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These documents are prepared by field attorneys in the Office of Chief Counsel, reviewed by an Associate Office, and subsequently issued to field or service center campus employees of the Internal Revenue Service.

The Moving Ahead for Progress in the 21st Century Act changed many items for single-employer defined benefit plans, including giving significant funding relief by allowing plans to use a 25-year average interest rate. At the same time, MAP-21 increased the annual Pension Benefit Guaranty Corporation premium each year beginning in 2013.

Abusive Trust Tax Evasion Schemes - Special Types of Trusts

Rents from the lease of personal property are not excludable from unrelated business taxable income under Section 512(b)(3), unless the personal property is leased with real property and the rent attributable to the personal property is an incidental amount of the total rents received or accrued under the lease, as determined at the time the personal property is first placed in service. If more than 50% of the total rental income under a lease is attributable to personal property, then none of the income received or accrued under the lease is excludable from unrelated business taxable income under Section 512(b)(3).

IR-2023-144, Aug. 9, 2023 — IRS cautions plan sponsors to be alert to compliance issues associated with ESOPs. As part of an expanded focus on ensuring high-income taxpayers pay what they owe, the Internal Revenue Service today warned businesses and tax professionals to be alert to a range of compliance issues that can be associated with Employee Stock Ownership Plans (ESOPs).

September 22, 2023 — A federal jury sitting in Atlanta convicted Jack Fisher and James Sinnott of conspiracy to defraud the United States, conspiracy to commit wire fraud, aiding and assisting the filing of false tax returns and subscribing to false tax returns. Fisher was also convicted of money laundering.

These documents are prepared by field attorneys in the Office of Chief Counsel, reviewed by an Associate Office, and subsequently issued to field or service center campus employees of the Internal Revenue Service.

An excess benefit transaction is a transaction in which an economic benefit is provided by an applicable tax-exempt organization to or for the use of a disqualified person.

August 10, 2022 — A South Bay man was charged today in a federal grand jury indictment alleging he used the “Desilu” name – the same name used by Lucille Ball and Desi Arnaz’s television production company famous for shows such as “I Love Lucy” and “Star Trek” – to dupe investors into giving him money for sham investments, money that was actually used for personal expenses that included trips to Las Vegas.

Major tax reform was approved by Congress in the Tax Cuts and Jobs Act (TCJA) on December 22, 2017. The IRS is implementing this major tax legislation that will affect both individuals and businesses. We will provide information and guidance to taxpayers, businesses and the tax community as it becomes available.