B. David Joffe

B. David Joffe

Bradley Arant Boult Cummings LLP

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New Self-Certification Procedure for Late Rollovers

The Internal Revenue Service (IRS) has issued Revenue Procedure 2016-47, which provides for a new self-certification procedure for participants who receive retirement plan distributions but inadvertently miss the 60-day time...more

8/30/2016 - 401k 403(b) Plans 457(b) Plans Distribution Rules Employee Benefits IRA IRA Rollovers IRS Plan Administrators Private Letter Rulings Retirement Plan Self-Certification Tax Code Waivers

New Proposed Regulations for Nonqualified Deferred Compensation Plans

The Internal Revenue Service (IRS) has recently issued proposed regulations on nonqualified deferred compensation plans under Internal Revenue Code (Code) Section 409A. The regulations clarify and modify specific provisions...more

6/28/2016 - Deferred Compensation Internal Revenue Code (IRC) IRS Proposed Regulation Third-Party Service Provider

COBRA Notices May Include Additional Information on Exchanges

The Department of Labor (DOL) recently issued an FAQ addressing the inclusion of information about the Health Insurance Exchanges (Marketplace) in COBRA notices. The guidance could be very helpful for employers in directing...more

6/24/2016 - COBRA DOL Employee Benefits Employer Group Health Plans Health Insurance Health Insurance Exchanges New Guidance

EEOC Issues Sample Wellness Program Notice

The Equal Employment Opportunity Commission (EEOC) recently posted on its website a sample employee notice to help employers with wellness programs comply with the agency's recently issued final rule under the Americans with...more

6/21/2016 - ADA EEOC Employer Liability Issues Final Rules HIPAA Wellness Programs

Wellness Rewards Included in Employee’s Income

The Internal Revenue Service (IRS), through its Office of Chief Counsel, recently released a memorandum regarding the tax treatment of wellness programs. Although the memorandum is not formal advice that may be relied on, it...more

6/3/2016 - Employee Benefits Employment Tax IRS Memorandum of Guidance Wellness Programs

April 30 Deadline to Restate Pre-Approved Plans

Sponsors of pre-approved defined contribution retirement plans are generally required to sign new plan documents that incorporate changes required by the Pension Protection Act on or before April 30, 2016. Defined...more

5/2/2016 - Benefit Plan Sponsors Defined Contribution Plans Filing Requirements IRS Patent Protection Act Voluntary Correction Program

Recent Lawsuit Demonstrates Continuing Need for Plan Fiduciaries to Document Decision-Making Process

Late last year, another lawsuit was brought on behalf of participants in a 401(k) plan alleging breaches of fiduciary duties resulting from allegedly high plan fees. This type of case is not novel; the law firm that brought...more

4/8/2016 - 401k Breach of Duty Defined Contribution Plans ERISA Excessive Fees Fiduciary Duty Plan Administrators Retirement Plan

Will Your 401(k) Plan be Sued in the New Year?

Late last year, another lawsuit was brought on behalf of participants in a 401(k) plan alleging breaches of fiduciary duties resulting from allegedly high plan fees. This type of case is not novel; the law firm that brought...more

1/21/2016 - 401k ERISA Excessive Fees Fiduciary Duty Plan Administrators Vanguard

IRS Issues Guidance on Determination Letter Program

Last year, the Internal Revenue Service (IRS) announced significant changes to its determination letter program for tax-qualified retirement plans. In Announcement 2015-19, the IRS eliminated the staggered 5-year remedial...more

1/6/2016 - Benefit Plan Sponsors Determination Letter IRS New Guidance Qualified Retirement Plans

IRS Updates Guide to Auditing Nonqualified Deferred Compensation Plans

The Internal Revenue Service (IRS) recently updated its “Nonqualified Deferred Compensation Audit Techniques Guide.” The Guide provides a framework for the IRS to audit nonqualified deferred compensation (NQDC) plans. Since...more

7/20/2015 - 401k Audits Deferred Compensation FICA Taxes FUTA Income Taxes Internal Revenue Code (IRC) IRS Payroll Taxes Section 162(m) Section 409A Vesting Voluntary Correction Program Wage Withholding

IRS Changes Rules on Lump Sum Window Programs

The Internal Revenue Service (IRS) has surprisingly issued a notice of its intention to amend the required minimum distribution (RMD) regulations under the Internal Revenue Code (Code) to limit the use of lump sum payments to...more

7/13/2015 - Annuities Benefit Plan Sponsors Defined Benefit Plans Ford Motor General Motors Internal Revenue Code (IRC) IRS Lump Sum Offers Proposed Amendments Qualified Retirement Plans Required Minimum Distributions

Supreme Court Upholds ACA Tax Credits; Employers Must Continue to Play or Pay

In a much-anticipated decision, the Supreme Court upheld in King v. Burwell the validity of tax credits under the Patient Protection and Affordable Care Act (ACA) that are available to individuals in States that have Federal...more

6/29/2015 - Affordable Care Act Employer Mandates Health Insurance Health Insurance Exchanges Individual Mandate King v Burwell SCOTUS State Health Insurance Exchanges Subsidies Tax Credits

IRS Updates Retirement Plan Correction Procedure (Part 2)

