Labor & Employment Tax Business Organization

Read need-to-know updates, commentary, and analysis on Labor & Employment issues written by leading professionals.
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Partners Are Not Employees, Yet

Recently the IRS issued guidance in the form of temporary and proposed regulations clarifying that individuals who are partners in a partnership that itself owns a disregarded entity are not to be treated as employees of the...more

FASB modifies accounting rules for stock-based compensation

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC Topic 718, Compensation – Stock Compensation. ...more

Partnerships: IRS Extends Prohibition on Treating Partners as Employees

Employees of partnerships, LLCs or their disregarded entity subsidiaries who receive equity in such entities may be treated as “self-employed” for tax purposes. On May 3, 2016, the US Treasury Department (Treasury)...more

IRS Regulations Provide That Certain Employees of Partnerships Now Have Self-Employment Status for Employee Benefit and Tax...

In Depth - The IRS and US Department of Treasury have issued final and temporary regulations which address benefit and self-employment tax issues regarding partners in a partnership which is the sole owner of a second,...more

Plan Document Problems That Can Be a Pain for Plan Sponsors

Retirement Plan documents must be written; they just can’t be some oral promise to pay retirement plan benefits. A written plan document is a legal document with legal ramifications in governing a legal entity known as a...more

Filling the UK pensions gap - Employers are scrambling to placate top earners with more attractive options for tax relief...

The speculated sweeping pensions tax relief measures in the 2016 budget failed to materialise, much to the relief of nervous benefits managers across the United Kingdom. Although this major overhaul has been averted (or,...more

IRS Shuts Down Work Around for Treating a Partner as an Employee

The IRS has long taken the position that a partner cannot also be an employee of the partnership. The prohibition also applies to persons that hold equity in a limited liability company ("LLC") that is taxed as a partnership...more

Compensation and Benefits Insights – April 2016

Private Equity Funds Found Liable for Portfolio Company’s ERISA Withdrawal Liability - The most recent ruling in the ongoing Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund case...more

Neither a Partner nor Employee Be: Treasury and the IRS Issue Regulations Clarifying the Employment Tax Treatment of Partners in...

The Treasury Department (Treasury) and the Internal Revenue Service (Service) have issued temporary regulations (Regulations) clarifying the federal employment tax treatment of the owners of partnerships and other entities...more

How a TPA Can Be a 401(k) Financial Advisor’s Best Friend

Any good retirement plan financial advisor will tell you that relationships in the retirement plan busi- ness mean everything. The relationships that an advisor can have with their clients and other retirement plan...more

New Regulations Squash Planning Tool for Avoiding Self-Employment Tax and Related Employee Benefit Issues

Tax practitioners often face this issue: client is a limited liability company taxed as a partnership for federal income tax purposes (“LLC”), and it wants to issue equity to a current employee (“Individual”) without...more

FASB Updates Accounting Standards for Stock-Based Awards

The Financial Accounting Standards Board (FASB) has issued updated accounting standards designed to simplify accounting for stock-based awards. Among other changes, the updated standards permit employers to withhold stock for...more

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

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

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

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

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

July 11 Deadline to Convert Unpaid N.J. BEIP Grant to Tax Credits

Under New Jersey’s Business Employment Incentive Program, approved businesses that created jobs in New Jersey were awarded annual cash grants. Nearly 500 businesses were awarded grants valued at $1.6 billion. Unfortunately,...more

The Accidental Entrepreneur Part I

Overview - Both of my parents were comfortably retired by my age after a thirty year career with the federal government. Currently, my retirement date is the lesser of age 95 or my passing. Like a lot of people in the...more

April and May 2016 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties. To avoid such...more

High Net Worth Family Tax Report, Vol. 11, No. 1

IRS Addresses a Section 1031 Exchange of Aircraft - While we usually think of real property as the asset most often exchanged under Section 1031 of the Internal Revenue Code, the provisions of that are by no means...more

Unique Executive Compensation Issues for Tax Exempt Organizations [Video]

Nexsen Pruet tax and employee benefits attorney Sue Odom continues her video series. In this installment, Sue discusses how exempt organizations are unique when it comes to structuring executive benefit programs. Exempt...more

Things About Plan Providers That Shouldn’t Impress Plan Sponsors

There are certain things in life we really should be impressed by, but we always end up being impressed by the wrong things. People are impressed by looks and money rather than the character of a person or their generosity....more

CFOs of Smaller Reporting Companies May Be Considered “Covered Employees” for Purposes of Section 162(m)

The $1,000,000 limitation on deductions imposed by Section 162(m) of the Internal Revenue Code applies to “covered employees.” In Notice 2007-49, the IRS defined the term “covered employees” as follows...more

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