News Archive: 2008
GENERAL NEWS AFFECTING TAX REPORTING
Rev. Rul. 2008-23 M&IE Expense Deduction for Leased Employees (April 2008)
Rev. Rul. 2008-18 Identifying Numbers after S-corp Reorganization (March 2008)
COURT CASES
University of Chicago v United States (Seventh Circuit Court of Appeals, FICA on
retirement plan salary reduction plan contributions) (Oct 2008)
Aramark v SEIU, 9th Circuit Court of Appeals ("no-match" letter regarding employee
social Security Numbers) (June 2008)
Regents of the University of Minnesota v U.S. (medical resident FICA) (April 2008)
Idaho Supreme Court: Giltner, Inc. v Idaho Department of Commerce and Labor (certain
truck drivers were employees, not independent contractors) (March 2008)
United State District Court for the Southern District of New York: Fallu Productions Inc v
U.S. (on-time tax deposit was nonetheless a failure to timely deposit because the
deposit was not made by the required method) (March 2008)
United States District Court for the Eastern District of Texas: Verret v U.S. (Board
member personally liable for withholding tax failures, in specific circumstances) (Feb
2008)
U.S. Supreme Court: LaRue v DeWolff Boberg and Associates Inc et al (individual may
sue pension plan) (Feb 2008)
INSURANCE AND ANNUITIES
Notice 2008-42 Modifications of Split-Dollar Life Insurance Arrangements (April 2008)
Rev. Proc. 2008-24 Tax-Free Exchanges of Annuity Contracts (March 2008)
NON-U.S. PERSONS
TD 9391 Final Regulations for Source Rules Involving U.S. Possessions, and other
conforming changes to regulations (April 2008)
Announcement 2008-8 with treaty benefit table supplement to Pub 515
For Belgium, Denmark, Finland and Germany, new tables on withholding and
compensation exempt from withholding. Some apply from January 1, 2007; others from
January 1, 2008. (Feb 2008)
PAYROLL AND EMPLOYEE BENEFITS
TD 9431 Information Reporting on Employer-Owned Life Insurance Contracts final regs
effective November 6, 2008
Notice 2008-52 Guidance on Health Savings Account contributions under the Tax Relief
and Health Care Act of 2006 - maximum contributions; testing periods; when additional
tax applies (June 2008)
Notice 2008-59 Health Savings Account questions and answers (June 2008)
Rev. Rul 2008-29 Income Tax Withholding on Supplemental Wage Payments (June
2009)
Revenue Ruling 2008-13 Excessive Compensation (Feb 2008)
FICA on payments in lieu of health care coverage for retirees: See 08-0001 and
08-0006
RETIREMENT PLANS AND ACCOUNTS
Announcement 2008-44 If a 2008 Economic Stimulus Payment was direct deposited to
an IRA or similarly tax-advantaged account, it may be withdrawn without penalty (Dec
2008)
Rev. Rul. 2008-40 Transfer from Qualified Plan to Nonqualified Foreign Trust (July
2008)
Notice 2008-51 Guidance on qualified Health Savings Account funding distribution from
an IRA or Roth IRA to a Health Savings Account (June 2008)
Memorandum 200819001 regarding levy on State retirement fund (May 2008)
Notice 2008-30 Guidance on Distributions under the Pension Protection Act of 2006
(March 2008)
SECURITIES AND BANKING
Notice 2008-77 WHFIT Reporting Relief (Sept 2008)
Rev. Proc 2008-63 Securities Loan Default and Sec. 1058(a) Exchange (Sept 2008)
Announcement 2008-56 Change in Reporting Section 404(k) Dividends (ESOPs) (June
2008)
Notice 2008-55 Equity Characterization of Auction Rate Preferred Stock (June 2008)
Rev. Rul. 2008-31 Notional Principal Contract not a US Real Property Interest solely
because return is calculated by reference to a real estate index (June 2008)
Notice 2008-41 Supplement to 2008-27 Reissuance Standards for State and Local
Bonds (March 2008)
Notice 2008-27 Reissuance Standards for State and Local Bonds (Feb 2008)
Notice 2008-2 Possible Income/Expense Accrual on Prepaid Forward Contracts (Dec
2007)
Notice 2008-8 Reporting Stock Transfers Pursuant to Employee Options (Dec 2007)
Revenue Ruling 2008-1 Tax Treatment of Certain Foreign Currency Transactions (Dec
2007)
Revenue Ruling 2008-5 Loss from Wash Sale of Stock (Dec 2007)
STATES
South Carolina Notice on New 7% Withholding on Form 1099 Reportable Payments if no
TIN, incorrect TIN, or ITIN (June 2008)
TAX-EXEMPT AND GOVERNMENT ENTITIES
Notice 2008-62 Recurring Part-Year Compensation paid by Tax-Exempt and
Government Entities (June 2008)
Notice 2008-49 Public Inspection of Form 990-T (May 2008)
WORKER CLASSIFICATION: EMPLOYEE OR INDEPENDENT CONTRACTOR?
