News & Insights: robert j hughes

TAX ALERT: MANY COST-OF-LIVING ADJUSTMENTS RISE MODESTLY FOR 2015


By Robert J. Hughes  |  December 10, 2014

On Oct. 30, the IRS issued its cost-of-living adjustments for 2015. In a nutshell, with inflation remaining in check, many amounts increased only slightly, and some stayed at 2014 levels. This article provides an overview of important 2015 amounts related to individual income taxes, the alternative minimum tax, education- and child-related tax breaks, retirement plans, and gift and estate taxes. 

Marks Paneth Tax Alert: Rules Surrounding IRA Rollovers Become Less Friendly to Taxpayers


By Robert J. Hughes  |  July 9, 2014

Earlier this year, the US Tax Court made a controversial ruling regarding IRA (Individual Retirement Account) rollovers that contradicted an IRS publication designed to explain the law to taxpayers. Soon after, the IRS announced that it would adopt the court’s less taxpayer-friendly interpretation of the rollover rules. Taxpayers with multiple IRAs will have to be much more careful when making rollovers to ensure they don’t violate the aggregate rules and generate unnecessary tax liability — and possibly interest and penalties. This alert provides a brief overview of the Tax Court case, the IRS response and some other rules surrounding IRA rollovers that taxpayers should be aware of.

IRS issues final regulations on 3.8% net investment income tax and 0.9% additional Medicare Tax


By Robert J. Hughes  |  January 29, 2014

The IRS has issued final regulations addressing two new taxes under the Affordable Care Act that took effect Jan. 1, 2013: the 3.8% net investment income tax (NIIT, also known as the Medicare contribution tax), and the 0.9% additional Medicare tax. This article reviews these taxes and details how the final regs. differ from the proposed regs. that were issued last year.