” 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’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’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’s moving into the gig economy during the so-called âgreat resignation.â 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.
8397Â <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’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&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 â 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’s, <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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 8445 data-shared="sharing-linkedin-9263" 8446 class="share-linkedin sd-button share-icon" 8447 href="https://profwilliambyrnes.com/2022/11/09/taxfacts-intelligence-nov-9-2022/?share=linkedin" 8448 target="_blank" 8449 aria-labelledby="sharing-linkedin-9263" 8450 > 8451 <span id="sharing-linkedin-9263" hidden>Share on LinkedIn (Opens in new window)</span> 8452 <span>LinkedIn</span> 8453 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 8454 data-shared="sharing-facebook-9263" 8455 class="share-facebook sd-button share-icon" 8456 href="https://profwilliambyrnes.com/2022/11/09/taxfacts-intelligence-nov-9-2022/?share=facebook" 8457 target="_blank" 8458 aria-labelledby="sharing-facebook-9263" 8459 > 8460 <span id="sharing-facebook-9263" hidden>Share on Facebook (Opens in new window)</span> 8461 <span>Facebook</span> 8462 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 8463 data-shared="sharing-twitter-9263" 8464 class="share-twitter sd-button share-icon" 8465 href="https://profwilliambyrnes.com/2022/11/09/taxfacts-intelligence-nov-9-2022/?share=twitter" 8466 target="_blank" 8467 aria-labelledby="sharing-twitter-9263" 8468 > 8469 <span id="sharing-twitter-9263" hidden>Share on X (Opens in new window)</span> 8470 <span>X</span> 8471 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 8472 data-shared="sharing-email-9263" 8473 class="share-email sd-button share-icon" 8474 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20Nov%209%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F11%2F09%2Ftaxfacts-intelligence-nov-9-2022%2F&share=email" 8475 target="_blank" 8476 aria-labelledby="sharing-email-9263"
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Even though our graduate program has grown to over 800 enrollment, the enrollment for a course’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’s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 8529</div></div> 8530 8531 8532 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> <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> 8534 8535 8536 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–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> 8538 8539 8540 8541<p class="wp-block-paragraph"><strong>Reminder: Taxpayers Considering Roth Conversions Should Act Now. </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–so once the client executes the Roth conversion, they’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"> Read more</a></p> 8542 8543 8544 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 itâs 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 8547 8548 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’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> 8550 8551 8552 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’s wealth preservation and growth.</p> 8554 8555 8556 8557<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 8558 8559 8560 8561<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 â 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> 8562 8563 8564
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 8568 8569 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 8572 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 8576 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li> 8587 8588 8589 8590<li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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 8592 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> 8596<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" 8597 data-shared="sharing-linkedin-9256" 8598 class="share-linkedin sd-button share-icon" 8599 href="https://profwilliambyrnes.com/2022/11/07/taxfacts-intelligence-nov-7-2022/?share=linkedin" 8600 target="_blank" 8601 aria-labelledby="sharing-linkedin-9256" 8602 > 8603 <span id="sharing-linkedin-9256" hidden>Share on LinkedIn (Opens in new window)</span> 8604 <span>LinkedIn</span> 8605 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 8606 data-shared="sharing-facebook-9256" 8607 class="share-facebook sd-button share-icon" 8608 href="https://profwilliambyrnes.com/2022/11/07/taxfacts-intelligence-nov-7-2022/?share=facebook" 8609 target="_blank" 8610 aria-labelledby="sharing-facebook-9256" 8611 > 8612 <span id="sharing-facebook-9256" hidden>Share on Facebook (Opens in new window)</span> 8613 <span>Facebook</span> 8614 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 8615 data-shared="sharing-twitter-9256" 8616 class="share-twitter sd-button share-icon" 8617 href="https://profwilliambyrnes.com/2022/11/07/taxfacts-intelligence-nov-7-2022/?share=twitter" 8618 target="_blank" 8619 aria-labelledby="sharing-twitter-9256" 8620 > 8621 <span id="sharing-twitter-9256" hidden>Share on X (Opens in new window)</span> 8622 <span>X</span> 8623 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 8624 data-shared="sharing-email-9256" 8625 class="share-email sd-button share-icon" 8626 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20Nov%207%2C%202022&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F11%2F07%2Ftaxfacts-intelligence-nov-7-2022%2F&share=email" 8627 target="_blank" 8628 aria-labelledby="sharing-email-9256" 8629 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. You may need to create a new email yourself." data-email-share-nonce="921f70c24b" data-email-sh
