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Prop. regs. address expanded annual compensation deduction limitation
The proposed regulations provide guidance on the Sec. 162(m) $1 million deduction limitation for compensation of certain employees of publicly held corporations.
Prop. regs. issued for spinoff transactions and their reporting
The proposed regulations provide comprehensive rules for corporate separations, incorporations, and reorganizations and multiyear reporting for such transactions.
Regs. identify microcaptive transactions as reportable transactions
The final regulations target certain transactions involving small insurers under Sec. 831(b) owned by their insured entities.
IRS proposes new rules for tax professionals
The proposed regulations would update the Circular 230 rules governing practice before the IRS.
IRS issues proposed regs. on catch-up contributions
The proposed regulations apply to additional contributions under a 401(k) or similar workplace retirement plan that generally are allowed for workers age 50 and over.
Basis-shifting transaction reporting addressed in final regs.
Changes to the proposed regulations include a higher dollar threshold for a basis increase in transactions of interest.
Alternative methods allowed for identification of digital assets
The IRS provided temporary relief that permits eligible taxpayers to use alternative methods to make adequate identification of digital asset units sold, disposed of, or transferred in 2025.