Memorandum 200822026 on IRS preparation of Form 941 after finding of worker
misclassification
GENERAL NEWS AFFECTING TAX REPORTING
Rev. Rul. 2008-23 M&IE Expense Deduction for Leased Employees (April 2008)
Rev. Rul. 2008-18 Identifying Numbers after S-corp Reorganization (March 2008)
COURT CASES
University of Chicago v United States (Seventh Circuit Court of Appeals, FICA on
retirement plan salary reduction plan contributions) (Oct 2008)
Aramark v SEIU, 9th Circuit Court of Appeals ("no-match" letter regarding employee
social Security Numbers) (June 2008)
Regents of the University of Minnesota v U.S. (medical resident FICA) (April 2008)
Idaho Supreme Court: Giltner, Inc. v Idaho Department of Commerce and Labor (certain
truck drivers were employees, not independent contractors) (March 2008)
United State District Court for the Southern District of New York: Fallu Productions Inc v
U.S. (on-time tax deposit was nonetheless a failure to timely deposit because the
deposit was not made by the required method) (March 2008)
United States District Court for the Eastern District of Texas: Verret v U.S. (Board
member personally liable for withholding tax failures, in specific circumstances) (Feb
2008)
U.S. Supreme Court: LaRue v DeWolff Boberg and Associates Inc et al (individual may
sue pension plan) (Feb 2008)
INSURANCE AND ANNUITIES
Notice 2008-42 Modifications of Split-Dollar Life Insurance Arrangements (April 2008)
Rev. Proc. 2008-24 Tax-Free Exchanges of Annuity Contracts (March 2008)
NON-U.S. PERSONS
TD 9391 Final Regulations for Source Rules Involving U.S. Possessions, and other
conforming changes to regulations (April 2008)
Announcement 2008-8 with treaty benefit table supplement to Pub 515
For Belgium, Denmark, Finland and Germany, new tables on withholding and
compensation exempt from withholding. Some apply from January 1, 2007; others from
January 1, 2008. (Feb 2008)
PAYROLL AND EMPLOYEE BENEFITS
TD 9431 Information Reporting on Employer-Owned Life Insurance Contracts final regs
effective November 6, 2008
Notice 2008-52 Guidance on Health Savings Account contributions under the Tax Relief
and Health Care Act of 2006 - maximum contributions; testing periods; when additional
tax applies (June 2008)
Notice 2008-59 Health Savings Account questions and answers (June 2008)
Rev. Rul 2008-29 Income Tax Withholding on Supplemental Wage Payments (June
2009)
Revenue Ruling 2008-13 Excessive Compensation (Feb 2008)
FICA on payments in lieu of health care coverage for retirees: See 08-0001 and
08-0006
RETIREMENT PLANS AND ACCOUNTS
Announcement 2008-44 If a 2008 Economic Stimulus Payment was direct deposited to
an IRA or similarly tax-advantaged account, it may be withdrawn without penalty (Dec
2008)
Rev. Rul. 2008-40 Transfer from Qualified Plan to Nonqualified Foreign Trust (July
2008)
Notice 2008-51 Guidance on qualified Health Savings Account funding distribution from
an IRA or Roth IRA to a Health Savings Account (June 2008)
Memorandum 200819001 regarding levy on State retirement fund (May 2008)
Notice 2008-30 Guidance on Distributions under the Pension Protection Act of 2006
(March 2008)
SECURITIES AND BANKING
Notice 2008-77 WHFIT Reporting Relief (Sept 2008)
Rev. Proc 2008-63 Securities Loan Default and Sec. 1058(a) Exchange (Sept 2008)
Announcement 2008-56 Change in Reporting Section 404(k) Dividends (ESOPs) (June
2008)
Notice 2008-55 Equity Characterization of Auction Rate Preferred Stock (June 2008)
Rev. Rul. 2008-31 Notional Principal Contract not a US Real Property Interest solely
because return is calculated by reference to a real estate index (June 2008)
Notice 2008-41 Supplement to 2008-27 Reissuance Standards for State and Local
Bonds (March 2008)
Notice 2008-27 Reissuance Standards for State and Local Bonds (Feb 2008)
Notice 2008-2 Possible Income/Expense Accrual on Prepaid Forward Contracts (Dec
2007)
Notice 2008-8 Reporting Stock Transfers Pursuant to Employee Options (Dec 2007)
Revenue Ruling 2008-1 Tax Treatment of Certain Foreign Currency Transactions (Dec
2007)
Revenue Ruling 2008-5 Loss from Wash Sale of Stock (Dec 2007)
STATES
South Carolina Notice on New 7% Withholding on Form 1099 Reportable Payments if no
TIN, incorrect TIN, or ITIN (June 2008)
TAX-EXEMPT AND GOVERNMENT ENTITIES
Notice 2008-62 Recurring Part-Year Compensation paid by Tax-Exempt and
Government Entities (June 2008)
Notice 2008-49 Public Inspection of Form 990-T (May 2008)
WORKER CLASSIFICATION: EMPLOYEE OR INDEPENDENT CONTRACTOR?
Memorandum 200822026 on IRS preparation of Form 941 after finding of worker
misclassification
COKALA Tax Information
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