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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. 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 & the faculty through twice-weekly zoom meetings (recorded), pre-recorded videos, audio casts, discussion boards, and group breakout sessions. For more information, please go to <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/">LAWÂ 625</a> Spring Term A Transfer Pricing l – Methods, Econometrics, and Tangibles</li> 8697 8698 8699 8700<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">LAWÂ 626</a> Spring Term B Transfer Pricing II – Services and Intangibles</li> 8701 8702 8703 8704<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">LAWÂ 627</a> International Tax Risk Management I – Data, Analytics, and Technology</li> 8705 8706 8707 8708<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">LAWÂ 647</a> Fall Term A International Taxation and Treaties – residency issues</li> 8709 8710 8711 8712<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">LAWÂ 649</a> Fall Term B International Taxation and Treaties – source issues</li> 8713 8714 8715 8716<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">LAWÂ 719</a> Fall Tax Inhouse Counsel & Risk Management</li> 8717 8718 8719 8720<li><a href="https://catalog.tamu.edu/graduate/course-descriptions/law/">LAWÂ 720</a> Fall International Tax Risk Management II – 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 – 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 – 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 – 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&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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’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&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’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&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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> 8770<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-enabled sd-sharing-enabled"><div 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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’s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 8855</div></div> 8856 8857 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> <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 8861 8862 8863<p class="wp-block-paragraph">The April 18th tax filing deadline has passed and it’s already time to plan for this tax year of 2022. You’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 – 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> 8864 8865 8866 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 “one bad apple” 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> 8868 8869 8870 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)–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’t automatically entitled to reasonable accommodation even if they do experience symptoms of “Long COVID” 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> 8872 8873 8874 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 employerâor in business for themselves. The Trump-era test prioritizes two key factors, including (1) the worker’s degree of control over the work performed, and (2) the workerâs 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’ losing FLSA protections, including minimum wage and overtime benefits. Several business groups filed a lawsuit in federal court to challenge the Biden administration’s acts. The court vacated the Biden administration’s acts and reinstated the Trump-era rule, determining that the DOL’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 “arbitrary and capricious”). 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> 8876 8877 8878 8879<p class="wp-block-paragraph"><strong></strong><strong>IRS Clarifies Exception to the “One Bad Apple” Rule for MEPs. </strong>The IRS proposed a new rule implementing the SECURE Act exception to the one bad apple ruleâalso 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> 8880 8881 8882 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’s wealth preservation and growth.</p> 8884 8885 8886 8887<p class="wp-block-paragraph"><em><strong>Wealth & Risk Management Degree for Industry Professionals</strong></em> – 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 8889 8890 8891<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 8892 8893 8894 8895<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 â 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> 8896 8897 8898 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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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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’s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 8985</div></div> 8986 8987 8988 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> <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> 8990 8991 8992 8993<p class="wp-block-paragraph">Although many tax changes have not made it through the Democrat’s discussions for a spring or summer final bill to show voters before November’
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> 8994 8995 8996 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 8999 9000 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’ 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 creditsâand 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 9003 9004 9005<p class="wp-block-paragraph"><strong>Understanding the New Corporate Profits Minimum Tax Proposal</strong></p> 9006 9007 9008 9009<p class="wp-block-paragraph">The proposal to revive the corporate alternative minimum tax, that the Tax Cuts & 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 includedâand any deductions for U.S. or foreign income taxes would be removed in calculating income. It’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.
