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Thompson & Knight LLP

Dallas, Texas

T&K Tax Knowledge

Recent Activity

IRS Issues Updated Guidance on Employee Retention Credit

Posted by Neely Munnerlyn The IRS has expanded its informal FAQ guidance on the employee retention credit (the “ERC”) which was enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The ERC is a refundable payroll tax credit for employers equal to 50% of... Continue reading

Posted May 4, 2020 at T&K Tax Knowledge

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Employers Should Consider Equity Compensation in Lieu of Cash

Posted by Jason Loden In the current economic climate, employers should consider granting equity compensation to officers and employees in lieu of cash compensation. Subject to the terms of any existing employment agreements or similar contracts, employers may be able to reduce cash compensation paid to employees in exchange for... Continue reading

Posted Apr 17, 2020 at T&K Tax Knowledge

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IRS Issues Guidance on Payroll Tax Deferral Provisions in the CARES Act

Posted by Neely Munnerlyn The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) allows employers and self-employed individuals to defer payment of the employer share of the 6.2 percent social security tax that they are otherwise responsible for paying for the period beginning on March 27, 2020 (the... Continue reading

Posted Apr 14, 2020 at T&K Tax Knowledge

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Partnerships Can Amend 2018 and 2019 Tax Returns for COVID-19 Relief

Posted by Abbey Garber, Lee Meyercord, and Jessica Kirk Earlier this week the IRS released an advanced version of Rev. Proc. 2020-23, which allows partnerships subject to the centralized audit regime to file amended tax returns and take advantage of retroactive tax relief provisions in the Coronavirus Aid, Relief, and... Continue reading

Posted Apr 10, 2020 at T&K Tax Knowledge

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IRS Issues Additional Guidance on Payroll Tax Credits

Posted by Neely Munnerlyn The Families First Coronavirus Response Act (the “FFCRA”) allows an employer to claim refundable payroll tax credits for the emergency paid sick leave and emergency paid family leave that an employer is required to provide to employees who are absent from work due to the COVID-19... Continue reading

Posted Apr 3, 2020 at T&K Tax Knowledge

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Covid-19 and Employee Benefit Plans: Frequently Asked Questions

Posted by Russell Gully, Jason Loden, Jessica Morrison, and Neely Munnerlyn The COVID-19 pandemic has resulted in economic hardships for many employers and employees. These challenges, along with a number of legislative and administrative developments, have led employers to consider making adjustments to their employee benefit programs. To assist employers... Continue reading

Posted Apr 2, 2020 at T&K Tax Knowledge

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Impacts of the COVID-19 Response to Tax-Exempt Organizations

Posted by David Rosenberg, Neely Munnerlyn, and Jana Wight On March 27, 2020, in response to the COVID-19 pandemic, the President signed the “Coronavirus Aid, Relief, and Economic Security Act” (“CARES Act”) in to law. The CARES Act includes the following provisions intended to provide relief to tax-exempt organizations: Modifications... Continue reading

Posted Mar 30, 2020 at T&K Tax Knowledge

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Estate Planning Dos and Don’ts During a Lockdown

Posted by Bill Mureiko, Eric Reis, Barbara Ferguson, Sarah Marks, and Rachel Deming During these unprecedented times, many people may be wondering about the status of their estate plans and, in particular, whether it is possible to make changes to their estate planning documents. Our estate planning group has prepared... Continue reading

Posted Mar 25, 2020 at T&K Tax Knowledge

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Potential Business Tax Relief in COVID-19 Legislation

Posted by Dean Hinderliter The Senate and the House have each released proposed legislation to be Phase 3 of the COVID-19 economic stimulus package. This legislation, although not yet enacted, proposes the following important tax provisions in an effort to assist businesses: Temporary Repeal of 2017 Limitations on Net Operating... Continue reading

Posted Mar 24, 2020 at T&K Tax Knowledge

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Claiming Payroll Tax Credits Under the Families First Coronavirus Response Act

Posted by Neely Munnerlyn The IRS has issued Information Release 2020-57 announcing that employers can begin taking advantage of the two new refundable payroll tax credits created by the Families First Coronavirus Response Act. The Information Release says that under guidance to be released next week, eligible employers who pay... Continue reading

Posted Mar 24, 2020 at T&K Tax Knowledge

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IRS Extends Filing Due Date to Match New Payment Due Date

Posted by Abbey Garber After previously announcing an extension for paying income taxes, Treasury Secretary Mnuchin tweeted this morning that “we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” After... Continue reading

Posted Mar 20, 2020 at T&K Tax Knowledge

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Families First Coronavirus Response Act

Posted by Neely Munnerlyn On March 14, 2020, the U.S. House of Representatives passed H.R. 6201, entitled The Families First Coronavirus Response Act (the “Act”). The House approved certain technical corrections to the Act on March 16, 2020, and the revised version was approved by the Senate on March 18,... Continue reading

Posted Mar 19, 2020 at T&K Tax Knowledge

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Taxpayers May Delay Paying IRS 90 Days

Posted by Abbey Garber The Secretary of the Treasury announced on March 17 that individual taxpayers may defer payments to the IRS of up to $1 million (and corporations may defer paying up to $10 million) from the statutory deadline of April 15 to July 15, without being liable for... Continue reading

