Tax Law Defined® Blog

IRS Finalizes Regulations on 401(k) Plan Hardship Withdrawals

On September 23, 2019, the IRS issued final regulations regarding hardship withdrawals from 401(k) Plans. Read More ›

You Down with CBD? Yea You Know Me – States Look to Incentivize and Tax Growing Hemp Industry

Planting the Seed – How the Hemp Industry Began to Bloom

Few products have ever taken the market by storm quite like hemp-based products have over the past year, with the most popular being CBD, or cannabidiol, a natural compound extracted from hemp with various recognized uses including potential health benefits.  Read More ›

Do Not Pass Go. Do Collect $200 – States Quickly Adding Marketplace Facilitator Collection Requirements Will Lead to New Strategies, Complications and Disputes

A lot has changed in the state and local tax world after the 2018 Wayfair[i] decision which finally paved the way for state revenue departments and other taxing authorities to force out-of-state sellers to collect tax on sales to customers if the retailer has sufficient economic nexus, instead of physical nexus, in that jurisdiction. 

[i] S. Dakota v. Wayfair, Inc., 585 U.S. ___, 138 S.Ct. 2080, 201 L.Ed.2d 403 (2018) Read More ›

I’ve Got Trust Issues – Are Nonresident Trusts the New Nexus Fight?

Nexus is nearly an impossible concept to grasp in most state and local tax (SALT) contexts as states continue grasping at more and more possible connections a taxpayer may have with a respective state – and the states have won most of these fights over time, whether it was economic nexus for income tax purposes slowly over the past several years, or most recently, in the sales tax context in Wayfair[1] earlier this year.  Read More ›

To Cash or Not to Cash? Tax Treatment for Uncashed Retirement Plan Checks

In Revenue Ruling 2019-19, which was issued on August 14, the Internal Revenue Service (IRS) confirmed that a taxable qualified plan distribution is taxable in the year it is distributed, even if the participant does not cash the check or cashes the check in a subsequent year. Read More ›

Ohio Raises Motor Fuel Taxes (But Not on Everybody)

Semi-Truck affected by gas prices

On April 3, 2019, Ohio Governor Mike DeWine signed House Bill (“H.B.”) 62 which increases the gasoline tax rate by 10.5¢, from 28¢ per gallon to 38.5¢ per gallon. Read More ›

Request Annual Estimate of Multiemployer Pension Plan Withdrawal Liability

An employer which participates in an underfunded multiemployer pension plan should request an estimate of withdrawal liability on an annual basis so it is aware of the amount of any potential withdrawal liability. Read More ›

Navigating the thorny tax issues triggered by the issuance of restricted stock in a rollover transaction

It isn't unusual for shareholders holding vested stock in their target company to roll the stock over into acquiror stock in a taxable or nontaxable exchange. Read More ›

The SECURE Act – Federal Retirement Enhancement Act May Soon Require Complete Restructuring of Inherited IRA Planning

On May 23, 2019, the U.S. House of Representatives passed the “Setting Every Community Up for Retirement Enhancement Act of 2019,” known as the SECURE Act, with a vote of 417 to 3. Read More ›

Kentucky’s 2019 Updates to the Tax Code

Kentucky’s 2018 Regular Session of the General Assembly brought sweeping changes to the state’s overall tax structure, but the 2019 changes were not nearly so dramatic. Instead, the Kentucky General Assembly directed its efforts to tidying up several issues from the changes it made last year. Read More ›

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Attorney Spotlight

Jennifer Y. Barber is a member of FBT, focusing on state and local tax, economic incentives and government affairs. She has experience representing local and national clients on tax planning and litigation in administrative and judicial disputes.