BW INSIGHTS

IRS Issues Guidance on Matching Contributions for Student Loan Payments

By Maggie Simonson Schild & Cynthia Boyle Lande | 09.16.2024

Background On August 19, 2024, the IRS issued Notice 2024-63 (the “Notice”) to provide highly anticipated interim guidance on Section 110 of Secure 2.0 Act (“Secure 2.0”), which was enacted in 2022. Secure 2.0 amended the definition of matching contributions to allow an employer to make matching contributions beginning in 2024 to 401(k), 403(b),... Read More

Questions about the Property Tax Sale

By Katie McKain Tegtmeier | 08.12.2024

What is a Tax Sale? Tax sales are used by the County Treasurer to collect unpaid and delinquent real estate taxes. The tax sale is generally held on the third Monday of June every year. At the sale, the County Treasurer offers for sale each parcel with delinquent taxes for the total amount of taxes, interest, fees, and costs due against each... Read More

IRS Announces Guidance on Basis-Shifting Transactions by Related-Party Partnerships

By Maggie Simonson Schild & Christopher L. Nuss | 07.25.2024

On June 17, 2024, the Internal Revenue Service (IRS) and Treasury announced new guidance aiming to curtail abusive basis-shifting transactions by related-party partnerships. The Treasury and IRS plan to propose regulations targeting transactions in which partners shift basis from one asset to another, thereby increasing the second asset’s basis... Read More

Iowa Livestock Capital Gain Deduction for 2023

By Maggie Simonson Schild & Christopher L. Nuss | 06.18.2024

On May 15, 2024, Governor Reynolds signed into law House File 2649 that provides an Iowa individual income tax deduction for capital gains incurred on the sale of certain livestock. The Iowa livestock capital gain deduction is available retroactively for tax years beginning on or after January 1, 2023. To claim the livestock capital gain... Read More

Tax Relief Due to Recent Severe Weather in Iowa

By Maggie Simonson Schild & Christopher L. Nuss | 06.18.2024

Severe weather has been active across the state of Iowa, affecting individuals and businesses. Governor Reynolds and the Internal Revenue Service have implemented various forms of tax relief for those most affected by severe weather. Iowa Penalty Relief On May 21, 2024, Governor Reynolds issued a Proclamation of Disaster Emergency for the... Read More

Major Economic Growth Attraction (MEGA) Program Passes Iowa Legislation

By Rebekah Jalilian-Nosraty | 04.17.2024

Businesses are invited to invest in Iowa by Iowa Legislators. The Major Economic Growth Attraction program (MEGA program) passed yesterday (4/16) with a vote of 47 yeas and 0 nays . The program offers tax incentives for businesses making capital investments and creating jobs in Iowa. Qualified businesses may receive a tax credit for withholding... Read More

Employee Retention Credit Withdrawal Process and Voluntary Disclosure Program

By BrownWinick | 12.21.2023

The Employee Retention Credit (the “ERC”) is a refundable tax credit against payroll taxes that was created under the CARES Act to help employers and employees affected by the COVID-19 pandemic by encouraging employers to keep employees. In short, the ERC could be claimed if there was a significant decline in gross receipts over certain periods, a... Read More

IRS Issues Proposed Regulations for Long-Term Part-Time Employees

By BrownWinick | 11.29.2023

On Friday, November 24th, the IRS issued the long-awaited Proposed Treasury Regulations amending the existing Treasury Regulations for 401(k) plans and providing guidance relating to treatment of long-term part-time employees (“LTPTE”) within 401(k) plans. The LTPTE concept was codified by the Setting Every Community Up for Retirement Enhancement... Read More

BrownWinick Included in 2024 Edition of Best Laws Firms Ranked by Best®

By BrownWinick | 11.02.2023

BrownWinick is excited to announce the firm has been included in the Best Law Firms Ranked by Best® 2024 publication. Firms included in the 2024 edition of Best Law Firms® list are recognized for professional excellence with persistently impressive ratings from clients and peers. Achieving a tiered ranking signals a unique combination of quality... Read More

Profits Interests - Equity Compensation for Partnerships

By William Daniel | 08.23.2023

Many people are familiar with stock options and how those operate, but for those businesses organized as an LLC and taxed as a partnership, profits interests are another tool in the toolbox to recruit, retain, and motivate your employees. However, I often need to provide more explanation about profits interests and how they work than stock options... Read More