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Tax Talk -- Volume 7, No. 1 -- April 2014

In This Issue: - FATCA Update: IRS Releases New Regulations, New Forms, and New IGAs - No Rule Policy on MLPs - IRS Introduces New Grandfather Rule for Equity-Linked Instruments Under Section 871(m) - Rev....more

Old Days – Remembering When Small Business Had Pension Plans

We lived in politically charged times. Congress seems unable to reach any consensus on anything including where to have the annual Congressional Christmas Ball! Years of political crossfire over the Affordable Care Act have...more

New York Budget Legislation

On March 31, 2014, New York State Governor Andrew Cuomo signed into law the 2014-2015 New York State Budget (Budget), which results in the most significant overhaul of New York’s franchise tax in decades. The Budget brings...more

BankinBits First Quarter Recap

The BankinBits blog, which discusses recent developments in the banking industry, has within the first quarter of 2014 addressed a diverse range of topics including banking services for the marijuana industry, the shuttering...more

Offshore Accounts? IRS is Watching

If you have unreported income from offshore accounts, now may be the best time to come forward and report those earnings; otherwise, you may be susceptible to criminal prosecution. The IRS initially began this...more

Deadlines Coming for Multinationals’ Retirement Plans and U.S. Taxpayers with Foreign Financial Interests

In 2010, the U.S. enacted a sweeping change in enforcement of its tax laws on foreign financial interests, the Foreign Account Tax Compliance Act (FATCA). The main thrust of the act is to penalize foreign financial...more

When It’s Time To Hire An ERISA Attorney

When I tell people that I’m an ERISA attorney, most people (including attorneys) don’t know what I do. While I’m not going to do a Rodney Dangerfield impersonation and claim I get no respect, the fact is that many plan...more

New IRS Guidance Relating to Same-Sex Spouses and Qualified Retirement Plan Benefits

Shortly after the U.S. Supreme Court ruled (in U.S. v. Windsor) that Section 3 of the federal Defense of Marriage Act (DOMA) was unconstitutional, the IRS announced that same-sex marriages will be recognized for federal tax...more

IRS Issues Windsor Guidance For Qualified Retirement Plans

The IRS has issued Notice 2014-19, which provides anticipated guidance for sponsors of qualified retirement plans on complying with last year's Supreme Court ruling in United States v. Windsor. That decision deemed...more

Tax Alert: Attention Employers Using Pre-Approved Retirement Plans – It’s Amendment Time Again!

Do you sponsor a tax-qualified retirement plan that was pre-approved by the IRS? If so, pre-approved documents take one of two forms. - One is a prototype plan that uses a checklist-type Adoption Agreement and is...more

Doing Business in Latin America and The Caribbean: Columbia

Colombia is located in the northernmost part of South America. Its population is estimated at over 45 million people, with at least 10 million living in the capital city of Bogotá. Colombia’s main language is...more

Is It Time To Review, Retest, Or Amend Your Employee Benefit Plans? IRS Provides Same Sex Marriage Guidance For Retirement Plan...

On June 26, 2013, when the Supreme Court determined that Section 3 of the federal Defense of Marriage Act (DOMA) was unconstitutional, the tax and benefit plan implications were unclear. Later, in Revenue Ruling 2013-17, the...more

Retirement Plan Amendment Requirements Post-Windsor

The recent release of Notice 2014-19 and IRS FAQs provide some initial pieces of the guidance that the IRS first promised in September 2013 regarding administrator obligations when amending employee benefit plans to account...more

IRS Releases Guidance on Application of Windsor to Retirement Plans

Last week, the IRS released Notice 2014-19, which provides guidance on the application to retirement plans of the Supreme Court’s decision in United States v. Windsor, which found Section 3 of the Defense of Marriage Act...more

Oops, I Forgot To Distribute A Safe Harbor Notice For My Company's 401(k) Plan, Now What?

The Internal Revenue Service often publishes correction methods for common errors involving qualified retirement plan administration issues. One of the most common errors is failing to notify eligible employees of their safe...more

Same-Sex Marriages and Windsor: IRS Issues Notice on Retirement Plan Amendments and Retroactivity

Employers and participants alike have been anxiously waiting for further guidance from the Internal Revenue Service (IRS) on how marriages of same-sex couples will be treated for purposes of qualified retirement plans. On...more

Do Your Qualified Retirement Plans Recognize Same-Sex Spouses as of June 26, 2013?

The IRS has published Notice 2014-19 and related FAQs regarding the application of the Supreme Court’s decision in United States v. Windsor and Rev. Ruling 2013-17 to qualified retirement plans. All retirement plans should be...more

House Republicans Urge FHFA Not To Direct GSEs To Start Contributing To Affordable Housing Funds Established By HERA

On April 2, House Financial Services Committee Chairman Jeb Hensarling (R-TX), joined by Congressmen Scott Garrett (R-NJ) and Ed Royce (R-CA), urged FHFA Director Mel Watt to continue the FHFA’s five-year-old policy of...more

Filling In The Retirement Plan Gaps For Same-Sex Couples—What It Means For Your Retirement Plan

Employers and participants alike have been anxiously waiting for further guidance from the Internal Revenue Service (IRS) on how marriages of same-sex couples will be treated for purposes of qualified retirement plans....more

Focus on Tax Controversy and Litigation - Supreme Court Decides Woods v. Commissioner, Holds for IRS on Jurisdictional and...

In this issue: - US Supreme Court Imposes Valuation-Misstatement Penalty in TEFRA Proceeding - Southern District of New York holds Cooperation with Government Waives Attorney-Client Privilege - IRS Issues...more

New Guidance – Is that Rollover Contribution Valid?

Since 1992, the ability to move retirement money from one qualified plan to another qualified plan or individual retirement account has been simplified. One hiccup in this easing process has been determining the level of due...more

Initial FATCA Registration/Withholding Dates Draw Near

Foreign financial institutions, such as offshore funds, should register with the IRS by May 5 and review new and revised IRS forms. The July 1 start date for Foreign Account Tax Compliance Act (FATCA) withholding on...more

IRS Offers FATCA Relief, Extending Registration Deadline and Expanding Intergovernmental Agreement List

On April 2, 2014, the U.S. Internal Revenue Service (IRS) issued Announcement 2014-17 (the Announcement), which provides certain FATCA relief. The Announcement extends from April 25, 2014 to May 5, 2014 the deadline by which...more

IRS Releases Further Guidance for Retirement Plans on Treatment of Same-Sex Spouses

In IRS Notice 2014-19 and accompanying FAQs, the Internal Revenue Service (“IRS”) issued long-awaited guidance addressing the treatment of same-sex spouses under qualified retirement plans such as 401(k) and defined benefit...more

IRS Issues Guidance on Recognition of Same-Sex Marriage Under Tax-Qualified Retirement Plans

On April 4, 2014, the Internal Revenue Service issued Notice 2014-19 providing guidance on the application of the U.S. Supreme Court’s decision in United States v. Windsor (“Windsor”) to tax-qualified retirement plans (such...more

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