9009Â <a rel="noreferrer noopener" href="https://link.law.com/external/25816170.487/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9jb3Jwb3JhdGlvbnMtYW5kLW90aGVyLWJ1c2luZXNzLWVudGl0aWVzL3B1Z3BpZ19pbmRleC5odG1sP3V0bV9zb3VyY2U9ZW1haWwmdXRtX21lZGl1bT1lbmwmdXRtX2NvbnRlbnQ9MjAyMTExMjUmdXRtX2NhbXBhaWduPWJyaWVmaW5nJnV0bV90ZXJtPXRheGZhY3RzI2ZhcS03OTg/56de9bd818ff43cc248c315bB4aacbbac" target="_blank"><strong>Read More</strong></a></p> 9010 9011 9012 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’s wealth preservation and growth.</p> 9014 9015 9016 9017<p class="wp-block-paragraph"><em><strong>Wealth & Risk Management Degree for Industry Professionals</strong></em> – 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 9019 9020 9021<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 9022 9023 9024 9025<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 â 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 9027 9028 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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> 9030<div id="jp-post-flair" class="sharedaddy sd-rating-enabled sd-like-en
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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’s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 9115</div></div> 9116 9117 9118 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> <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> 9120 9121 9122 9123<p class="wp-block-paragraph">The IRS deadline for 2021 tax returns is today–and, for this year, the IRS is reminding taxpayers about recent changes that will make this year’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’s “vaccinate-or-test” mandate.</p> 9124 9125 9126 9127<p class="wp-block-paragraph"><strong>IRS: Tax Tips for a Smooth 2022 Tax Filing Today</strong> The IRS’ last day to accept 2021 1040s as filed by the deadline is today – 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–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’ Letter 6419 that provides information about advance child tax credit payments, and the IRS’ Letter 6475 that provides information about the third economic impact payment – these were received by taxpayers in January and February. Taxpayers who received these funds will need these letters to complete their tax returns today – 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> 9128 9129 9130 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 OSHAâs 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 stayâso 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 decisionâand, 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–but should stay tuned for the Sixth Circuit’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> 9132 9133 9134 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’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’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> 9136 9137 9138 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’s wealth preservation and growth.</p> 9140 9141 9142 9143<p class="wp-block-paragraph"><em><strong>Wealth & Risk Management Degree for Industry Professionals</strong></em> – learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 9144 9145 9146 9147<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 9148 9149 9150 9151<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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> 9152 9153 9154 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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> 9156<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" 9157 data-shared="sharing-linkedin-9235" 9158 class="share-linkedin sd-button share-icon" 9159 href="https://profwilliambyrnes.com/2022/04/18/taxfacts-intelligence-1040s-due-today-monday-april-18/?share=linkedin" 9160 target="_blank" 9161 aria-labelledby="sharing-linkedin-9235" 9162 > 9163 <span id="sharing-linkedin-9235" hidden>Share on LinkedIn (Opens in new window)</span> 9164 <span>LinkedIn</span> 9165 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 9166 data-shared="sharing-facebook-9235" 9167 class="share-facebook sd-button share-icon" 9168 href="https://profwilliambyrnes.com/2022/04/18/taxfacts-intelligence-1040s-due-today-monday-april-18/?share=facebook" 9169 target="_blank" 9170 aria-labelledby="sharing-facebook-9235" 9171 > 9172 <span id="sharing-facebook-9235" hidden>Share on Facebook (Opens in new window)</span> 9173 <span>Facebook</span> 9174 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 9175 data-shared="sharing-twitter-9235" 9176 class="share-twitter sd-button share-icon" 9177 href="https://profwilliambyrnes.com/2022/04/18/taxfacts-intelligence-1040s-due-today-monday-april-18/?share=twitter" 9178 target="_blank" 9179 aria-labelledby="sharing-twitter-9235" 9180 > 9181 <span id="sharing-twitter-9235" hidden>Share on X (Opens in new window)</span> 9182 <span>X</span> 9183 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 9184 data-shared="sharing-email-9235" 9185 class="share-email sd-button share-icon" 9186 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%201040s%20due%20today%20M