Posted Mar 18, 2020 at T&K Tax Knowledge

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IRS Final Regulations Eliminate Bottom-Dollar Guarantees

Posted by Lee Meyercord and Jessica Kirk The IRS recently released final regulations under section 752 that ended the viability of bottom-dollar guarantees. The final regulations substantially adopt the temporary regulations issued on October 5, 2016. Bottom-dollar guarantees have long been a tax-planning technique to increase a partner’s basis in... Continue reading

Posted Dec 18, 2019 at T&K Tax Knowledge

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Delinquent Taxpayers May Have U.S. Passports Revoked

Posted by: Abbey Garber and Murtuza Hussain The Internal Revenue Service will begin issuing a notice of certification to taxpayers with “seriously delinquent” Federal tax debt to enforce Internal Revenue Code Section 7345. Section 7345 generally prohibits the Department of State from issuing or renewing a United States passport to... Continue reading

Posted Aug 7, 2019 at T&K Tax Knowledge

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New Wave of Pension Plan Litigation

Posted by Sharon Fountain, Russell Gully, Jason Loden, Jessica Morrison, and Neely Munnerlyn Several lawsuits have been filed in recent months against pension plan sponsors and fiduciaries over the actuarial assumptions used in some common pension plan calculations. The defendants in these lawsuits are some large pension plan sponsors and... Continue reading

Posted Jun 27, 2019 at T&K Tax Knowledge

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T&K Diversity Spotlight: Women’s History Month/Emily Parker

Honoring Emily Parker In honor of Women’s History Month, we are proud to highlight the accomplishments of Emily A. Parker, the Firm’s first female attorney and Partner. Over the course of her career, Emily has excelled in industries and practice areas not traditionally associated with women, breaking through the glass... Continue reading

Posted Mar 14, 2019 at T&K Tax Knowledge

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Proposed Regulations Liberalize Requirements for Hardship Distributions

Posted by Russell Gully, Sharon Fountain, and Jessica Morrison Most 401(k) and 403(b) plans allow plan participants to take in-service hardship distributions. In response to various pieces of tax legislation, the Department of the Treasury and the Internal Revenue Service proposed new Treasury Regulations governing hardship distributions effective generally for... Continue reading

Posted Dec 13, 2018 at T&K Tax Knowledge

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2019 Cost-of-Living Adjustments Applicable to Employee Benefit Plans

Posted by Neely Munnerlyn The Internal Revenue Service has announced the cost-of-living adjustments for limitations applicable to employee benefit plans qualified under the Internal Revenue Code. See our client alert for more information. If you have any questions, please contact the T&K tax attorney with whom you regularly work or... Continue reading

Posted Dec 12, 2018 at T&K Tax Knowledge

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Bypass Trust Planning in a High Exemption Environment

Posted by Bill Mureiko and Sarah Woodberry After President Trump signed the Tax Cuts and Jobs Act tax reform bill (the “Tax Bill”) into law at the end of 2017, many clients may have been lulled into thinking that no update to their existing estate plan is required, given the... Continue reading

Posted Oct 9, 2018 at T&K Tax Knowledge

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President of Mexico Passes Decree Including Tax Amendments

Posted by Mario Barrera On June 1, 2018, Mexican President Enrique Peña Nieto published a decree in the Federal Register amending several provisions of different statutes, including the Federal Fiscal Code (Código Fiscal de la Federación). The most relevant amendments to the Code are the following: 1. For persons engaged... Continue reading

Posted Jun 7, 2018 at T&K Tax Knowledge

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Lee Meyercord Quoted on New Partnership Audit Rules

Posted by Lee Meyercord and Mary McNulty Lee Meyercord was on several panels last week regarding the new partnership audit rules at the Federal Tax Workshop in Dallas. The panels discussed calculating and modifying the imputed underpayment, the push-out election (including the proposed regulations issued last December that allow the... Continue reading

Posted Mar 30, 2018 at T&K Tax Knowledge

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IRS Extends Effective Period of 2017 Forms W-4

Posted by Neely Munnerlyn In Notice 2018-14, the IRS extended the effective period of Forms W-4, Employee’s Withholding Allowance Certificate, for 2017 until February 28, 2018. A Form W-4 that claims an exemption from withholding for a year typically expires on February 15 of the following year, but this period... Continue reading

Posted Feb 13, 2018 at T&K Tax Knowledge

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IRS Updates Withholding Tables for 2018

Posted by Neely Munnerlyn The Internal Revenue Service recently released Notice 1036, which updates the income tax withholding tables for 2018 to reflect changes made by the tax reform legislation enacted last month. The updated tables reflect the increased standard deduction, repeal of personal exemptions and adjusted tax rates included... Continue reading

Posted Jan 23, 2018 at T&K Tax Knowledge

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New Tax Law Includes Significant Changes Affecting Tax-Exempt Organizations

Posted by David Rosenberg, Tyree Collier, Lee Meyercord, Katie Gerber, and Jackson Oliver The new tax bill enacted in December (the “Tax Bill”) includes many changes affecting tax-exempt organizations, including changes to excise taxes imposed on private foundations and universities, the charitable donations deduction, tax-exempt bonds, and the treatment of... Continue reading

Posted Jan 18, 2018 at T&K Tax Knowledge

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