Alston & Bird Tax Blog

Alston & Bird Tax Team

About Alston & Bird Tax Team

Our 80-plus tax attorneys comprise one of the largest law-firm-based tax practices in the country. Our tax clients include both long-standing firm clients and clients who choose Alston & Bird solely to do their tax work.

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Special Challenges with Escheating Tax-Deferred Retirement Assets

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Holders and custodians of retirement assets, such as 401(k)s, IRAs, and Roth IRAs, face numerous challenges associated with the potential escheatment of these tax-deferred retirement assets. In this installment of “UP Ahead” for Tax Notes State, unclaimed property partners Kendall Houghton and Matt Hedstrom discuss the scope of federal preemption in this arena and the concept of voluntary escheatment of tax-deferred retirement assets. Read the full article here. [...]Read more

Alston & Bird Forms COVID-19 Coronavirus Task Force

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In case you missed it, Alston & Bird has formed a working group to advise clients on the business and legal implications of the COVID-19 coronavirus.

Spanning several Alston & Bird practices – including health care, corporate governance, capital markets and securities, labor and employment, litigation, tax, and environmental – the Coronavirus Task Force can give insight and guidance to clients facing immediate questions and challenges about planning for or responding to the threat posed by the virus.

You can view out insights and events here, including the chance to register for [...]Read more

Taxpayer Win on Retroactivity: An Important Step for New York Tax Law

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Earlier this week, our State & Local Tax Team examined the New York Appellate Division’s rejection of the state’s attempt to retroactively unwind already-claimed taxed credits after a New York court invalidates the state’s retroactive application of tax legislation as violating the Due Process Clause.

Applying New York’s three-factor standard to determine whether a retroactive tax law is constitutional
Comparing a taxpayer-friendly outcome to a taxpayer defeat
It all comes down to how and why

Read the full advisory here. [...]Read more

Federal Tax Update to IRAs Will (Further) Impact State Escheat Requirements

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Last week, our Unclaimed Property Group examined the recently enacted SECURE Act and the significant changes the new law makes to the treatment of IRAs for state escheatment purposes.

Lengthens required minimum distribution age from 70.5 to 72
Repeals maximum age for traditional IRA contributions
Latest federal tax development to impact the unclaimed property treatment of IRAs

Read the full advisory here. [...]Read more

Do You Need to Send an Annual Notice to Plan Participants?

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Check out our review of the multiple year-end notices that defined contribution plans must issue to participants.

  • 2020 retirement plan limits
  • Notice content and deadlines
  • Practice pointers

Read the full advisory here.