9186onday%20April%2018&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F04%2F18%2Ftaxfacts-intelligence-1040s-due-today-monday-april-18%2F&share=email" 9187 target="_blank" 9188 aria-labelledby="sharing-email-9235" 9189 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. 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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’s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 9241</div></div> 9242 9243 9244 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> <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> 9246 9247 9248 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 – 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> 9250 9251 9252 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’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’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’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’s tax return, any automatic extension that applies to that tax return will also apply. The same isn’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> 9254 9255 9256 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’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’s important that clients who are making 2021 contributions in 2022 clearly state that the contribution should be counted for 2021–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’ 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> 9258 9259 9260 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. Typically, independent contractors are exempt from protections under most federal employment laws. For example, independent contractors can’t form or join a union. 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. Many expect that, under the Biden administration, the NLRB will adopt an approach that restricts an employer’s ability to classify workers as independent contractors further. It’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). For more information on the standards used to classify workers as employees or independent contractors, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.law.com/external/26340116.1174/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9lbXBsb3llZXMtdnMtaW5kZXBlbmRlbnQtY29udHJhY3RvcnMvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yMDIyMDExMyZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTg3MjU/56de9bd818ff43cc248c315bB227294a2" target="_blank"><strong>Read More</strong></a></p> 9262 9263 9264 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’s wealth preservation and growth.</p> 9266 9267 9268 9269<p class="wp-block-paragraph"><em><strong>Wealth & Risk Management Degree for Industry Professionals</strong></em> – learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 9270 9271 9272 9273<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 9274 9275 9276 9277<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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> 9278 9279 9280 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 9283 data-shared="sharing-linkedin-9233" 9284 class="share-linkedin sd-button share-icon" 9285 href="https://profwilliambyrnes.com/2022/04/15/taxfacts-intelligence-foreign-asset-reporting-obligations-due-by-monday-april-18/?share=linkedin" 9286 target="_blank" 9287 aria-labelledby="sharing-linkedin-9233" 9288 > 9289 <span id="sharing-linkedin-9233" hidden>Share on LinkedIn (Opens in new window)</span> 9290 <span>LinkedIn</span> 9291 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 9292 data-shared="sharing-facebook-9233" 9293 class="share-facebook sd-button share-icon" 9294 href="https://profwilliambyrnes.com/2022/04/15/taxfacts-intelligence-foreign-asset-reporting-obligations-due-by-monday-april-18/?share=facebook" 9295 target="_blank" 9296 aria-labelledby="sharing-facebook-9233" 9297 > 9298 <span id="sharing-facebook-9233" hidden>Share on Facebook (Opens in new window)</span> 9299 <span>Facebook</span> 9300 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 9301 data-shared="sharing-twitter-9233" 9302 class="share-twitter sd-button share-icon" 9303 href="https://profwilliambyrnes.com/2022/04/15/taxfacts-intelligence-foreign-asset-reporting-obligations-due-by-monday-april-18/?share=twitter" 9304 target="_blank" 9305 aria-labelledby="sharing-twitter-9233" 9306 > 9307 <span id="sharing-twitter-9233" hidden>Share on X (Opens in new window)</span> 9308 <span>X</span> 9309 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 9310 data-shared="sharing-email-9233" 9311 class="share-email sd-button share-icon" 9312 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20Foreign%20Asset%20Reporting%20Obligations%20Due%20by%20Monday%20April%2018&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F04%2F15%2Ftaxfacts-intelligence-foreign-asset-reporting-obligations-due-by-monday-april-18%2F&share=email" 9313 target="_blank" 9314 aria-labelledby="sharing-email-9233"
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It’s possible to avoid the 50% 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&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’s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 9367</div></div> 9368 9369 9370 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> <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> 9372 9373 9374 9375<p class="wp-block-paragraph">For clients who missed 2021 RMDs, it’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–and a summary of a new case that limits the rights of non-plan participants to sue under ERISA.</p> 9376 9377 9378 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> 9380 9381 9382 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> 9384 9385 9386 9387<p class="wp-block-paragraph"><strong>Misclassified Independent Contractor Can’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’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’s plan. As a result, the court dismissed the worker’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> 9388 9389 9390 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’s wealth preservation and growth.