Russell Gully

Russell Gully

Thompson & Knight LLP

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2015 Cost-Of-Living Adjustments Applicable To Employee Benefit Plans

Elective Deferral Contributions: For the 2015 calendar year, the annual limitation under Code section 402(g)(1) on the amount of elective deferrals to Code section 401(k) plans, Code section 403(b) plans, and Code section...more

11/5/2014 - COLA Cost-of-Living Defined Benefit Plans Defined Contribution Plans Executive Compensation FICA Taxes IRS

Deadline November 5 For Large Self-Insured Health Plans To Obtain Health Plan Identifier

Regulations issued by the Department of Health and Human Services (“HHS”) pursuant to the Affordable Care Act require certain health plans to obtain a Health Plan Identifier (an “HPID”) by November 5, 2014. The HPID is a...more

10/29/2014 - Controlling Health Plan Deadlines Healthcare HHS HPID Self-Insured Health Plans

IRS Issues Draft Instructions For Health Coverage Reporting

The IRS has issued draft instructions for the forms employers will use to report health coverage information required by the Affordable Care Act. The draft instructions should not be relied on, but they are indicative of the...more

9/25/2014 - Affordable Care Act Employer Group Health Plans Employer Liability Issues IRS Reporting Requirements

Limitation on IRA Rollovers: Once Per Year Only

The Internal Revenue Service (“IRS”) has narrowed the rules relating to Individual Retirement Account (“IRA”) rollovers by withdrawing longstanding proposed rules to reflect a recent U.S. Tax Court ruling in Bobrow v....more

7/16/2014 - Income Taxes IRA IRA Rollovers IRS

In Quality Stores, the Supreme Court Holds that Severance Payments are Taxable FICA Wages

On March 25, 2014, the Supreme Court ruled 8-0 in favor of the government in the long-running Quality Stores litigation, holding that severance payments are taxable FICA wages, even if they fall within the category of...more

6/27/2014 - FICA Taxes Hiring & Firing Quality Stores SCOTUS Severance Agreements Severance Pay Severance Tax

Employers Who Paid FICA Taxes on Severance Pay in 2010 Should Consider Filing Protective Refund Claims by April 15, 2014

The Supreme Court has yet to issue a ruling in the Quality Stores case to decide whether supplemental unemployment compensation benefit payments—a term which includes severance pay—should be subject to FICA taxes. We have...more

3/5/2014 - FICA Taxes Form 941 Quality Stores severence agreements Tax Refunds Unemployment Benefits

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