General Business Labor & Employment Tax

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.
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Countries at a Glance 2016: United States - Employee Stock Purchase Plans

EMPLOYEE STOCK PURCHASE PLANS - EMPLOYEE STOCK PURCHASE PLANS: EMPLOYMENT - Labor Concerns - A claim for breach of contract could arise where a Plan is amended or discontinued. It is recommended that Plan...more

Employee Benefits Developments - September 2016

Final IRS Regulations Eliminate Requirement to File 83(b) Election with Tax Return - Under Section 83(a) of the Internal Revenue Code (the “Code”), if property is transferred in connection with the performance of...more

Upcoming CLE examines ways to avoid tax traps in life insurance

Beware that an employer-owned life insurance contract might not qualify for the usual exclusion from regular income tax. An “employer-owned life insurance contract” (a term that applied to much more than one would think) does...more

Third Circuit Deals Blow to Jersey City Ordinance Requiring PLAs on Privately Funded Projects in Exchange for Tax Abatements

Jersey City’s Municipal Code offers real estate developers generous tax exemptions that are designed to spur the City’s economic growth, but the tax incentives have strings attached. Specifically, to receive a tax exemption,...more

Did You Know That Payroll Taxes Non-Compliance Can Get You Into TROUBLE?

S Corps are corporate entities through which the income and or losses of the entity pass through to its owner’s personal income tax return. It is estimated that 100% of the shares of approximately 70% of small businesses...more

Taxation of termination payments – new government proposal will erode the scope of the £30,000 exemption

In July 2015, the government published a consultation on proposals to reform the tax treatment of termination payments, which was widely discussed with stakeholders. Nine months after the end of that consultation, the...more

Changes to the Taxation of Termination Payments

Termination payments are payments made to individuals as a result of their loss of employment. They are often made up of different components including statutory redundancy, compensation for loss of office, damages and...more

Government Set to Overhaul Taxation on Termination Payments

Currently, non-contractual compensation payments made solely on account of termination of an individual’s employment enjoy a favourable tax treatment in two respects – the payment can be made without deduction of income tax...more

New Law on Tax and Social Security Premium Amnesty in Turkey

On August 3, 2016, Turkey passed a detailed new law entitled "Statutory Proposal on Restructuring of Certain Receivables" (the "Law") which offers taxpayers a broad amnesty for most types of unpaid taxes and for unpaid social...more

Pennsylvania Tax Changes and Tax Amnesty Program

As part of the budget package, the Pennsylvania General Assembly made many significant changes to various Pennsylvania tax laws and the unclaimed property law (including a tax amnesty program) that are estimated to generate...more

Executrix Held Liable Under Federal Claims Statute For Actions Taken Prior to Appointment as Executrix

A decedent died while owing over $340,000 in unpaid federal income tax liabilities. His estate was insolvent. The assets of his estate consisted almost entirely of a 100% interest in one corporation and 50% of another...more

ERISA Litigation Newsletter - July 2016

Editor's Overview - This month we take a look at the plaintiffs' past successes in fee litigations, and the influx of such lawsuits seeking to impose heightened fiduciary standards for 401(k) plans. Regardless of the...more

New Proposed Regulations for Section 457(f) Nonqualified Deferred Compensation Arrangements of Non-Profit and Governmental...

The Internal Revenue Service recently released long anticipated proposed regulations (the “Proposed Regulations”) governing deferred compensation arrangements maintained by tax-exempt organizations and governmental entities...more

Treasury Removes a Reporting Trap for Section 83(b) Elections

Taxpayers who receive property as payment for performing services are generally taxable on the value of the property received in the year of receipt. Section 83 may allow such taxation to be deferred when the property...more

Proposed Section 409A Regulations Would Clarify Separation from Service Analysis in Connection with Change in Status From Employee...

Pursuant to the final regulations under Section 409A of the Internal Revenue Code of 1986, as amended, a termination of employment generally occurs at such time as the employer and employee reasonably anticipate that the...more

Cautionary Observations from the Proposed 457 Regulations

After more than nine years of deliberations, the IRS has finally released proposed regulations governing all types of deferred compensation plans maintained by non-profit organizations and governmental entities. In...more

The Impact of Recently Proposed Regulations on Ineligible Nonqualified Plans Under Internal Revenue Code § 457(f)

The Treasury Department and the Internal Revenue Service recently issued comprehensive proposed regulations governing nonqualified plans subject to tax under Internal Revenue Code § 457. Code § 457 prescribes the tax rules...more

IRS Issues Proposed Regulations Under Code Section 457 Affecting Deferred Compensation Plans of Tax-Exempt Organizations

The Internal Revenue Service recently issued proposed regulations under Section 457 of the Internal Revenue Code (the “Code”) that prescribe rules regarding deferred compensation plans sponsored by state and local governments...more

The ERISA Litigation Newsletter - June 2016

Editor's Overview - In this month’s newsletter, our colleagues focus on two sets of legislative updates. First is a discussion of the IRS’s proposed Treasury Regulations prescribing rules under Section 457 of the...more

IRS Issues Proposed Regulations on Nonqualified Deferred Compensation Arrangements for Governmental and Tax-Exempt Entities

The Treasury Department last week issued long-awaited proposed regulations under Section 457(f) of the Internal Revenue Code regarding nonqualified deferred compensation arrangements sponsored by governmental and tax-exempt...more

"New Rules Impact Compensation Arrangements of Governmental and Tax-Exempt Entities"

On June 22, 2016, the IRS published much-anticipated proposed regulations under Internal Revenue Code Section 457 impacting certain plans maintained by state or local governments or other tax-exempt organizations that provide...more

IRS Issues Regulations Affecting Compensation Arrangements at Tax-Exempt Organizations

On June 21, the IRS issued long awaited proposed regulations under Section 457 of the Internal Revenue Code that affect a broad range of compensation arrangements at tax exempt organizations. If a compensation arrangement is...more

Flexibility Offered for Deferred Compensation Plans of Tax-Exempt Organizations, Government Agencies

The U.S. Treasury Department has issued two sets of proposed regulations, under Sections 457 and 409A of the Internal Revenue Code, relating to deferred compensation plans of state and local governments and tax-exempt...more

Don’t be Phased by Annuity Treatment: Taxation of Distributions During Phased Retirement

On June 10, the Internal Revenue Service (IRS) issued Notice 2016-39 in response to inquiries regarding the appropriate tax treatment under section 72 of the Internal Revenue Code (the Code) for payments received by an...more

New FASB Tax Withholding Rules Give Companies (Particularly Multinationals) More Flexibility

As part of its Simplification Initiative, the FASB recently adopted Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, which impacts how companies (both public and private)...more

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