The IRS has provided significant administrative and monetary relief for plans correcting errors involving employee contributions. The changes to the IRS’s Employee Plans Compliance Resolutions System (EPCRS) are set forth in...more

6/26/2015 - Benefit Plan Sponsors EPCRS IRS Retirement Plan Revenue Procedure 2015-28

IRS Updates Retirement Plan Correction Procedure (Part 1)

The Internal Revenue Service (IRS) has revised its correction procedures to simplify correction of overpayments in defined benefit plans, make it cheaper to correct plan loan and minimum distribution errors, and provide more...more

6/23/2015 - Benefit Plan Sponsors EPCRS IRS Revenue Procedure 2015-27

401(k) Fee Litigation to Increase Following Tibble Decision

As a result of the U.S. Supreme Court’s decision in Tibble v. Edison Int'l, it will now be easier for participants in 401(k) and other participant-directed plans to bring lawsuits challenging investment options added to the...more

5/22/2015 - 401k Benefit Plan Sponsors ERISA Fiduciary Duty Remand Retirement Plan SCOTUS Statute of Limitations Tibble v Edison Int

Easier, Less Costly Alternatives for Correcting Retirement Plan Mistakes

In two recent Revenue Procedures, the Internal Revenue Service (IRS) has modified the Employee Plans Compliance Resolution System (EPCRS), the IRS correction program for retirement plans. Revenue Procedure. 2015-27 reduces...more

4/8/2015 - Benefit Plan Sponsors EPCRS IRS Overpayment Popular Retirement Plan Voluntary Correction Program

Ensure Compliance with Final Regulations on Equity Awards

The Department of the Treasury has issued final regulations setting forth changes to the current regulations under Internal Revenue Code (Code) Section 162(m). Code Section 162(m) precludes a deduction by a public corporation...more

4/8/2015 - Corporate Taxes Executive Compensation Final Rules Internal Revenue Code (IRC) IPO Publicly-Traded Companies Tax Deductions U.S. Treasury

New ACA Rules Allow Employees a Second Trip Through the Cafeteria Plan Election Line

Under Notice 2014-55, the Internal Revenue Service (IRS) will now permit a cafeteria plan to allow an employee to revoke his election for coverage under the employer's group health plan in order to purchase a qualified health...more

10/10/2014 - Affordable Care Act Cafeteria Plans Flexible Spending Accounts Healthcare Healthcare Reform IRS

Affordable Care Act: Hobby Lobby Decision Limits Contraception Requirement

As widely reported, on June 30th, the United States Supreme Court held in Burwell v. Hobby Lobby Stores that certain methods of contraception under the preventive health services requirements of the Patient Protection and...more

7/9/2014 - Affordable Care Act Burwell v Hobby Lobby Contraceptive Coverage Mandate Contraceptives Hobby Lobby Religious Exemption Religious Freedom Restoration Act SCOTUS

DOL Settlement Is a Cautionary Tale for ESOP Trustees

The Department of Labor (DOL) recently settled a case involving an employee stock ownership plan (ESOP) that provides guidance but also a warning for trustees and employers contemplating ESOP transactions that later go awry....more

7/8/2014 - Appraisal DOL Employer Liability Issues ESOP Trustees

ESOP Fiduciaries Not Entitled to Presumption of Prudence

In Fifth Third Bancorp v. Dudenhoeffer, the U.S. Supreme Court unanimously held that there is no presumption of prudence for fiduciaries of an employee stock ownership plan (ESOP) who invest in employer securities. The case...more

7/7/2014 - Duty of Prudence Employee Benefits ESOP Fiduciary Duty FIfth Third Bancorp v Dudenhoeffer SCOTUS US Bancorp

Exclusion of Coverage for Same-Sex Spouses Did Not Interfere with Protected Rights under ERISA

In Roe v. Empire Blue Cross Blue Shield, a federal district court addressed the issue of whether a self-funded health plan could include language that denied dependent coverage to same-sex spouses without violating Section...more

6/3/2014 - DOMA ERISA Marriage Retirement Same-Sex Marriage SCOTUS US v Windsor

Changes & Opportunities in 2014 for Small Employers under ACA

The Affordable Care Act (ACA) brings about significant healthcare reform changes, as well as opportunities for small employers in 2014. Many of the reforms affect all employers who sponsor group health plans; however, the...more

5/19/2014 - Affordable Care Act Employer Group Health Plans Health Insurance Health Insurance Exchanges Healthcare Healthcare Reform Tax Credits

More Guidance on the Windsor Decision: Mid-Year Amendments to Safe Harbor Plans

The Internal Revenue Service (“IRS”) has issued Notice 2014-37 to provide guidance on amendments to reflect the outcome of United States v. Windsor, which invalidated Section 3 of the Defense of Marriage Act regarding the...more

5/19/2014 - 401k DOMA IRS New Amendments Safe Harbors US v Windsor

Good News for Employers: IRS Simplifies Rollover Validation Process

To simplify the rollover validation process, the Internal Revenue Service (IRS) has issued a new Revenue Ruling 2014-9 that provides guidance on the process for a trustee-to-trustee tax-free rollover between tax-qualified...more

4/4/2014 - Benefit Plan Sponsors Form 5500 Hiring & Firing IRA IRA Rollovers IRS New Hires Plan Administrators Qualified Retirement Plans Retirement Plan Tax-Free Transfers

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