IRS Finalizes Retirement Savings Catch-Up Rules

By Kat Lucero

The IRS released final regulations Monday that would allow workers reaching retirement age to catch up on their savings by making additional contributions above the annual limits to their employer-sponsored retirement plans, including a requirement for high earners to designate those additional funds as Roth contributions.

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Court Urged To Block Offshore Asset Freeze In $28M Tax Row

By Anna Scott Farrell

The federal government's claim that a beneficiary of offshore trusts is likely to spend down assets to avoid a $28 million tax bill lacks evidence, the beneficiary argued in urging a Florida federal court not to freeze his accounts.

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McKesson Too Late To Fight IRS Cost-Share Rules, Gov't Says

By Natalie Olivo

Pharmaceutical giant McKesson waited too long to challenge transfer pricing regulations that cover cost-sharing arrangements as part of its $10 million tax refund bid, the U.S. government told a Texas federal court, arguing the statutory window to seek invalidation has closed.

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Tainted Evidence Sank Atty's Tax Court Case, 6th Circ. Told

By Asha Glover

The U.S. Tax Court relied on tainted evidence from the IRS when it affirmed the agency's denial of an Ohio attorney's attempt to deduct a theft loss and related legal expenses, he told the Sixth Circuit, urging it to reverse the lower court's ruling.

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OIRA Concludes Review Of Tipped Occupations

By Asha Glover

The Office of Information and Regulatory Affairs has concluded its review of a proposed regulation concerning guidance on occupations that will be subject to President Donald Trump's policy of no tax on tips, the office said.

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US, China Agree On TikTok Ownership Transfer, Bessent Says

By Jade Martinez-Pogue

The U.S. and China established a commercial framework for a deal with video sharing giant TikTok to transfer ownership of the app to the U.S., just days before a deadline to sell the app or shut it down, U.S. Treasury Secretary Scott Bessent told reporters at a press conference in Madrid on Monday.

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Applicable Federal Rates Set To Drop For A Third Month

By Anna Scott Farrell

Applicable federal rates for income tax purposes are slated to drop in October, falling for a third month after a rebound in July, the Internal Revenue Service said Monday.

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IRS Updates Corp. Bond Monthly Yield Curve For September

By Anna Scott Farrell

The IRS on Monday updated the corporate bond monthly yield curve used in calculations for defined benefit plans for September, as well as corresponding segment rates and other related provisions.

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Kingsley Napley Bags Private Client Pro To Head Tax Desk

By Dawood Fakhir

Kingsley Napley LLP said Monday that it has hired Paul Davidoff to head its international tax desk as the firm deals with a surge in work connected with tax and trusts amid an exodus of high-net-worth individuals from Britain.

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