Media Mentions
2012
“What Is a Frequent Flier Mile Worth?”
Tax Notes Today, February 6, 2012
Ira Mirsky, noting the lack of IRS guidance on the tax treatment of banks awarding frequent flier as promotions, gave his preference for a bright-line valuation rule that would borrow from current approaches to determining the fair market value (FMV) of such taxable noncash fringe benefits as employer-provided cars. Because the IRS requires taxpayers to include the FMV of these mileage awards in gross income for the year they were received, Mr. Mirsky suggested that banks offering the miles as a premium might “reconsider whether miles are a good reward in this context.”
Ira B. Mirsky, Employee Benefits
2011
“Tax Break for Transit Benefit Set to Expire at End of 2011”
SHRM Online, December 6, 2011
Ira Mirsky warned that if Congress does not extend the December 31 expiration of tax exclusions on employer-provided transit passes for employees, “Most employers will be left to pick up the pieces in this tough economy, and labor under higher payroll taxes at the same time.” Expiration would make employers and employees “feel like the rug is being pulled out from under them” due to the advance compensation planning needed in the event of expiration.” He urged Congress to remember that the purpose of the benefit is “to reduce pollution and traffic by creating incentives to encourage more commuters to use mass transit.”
Ira B. Mirsky, Employee Benefits
2009
Gregory Heltzer and Ira Mirsky were mentioned by the Washington Post on December 14 for their promotion to partner in McDermott’s Washington, DC office. Mr. Heltzer practices in regulatory and government affairs, Mr. Mirsky in employee benefits.
Gregory E. Heltzer, Ira B. Mirsky, Employee Benefits, Regulation & Government Affairs - Germany
Ira Mirsky was quoted by the Business Solutions Outsourcing Blog on November 11 concerning the forthcoming Internal Revenue Service detailed employment-tax examinations of some 6,000 companies beginning in February 2010. Mr. Mirsky urged any company to review their three most recent years of employment tax returns, as well as all supporting documents and records, in light of the criteria to be used in the audits. He added that “good IRS examination-management practices should be followed” by companies that are selected for an audit, including a clear chain of command for audit responses, use of outside advisers from the start of the process, and requesting additional response time when needed.
Ira B. Mirsky, Employee Benefits
Elizabeth Erickson and Ira Mirsky are co-authors of an article concerning tax rules for employment settlements that appeared October 29 on Employersweb.com. The authors note that, after settlement of an employee lawsuit against a company, “there is a major responsibility that inevitably involves personnel and compensation staff: administering the appropriate tax rules.” A settlement or award can be taxable income to the employee or former employee who made the claim, meaning that the company must issue appropriate tax documentation. The authors describe the complexity of the process for determining taxability, and offer suggestions on how companies can determine the correct tax treatment of employment-related settlement payments.
Elizabeth Erickson, Ira B. Mirsky, Employee Benefits, Trial
Ira Mirsky was quoted by Human Resource Executive Online on October 28 concerning a planned IRS National Research Program (NRP) to assess companies’ employment tax compliance. Mr. Mirsky advises companies to prepare by assessing their current payroll practices and their past three years of employment tax returns “with a specific focus on the fine areas identified by the NRP initiative, as well as any other known areas of weakness.” If a company is audited as part of the NRP, Mr. Mirsky suggests that “good IRS examination-management practices should be followed,” such as having a clear chain of command for responses to the IRS, using outside advisers early in the process, and asking for more time when needed to respond.