</p> 9392 9393 9394 9395<p class="wp-block-paragraph"><em><strong>Wealth & Risk Management Degree for Industry Professionals</strong></em> – learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 9396 9397 9398 9399<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 9400 9401 9402 9403<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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> 9404 9405 9406 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 9409 data-shared="sharing-linkedin-9226" 9410 class="share-linkedin sd-button share-icon" 9411 href="https://profwilliambyrnes.com/2022/04/13/taxfacts-intelligence-rmds-for-2021-missed-its-possible-to-avoid-the-50-penalty/?share=linkedin" 9412 target="_blank" 9413 aria-labelledby="sharing-linkedin-9226" 9414 > 9415 <span id="sharing-linkedin-9226" hidden>Share on LinkedIn (Opens in new window)</span> 9416 <span>LinkedIn</span> 9417 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 9418 data-shared="sharing-facebook-9226" 9419 class="share-facebook sd-button share-icon" 9420 href="https://profwilliambyrnes.com/2022/04/13/taxfacts-intelligence-rmds-for-2021-missed-its-possible-to-avoid-the-50-penalty/?share=facebook" 9421 target="_blank" 9422 aria-labelledby="sharing-facebook-9226" 9423 > 9424 <span id="sharing-facebook-9226" hidden>Share on Facebook (Opens in new window)</span> 9425 <span>Facebook</span> 9426 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 9427 data-shared="sharing-twitter-9226" 9428 class="share-twitter sd-button share-icon" 9429 href="https://profwilliambyrnes.com/2022/04/13/taxfacts-intelligence-rmds-for-2021-missed-its-possible-to-avoid-the-50-penalty/?share=twitter" 9430 target="_blank" 9431 aria-labelledby="sharing-twitter-9226" 9432 > 9433 <span id="sharing-twitter-9226" hidden>Share on X (Opens in new window)</span> 9434 <span>X</span> 9435 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 9436 data-shared="sharing-email-9226" 9437 class="share-email sd-button share-icon" 9438 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20RMDs%20for%202021%20missed%3F%20It%27s%20possible
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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’s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 9493</div></div> 9494 9495 9496 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> <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> 9498 9499 9500 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. 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. Finally, we have a summary of the IRS’ warning to taxpayers regarding proper reporting of crypto transactions on their 2021 tax returns. Read on for more.</p> 9502 9503 9504 9505<p class="wp-block-paragraph"><strong></strong><strong>Consolidated</strong> <strong>Appropriations Act Extends HDHP Telehealth Relief. </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. 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. The remote services do not have to be related to COVID-19 or preventative in nature in order to qualify. In other words, HDHPs can waive the deductible for telehealth services without jeopardizing a plan participant’s eligibility to make HSA contributions. 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. For more information on the HDHP rules, <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27057980.1892/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9pbi1nZW5lcmFsLTcvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yM
9505DIyMDMxNyZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTM5NA/56de9bd818ff43cc248c315bB57ccc06f" target="_blank">Read More</a></p> 9506 9507 9508 9509<p class="wp-block-paragraph"><strong></strong><strong>DOL Releases Warning on Cryptocurrency in 401(k)s. </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. The guidance comes in response to President Biden’s executive order that directed agencies to study the risks and benefits of cryptocurrency. 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. 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. 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’s sweeping statements and indication that it will presume that a fiduciary who offers cryptocurrency products has acted imprudently. For more information on the current DOL fiduciary standard and new prohibited transaction exemption, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27057980.1892/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9wcm9oaWJpdGVkLXRyYW5zYWN0aW9ucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzE3JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzk4Ng/56de9bd818ff43cc248c315bB7d533d68" target="_blank">Read More</a> </p> 9510 9511 9512 9513<p class="wp-block-paragraph"><strong></strong><strong>IRS Reminds Taxpayers of Virtual Currency Reporting Obligations. </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. Taxpayers should check “yes” if they have engaged in any disposition, sale or exchange of a financial interest in virtual currency. 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. Exchanges or trades of cryptocurrency for other cryptocurrency, property goods or services must also be reported, as must sales of virtual currency. 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). Taxpayers who received cryptocurrency as compensation should report the income as they would any other type of income. For more information on reporting obligations related to virtual currency transactions, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27057980.1892/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9iaXRjb2lucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzE3JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtNzcyNA/56de9bd818ff43cc248c315bB1175f826" target="_blank">Read More</a> </p> 9514 9515 9516 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’s wealth preservation and growth.