The IRS has published a new Form W-9 (https://www.irs.gov/pub/irs-pdf/fw9.pdf) and an updated Publication 1281(https://www.irs.gov/pub/irs-pdf/p1281.pdf). Publication 1281 reflects the reduced backup withholding from 28 percent down to 24 percent.
There are important implications for unclaimed property and potentially many other areas where guidance, rather than regulations/laws are relied upon and enforced. In Superior Court Judge Harold Kahn’s ruling on Thrivent Financial for Lutherans vs. Betty Yee et al. he granted Thrivent Financial for Lutherans’ motion for summary judgement. In his ruling, Judge Kahn stated, “Betty Yee (in her official capacity of California State Controller) and the Office of State Controller adopted two regulations the “External Database Regulation” and the “Dormancy Trigger Regulation”- without compliance with the procedural requirements of the California Administrative Procedure Act and are therefore invalid.” California’s State Controller’s Office (SCO) is enjoined from both enforcing or threatening to enforce these. The full ruling is available here: https://images.thinkadvisor.com/contrib/content/uploads/documents/415/302510/2018-7-23-thrivent-v-yee-SuperiorCourtSF.pdf. Continue reading “Guidance Does Not Equal Regulation- Implications for Unclaimed Property and Beyond”
Bob Dorough has died at 94; his beloved Schoolhouse Rock! creations live on, https://www.cnn.com/2018/04/24/us/schoolhouse-rock-creator-died-trnd/index.html. Thank you, Bob for your imaginative instruction.