Labor & Employment Tax

Read need-to-know updates, commentary, and analysis on Labor & Employment issues written by leading professionals.
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New Jersey Issues Guidance on BEIP Grant Conversion

This month the New Jersey Economic Development Authority (the Authority) provided businesses with guidance, in the form of Frequently Asked Questions, on how to elect to have their unpaid Business Employment Incentive Program...more

IRS Confirms California “Waiting Time Penalties” Are Not Wages For Federal Income Tax Purposes

A recent IRS information letter confirms that “waiting time penalties” paid under California law are not wages for federal income tax withholding purposes. Section 203 of the California State Labor Code imposes penalties on...more

Cadillac Tax: A Levy in Limbo

The future of the Cadillac tax, a key cost-control mechanism and federal revenue source enacted as part of the Patient Protection and Affordable Care Act (ACA), is unclear. Though initially set to take effect in 2018,...more

April 30 Deadline for Pre-approved Defined Contribution Plans

This is a follow-up on the IRS’ recent reminder to plan sponsors using pre-approved defined contribution plans (i.e., prototype and volume submitter plans) that they must adopt restated plan documents by the end of this...more

New ACA, et. al. FAQs Cover Items From “Top” to “Bottom”

On April 20, the “Big Three” agencies (DOL, Treasury/IRS, and HHS) released another set of FAQs (the 31st, for those of you counting at home). Consistent with earlier FAQs, the new FAQs cover a broad range of items under the...more

Tom Brady’s suspension reinstated, so what are the potential Massachusetts tax consequences?

Deflategate and the NFL’s suspension of quarterback Tom Brady for 4 games has been the NFL’s biggest news story of the past two years. On April 25, 2016, the United States Court of Appeals for the Second Circuit ruled in...more

"Labor Department Redefines ‘Fiduciary’ for ERISA and Internal Revenue Code Purposes"

On April 6, 2016, the Department of Labor (DOL) issued a widely anticipated final regulation that redefines who is a “fiduciary” of certain employee benefit and other plans for purposes of the Employee Retirement Income...more

Is Your Corporation “Zeroing Out” Income at End of Year Through Bonuses? Watch Out!

For the last few years the IRS has warned taxpayers that it would look closely at year-end bonuses that resulted in “zeroing out” taxable income of a corporation by deducting the bonuses as salary rather than a payment of...more

M&A and 401(k): A Cautionary Tale

Mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations or their operating units are transferred or combined. It was also the name of a really boring class I took at...more

IRS: Don’t Answer All the 5500 Questions!

The 2015 Form 5500 added some new optional compliance questions for the 2015 Forms 5500 and 5500-SF. In December 2015, the IRS issued frequently asked questions on the new compliance questions and strongly encouraged plan...more

How a Retirement Plan Sponsor Can Avoid Being a Patsy

I always say that you should never be a spectator in your own life; you need to be an active participant in shaping your own life. Too often, a retirement plan sponsor acts like a spectator when the plan sponsor neglects...more

Collective Investment Trusts as Retirement Plan Investment Options: Important Tax and ERISA Considerations [Video]

Nexsen Pruet tax and employee benefits attorney Sue Odom says retirement plan fees and expenses have been the “hot topic” for the past several years. We’ve seen increased regulation through disclosure requirements and...more

Late Or Incorrect Forms 1095-C: The IRS Provides Relief, But Only For Employers Acting In Good Faith To Comply Or Who Missed The...

Many employers struggled to furnish correct Forms 1095-C to employees by the March 31, 2016 deadline. Section 6721(a)(2) of the Internal Revenue Code provides penalties for failure to furnish Forms 1095-C to individuals by...more

Experian handling 70 breaches a week resulting from IRS phishing scam

On March 1, 2016, the Internal Revenue Service alerted the business community of an e-mail phishing scheme designed to convince employees to provide company-wide W-2 tax forms containing social security numbers and other...more

The New Fiduciary Rule: What It Means To Plan Sponsors

If you’re a retirement plan sponsor and, unless you’ve been living under a rock, you’ve probably heard about the Department of Labor’s (DOL) attempt to change the definition of fiduciary. What you probably don’t know is how...more

New Rule Governing Retirement Advice Shakes Up Traditional Broker Compensation

On April 6, 2016, the U.S. Department of Labor released its long-awaited and controversial fiduciary rule expanding the definition of who is a fiduciary when providing investment advice on retirement accounts. The rule aims...more

Private Equity Funds, Controlled Groups, and Multi-Employer Plan Withdrawal Liability: The Lessons of Sun Capital Partners vs. New...

Both the Internal Revenue Code (the “Code”) and the Employee Retirement Income Security Act (“ERISA”) contain rules that aggregate trades and businesses under common control. For the most part, these rules are intended to...more

Phishing Season Opens for 2016 Tax Filings – Beware of “W-2 Phishing Scams”

Tax season brings many headaches, but none as miserable as sophisticated scammer efforts to steal employee W-2 information. Using social engineering and modest technological tools, a “spear phishing” attack seeks to trick...more

Minnesota Weekly Legislative Update

The second of three Minnesota legislative committee deadlines arrives tonight at midnight. By this second deadline, committees must act favorably upon a bill that met the first deadline in the other house, or the bill does...more

Compliance Issues Associated with Section 125 Plans [Video]

Nexsen Pruet tax and employment benefits attorney Sue Odom looks a compliance ’soft spot’ for companies. In this new video, Sue discusses what are known as Section 125 Plans, Cafeteria Plans and Premium Conversion...more

The Grisly Death of Determination Letters for Individually Designed Plans

The Internal Revenue Service (IRS) announced last year that it would end its staggered five-year remedial amendment cycle system for individually designed retirement plans under the determination letter program due to...more

Affordable Care Act Traps For The Unwary (And Not) Employer: Tips To Comply And What To Avoid

Hopefully, most employers that are applicable large employers (“ALEs”), i.e., employers that averaged 50 or more full-time employees (including full-time equivalents) in the prior calendar year, now have their game plan in...more

“They’re Here!” – Department of Labor Issues Final ERISA Fiduciary and Conflict of Interest Regulations

After receiving and reviewing extensive feedback on its earlier proposals, the Department of Labor (“DOL”) has issued final regulations expanding the definition of a fiduciary under the Employee Retirement Income Security Act...more

Private Equity Funds Liable for Portfolio Company's Pension Obligations

A U.S. District Court issued a ruling on March 28 that affects pension liabilities for private equity funds and their portfolio companies. Taken further, the ruling potentially changes fundamental rules for tax-qualified...more

Program Provides Tax Benefits to Workers Shouldering Care Expenses

Workers who must pay for the care of a dependant relative, including a child with special needs, so that they can continue to work can get a significant tax benefit under a little-known provision of the Internal Revenue Code,...more

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