</p> 9518 9519 9520 9521<p class="wp-block-paragraph"><em><strong>Wealth & Risk Management Degree for Industry Professionals</strong></em> – learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 9522 9523 9524 9525<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 9526 9527 9528 9529<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities â 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> 9530 9531 9532 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 9535 data-shared="sharing-linkedin-9221" 9536 class="share-linkedin sd-button share-icon" 9537 href="https://profwilliambyrnes.com/2022/04/11/taxfacts-intelligence-properly-reporting-crypto-transactions-by-april-18/?share=linkedin" 9538 target="_blank" 9539 aria-labelledby="sharing-linkedin-9221" 9540 > 9541 <span id="sharing-linkedin-9221" hidden>Share on LinkedIn (Opens in new window)</span> 9542 <span>LinkedIn</span> 9543 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 9544 data-shared="sharing-facebook-9221" 9545 class="share-facebook sd-button share-icon" 9546 href="https://profwilliambyrnes.com/2022/04/11/taxfacts-intelligence-properly-reporting-crypto-transactions-by-april-18/?share=facebook" 9547 target="_blank" 9548 aria-labelledby="sharing-facebook-9221" 9549 > 9550 <span id="sharing-facebook-9221" hidden>Share on Facebook (Opens in new window)</span> 9551 <span>Facebook</span> 9552 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 9553 data-shared="sharing-twitter-9221" 9554 class="share-twitter sd-button share-icon" 9555 href="https://profwilliambyrnes.com/2022/04/11/taxfacts-intelligence-properly-reporting-crypto-transactions-by-april-18/?share=twitter" 9556 target="_blank" 9557 aria-labelledby="sharing-twitter-9221" 9558 > 9559 <span id="sharing-twitter-9221" hidden>Share on X (Opens in new window)</span> 9560 <span>X</span> 9561 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 9562 data-shared="sharing-email-9221" 9563 class="share-email sd-button share-icon" 9564 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20Properly%20Reporting%20Crypto%20Transactions%20by%20April%2018&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F04%2F11%2Ftaxfacts-intelligence-properly-reporting-crypto-transactions-by-april-18%2F&share=email" 9565 target="_blank" 9566 aria-labelledby="sharing-email-9221"
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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’s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 9619</div></div> 9620 9621 9622 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> <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> 9624 9625 9626 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. The proposed regs contained a few surprises that will impact any client who inherits a retirement account–especially those who have inherited an account from an individual who was already taking RMDs. 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. </p> 9628 9629 9630 9631<p class="wp-block-paragraph"><strong></strong><strong>IRS Releases Proposed Regulations on SECURE Act RMD Changes. </strong>The IRS released proposed regulations on changes to the required minimum distribution (RMD) rules effective beginning in 2020. 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). However, the IRS has yet to release guidance for clients who inherited accounts after the SECURE Act’s effective date and before the regulations were issued. In other words, they don’t address whether a client may be required to take a retroactive RMD for 2021. The proposed regulations themselves are effective January 1, 2022 (the existing regulations must be applied for 2021). For more information on the RMD rules that apply after an account owner’s death, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/26975408.576/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZXF1aXJlZC1taW5pbXVtLWRpc3RyaWJ1dGlvbnMtMi9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzEwJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzkwMg/56de9bd818ff43cc248c315bBc0a8c422" target="_blank">Read More</a> </p> 9632 9633 9634 9635<p class="wp-block-paragraph"><strong></strong><strong>IRS Proposed RMD Regs Clarify Eligible Designated Beneficiary Definitions. </strong> The proposed regulations also clarify a few points with respect to the new definition of “eligible designated beneficiary”. An eligible designated beneficiary is entitled to continue using the life expectancy distribution method even post-SECURE Act. Under the proposed regulations, the “age of majority” for eligible designated beneficiaries who are minor children is age 21 (many expected that an age 18 limit would apply). Defined benefit plans that use the definition of “age of majority” 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). Spousal beneficiaries will also be required to elect to treat the deceased spouse’s IRA as their own by the later of (1) December 31 of the year following the year of the owner’s death or (2) age 72. 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. 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). For more information on the RMD rules, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/26975408.576/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZXF1aXJlZC1taW5pbXVtLWRpc3RyaWJ1dGlvbnMtMi9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzEwJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzkwMw/56de9bd818ff43cc248c315bBfc3f5f0c" target="_blank">Read More</a>. </p> 9636 9637 9638 9639<p class="wp-block-paragraph"><strong></strong><strong>Post-SECURE Act Guidance on Trusts as Inherited Account Beneficiaries. </strong> 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. Beneficiaries of a see-through trust can continue to be treated as designated beneficiaries under regulations proposed in 2022. The regulations continue to apply the requirement that the trust beneficiaries be identifiable. Beneficiaries of a valid see-through trust will be taken into account if they could receive amounts in the trust representing the participant’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. Those beneficiaries with only remote interests will be disregarded. For more information on the rules governing see-through trust beneficiaries, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/26975408.576/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9yZXF1aXJlZC1taW5pbXVtLWRpc3RyaWJ1dGlvbnMtMi9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzEwJnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzkwNw/56de9bd818ff43cc248c315bB5c1f5393" target="_blank">Read More</a> </p> 9640 9641 9642 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’s wealth preservation and growth.</p> 9644 9645 9646 9647<p class="wp-block-paragraph"><em><strong>Wealth & Risk Management Degree for Industry Professionals</strong></em> – learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 9648 9649 9650 9651<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 9652 9653 9654 9655<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 â 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> 9656 9657 9658 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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" 9661 data-shared="sharing-linkedin-9218" 9662 class="share-linkedin sd-button share-icon" 9663 href="https://profwilliambyrnes.com/2022/04/07/taxfacts-intelligence-required-minimum-distribution-regs-explained-and-analyzed/?share=linkedin" 9664 target="_blank" 9665 aria-labelledby="sharing-linkedin-9218" 9666 > 9667 <span id="sharing-linkedin-9218" hidden>Share on LinkedIn (Opens in new window)</span> 9668 <span>LinkedIn</span> 9669 </a></li><li class="share-facebook"><a rel="nofollow noopener noreferrer" 9670 data-shared="sharing-facebook-9218" 9671 class="share-facebook sd-button share-icon" 9672 href="https://profwilliambyrnes.com/2022/04/07/taxfacts-intelligence-required-minimum-distribution-regs-explained-and-analyzed/?share=facebook" 9673 target="_blank" 9674 aria-labelledby="sharing-facebook-9218" 9675 > 9676 <span id="sharing-facebook-9218" hidden>Share on Facebook (Opens in new window)</span> 9677 <span>Facebook</span> 9678 </a></li><li class="share-twitter"><a rel="nofollow noopener noreferrer" 9679 data-shared="sharing-twitter-9218" 9680 class="share-twitter sd-button share-icon" 9681 href="https://profwilliambyrnes.com/2022/04/07/taxfacts-intelligence-required-minimum-distribution-regs-explained-and-analyzed/?share=twitter" 9682 target="_blank" 9683 aria-labelledby="sharing-twitter-9218" 9684 > 9685 <span id="sharing-twitter-9218" hidden>Share on X (Opens in new window)</span> 9686 <span>X</span> 9687 </a></li><li class="share-email"><a rel="nofollow noopener noreferrer" 9688 data-shared="sharing-email-9218" 9689 class="share-email sd-button share-icon" 9690 href="mailto:?subject=%5BShared%20Post%5D%20TaxFacts%20Intelligence%3A%20Required%20Minimum%20Distribution%20Regs%20Explained%20and%20Analyzed&body=https%3A%2F%2Fprofwilliambyrnes.com%2F2022%2F04%2F07%2Ftaxfacts-intelligence-required-minimum-distribution-regs-explained-and-analyzed%2F&share=email" 9691 target="_blank" 9692 aria-labelledby="sharing-email-9218" 9693 data-email-share-error-title="Do you have email set up?" data-email-share-error-text="If you're having problems sharing via email, you might not have email set up for your browser. 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In February, our publisher ALM will be launching <em>Tax Facts Premium, </em>a new add-on product<em> </em>that provides valuable tools and content, including:</p> 9745 9746 9747 9748<ul class="wp-block-list"><li><strong>calculators</strong> (tax, retirement income, investment, personal finance, business, and more)</li><li><strong>
9748practice aids</strong> (buy sell agreements, as well as documents related to business life insurance, estate planning, retirement planning, and employee benefits)</li><li><strong>soft</strong> <strong>skills</strong> (practical guidance on how to build and maintain clients)</li><li><strong>archives </strong>(archived content including featured articles and the intelligence weekly).</li></ul> 9749 9750 9751 9752<p class="wp-block-paragraph">Also, the <strong>Texas A&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’s leaders: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 9753</div></div> 9754 9755 9756 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> <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> 9758 9759 9760 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–“retirement” and “compensation.” 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. Read on for more.</p> 9762 9763 9764 9765<p class="wp-block-paragraph"><strong></strong><strong>Second Circuit Weighs in on “Retirement” Definition for Defined Benefit Plan Purposes. </strong>The Second Circuit recently affirmed a lower court ruling dealing with the definition of “retirement” in a situation involving a multi-employer defined benefit pension plan. In <em>Metzgar v. U.A. Plumbers & 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. The special option was available if the employee’s combined age and years of service was at least 85. 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 “disqualifying position”). So, participants could receive benefits and work in management-related positions at the same time. Later, the plan changed the rules to require employees to stop working to receive benefits. The court agreed that the reinterpretation was required to protect the plan’s tax-exempt status, and that the plan did not violate the plan participants’ rights by requiring the employee to stop working in order to continue receiving plan benefits. For more information on the rules governing multi-employer retirement plans, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27134776.189/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9wZW5zaW9ucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzI0JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzczOA/56de9bd818ff43cc248c315bB288ea584" target="_blank">Read More</a></p> 9766 9767 9768 9769<p class="wp-block-paragraph"><strong></strong><strong>IRS Releases 2022 Depreciation Limits for Certain Passenger Automobiles.</strong> 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. For all subsequent years, the limit is $6,460. 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. 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. For more information on the depreciation rules and limits that apply to passenger automobiles, visit Tax Facts on Insurance and Employee Benefits Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27134776.189/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9hZGp1c3RlZC1ncm9zcy1pbmNvbWUvcHVncGlnX2luZGV4Lmh0bWw_dXRtX3NvdXJjZT1lbWFpbCZ1dG1fbWVkaXVtPWVubCZ1dG1fY29udGVudD0yM
9769DIyMDMyNCZ1dG1fY2FtcGFpZ249YnJpZWZpbmcmdXRtX3Rlcm09dGF4ZmFjdHMjZmFxLTcyNg/56de9bd818ff43cc248c315bBdf6db373" target="_blank">Read More</a> </p> 9770 9771 9772 9773<p class="wp-block-paragraph"><strong></strong><strong>Is Your Lump Sum Payout of Unused Vacation Time “Compensation” for Retirement Plan Purposes? </strong> It’s been a strange couple of years in the workplace. 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. That can leave clients wondering whether that payout counts as “compensation” for purposes of determining the retirement plan contribution limits. Lump sum payments of unused vacation are treated as supplemental wages that are subject to Social Security and Medicare taxes. That means that a lump sum payout of unused vacation should also be included as “compensation” for retirement plan purposes unless the specific retirement plan actually provides otherwise. 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. For more information on the definition of “compensation” and relevance for Section 415 contribution purposes, visit Tax Facts Online. <a rel="noreferrer noopener" href="https://link.nationalunderwriter.com/external/27134776.189/aHR0cHM6Ly9zZWFyY2gudGF4ZmFjdHNvbmxpbmUuY29tL2ZhcXNfcGFnZS9kZWZpbmVkLWNvbnRyaWJ1dGlvbi1wbGFucy9wdWdwaWdfaW5kZXguaHRtbD91dG1fc291cmNlPWVtYWlsJnV0bV9tZWRpdW09ZW5sJnV0bV9jb250ZW50PTIwMjIwMzI0JnV0bV9jYW1wYWlnbj1icmllZmluZyZ1dG1fdGVybT10YXhmYWN0cyNmYXEtMzcyOQ/56de9bd818ff43cc248c315bBe762a5d9" target="_blank">Read More</a> </p> 9774 9775 9776 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’s wealth preservation and growth.</p> 9778 9779 9780 9781<p class="wp-block-paragraph"><em><strong>Wealth & Risk Management Degree for Industry Professionals</strong></em> – learn about the graduate degree here: <a href="https://law.tamu.edu/distance-education/international-tax">https://law.tamu.edu/distance-education</a></p> 9782 9783 9784 9785<figure class="wp-block-image"><img src="https://profwilliambyrnes.com/wp-content/uploads/2020/10/tamu-blog-2.gif?w=150" alt="" /></figure> 9786 9787 9788 9789<p class="wp-block-paragraph" id="block-cd1c72cb-ceee-4da1-930a-e6034bc9e339">Texas A&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 â 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> 9790 9791 9792 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’s, <a rel="noreferrer noopener" href="https://payscale.com/" target="_blank">PayScale.com</a>, Money/College Measures calculations)</li><li>Texas A&M ranks #1 in Texas, #1 in the SEC, and #12 in the U.S. in Washington Monthly’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. 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10221<script id="sharing-js-js-extra"> 10222var sharing_js_options = {"lang":"en","counts":"1","is_stats_active":"1"}; 10223//# sourceURL=sharing-js-js-extra 10224</script>
vendor: 1 bytes, line 10224
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10225<script crossorigin='anonymous' type='text/javascript' src='/_static/??/wp-content/mu-plugins/jetpack-plugin/moon/_inc/build/sharedaddy/sharing.min.js,/wp-content/mu-plugins/carousel-wpcom/carousel-wpcom.js?m=1787950866j'></script>
vendor: 1 bytes, line 10225
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10226<script id="sharing-js-js-after"> 10227window.WPCOM_sharing_popups = window.WPCOM_sharing_popups || {}; 10228window.WPCOM_sharing_popups[ "linkedin" ] = "menubar=1,resizable=1,width=580,height=450"; 10229window.WPCOM_sharing_popups = window.WPCOM_sharing_popups || {}; 10230window.WPCOM_sharing_popups[ "facebook" ] = "menubar=1,resizable=1,width=600,height=400"; 10231window.WPCOM_sharing_popups = window.WPCOM_sharing_popups || {}; 10232window.WPCOM_sharing_popups[ "twitter" ] = "menubar=1,resizable=1,width=600,height=350"; 10233window.WPCOM_sharing_popups = window.WPCOM_sharing_popups || {}; 10234window.WPCOM_sharing_popups[ "tumblr" ] = "menubar=1,resizable=1,width=450,height=450"; 10235//# sourceURL=sharing-js-js-after 10236</script>
vendor: 1 bytes, line 10236
10236
10237<script id="wp-emoji-settings" type="application/json"> 10238{"baseUrl":"https://s0.wp.com/wp-content/mu-plugins/wpcom-smileys/twemoji/2/72x72/","ext":".png","svgUrl":"https://s0.wp.com/wp-content/mu-plugins/wpcom-smileys/twemoji/2/svg/","svgExt":".svg","source":{"concatemoji":"/wp-includes/js/wp-emoji-release.min.js?m=1783090810i&ver=7.2-alpha-63506"}} 10239</script>
vendor: 1 bytes, line 10239
10239
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Line numbers count LF bytes from the start of the resource, as the search results do. Vendor segments are library code the classifier recognised; they are stored but not indexed. Bytes are shown as Latin1 characters, one per byte.