Tax Law, Labor & Employment Law

"HMRC Turns Up the Pressure on UK LLPs"

by James Anderson, Chris Hutley-Hurst | Skadden, Arps, Slate, Meagher & Flom LLP on 5/22/2013

Following the announcement in Budget 2013, HM Revenue & Customs (HMRC) issued a consultation document on May 20, 2013 that focuses on two areas of partnership taxation where HMRC perceive “unintended inconsistencies”...more

What's Happening in Business Aviation? May 2013

by Burns & Levinson LLP on 5/22/2013

This edition of the Burns & Levinson Business Aviation Report covers new developments in the following areas of business aviation: • Rentals from leasing aircraft may be subject to the new 3.8 percent tax on net...more

401(k) Plans Are Just A Tool To Save, They’re Not Evil

by Ary Rosenbaum on 5/22/2013

Years ago B.K. (before kids), I took weekly golf lessons. While it never showed on the golf course, I was developing a nice game. I took lessons with a curmudgeon golf pro named Kenny and the lessons were at a golf store....more

HM Revenue & Customs Consultation Document Poses Significant Tax Challenges for Investment Management LLPs

by David Gubbay, Daniel Hawthorne, Mark Stapleton | Dechert LLP on 5/21/2013

On 20th May, HMRC published a consultation document which proposes major changes to the taxation of partnerships in the UK. The consultation is particularly relevant to investment management LLPs – and especially to those...more

Florida Legislative Session 2013: Healthcare Summary

by Martin Dix, Steven Grigas, Bruce Platt, Sheryl D. Rosen | Akerman Senterfitt on 5/21/2013

The 2013 Florida Legislative Session concluded on May 3, 2013. The following is a partial summary of healthcare-related bills that may impact your business or practice. Note that some of these bills have become law, but...more

Health Care Reform Update -- May 20th, 2013

by Joseph P. Hammang, Alexander Hecht, Abby Matousek, Jeremy Rabinovitz | Mintz Levin - Health Law on 5/21/2013

In This Issue: Implementation of the Affordable Care Act; Other HHS and Federal Regulatory Initiatives; Other Congressional and State Initiatives; Other Health Care News; and Hearings and Mark-Ups...more

How Immigration Reform Will Impact Households Who Hire Nannies

by Ian Scott | Scott Legal Services, P.C. on 5/21/2013

Up until now much of the debate surrounding immigration reform has centered around providing a pathway to Citizenship for the 11 million or so undocumented people in the country. Many in this group currently work as...more

Obamacare Loophole Allows Large Employers To Offer Bare-Bones Health Plans

by Joe Conley on 5/20/2013

On May 20, 2013, the Wall Street Journal reported that many large employers are looking to comply with the Affordable Care Act’s (“ACA”) employer mandate by offering bare-bones coverage that does not even cover...more

IRS, Treasury Department Issue Proposed Rules Governing Minimum Value, Affordability, and Wellness Programs

by Alden J. Bianchi | Mintz Levin - Employment, Labor & Benefits on 5/17/2013

A key policy goal of the Patient Protection and Affordable Care Act (the “Act”) is the expansion of health insurance coverage to all Americans. The concepts of “minimum value” and its correlate “actuarial value” speak to the...more

IRS Announces Plans To Look Into UBTI Reporting On A Broader Scale

by Deirdre Mitacek | Cullen and Dykman LLP on 5/17/2013

On May 8, 2013, the House Ways and Means Subcommittee on the Oversight of Tax-Exempt Organizations held a hearing on the College and University Compliance Project Final Report (“Final Report”) issued by the IRS on April 25,...more

Insights - Spring 2013: Developing Federal Common Law of Successor Liability

by Regina Joseph | Shumaker, Loop & Kendrick, LLP on 5/17/2013

When a purchaser acquires substantially all the assets of a seller, the purchase agreement typically provides that the purchaser does not assume seller’s liabilities except to the limited extent specifically set forth...more

Raising the Stakes of Worker Misclassification Yet Again

by Morgan Lewis on 5/16/2013

New requirements under the Patient Protection and Affordable Care Act are set to intensify state and federal governments' crackdown on worker misclassification....more

Be Careful If ROBS Is Your Business Financing Strategy

by Angela Bohmann | Leonard, Street and Deinard - Employee... on 5/16/2013

Various promoters have suggested to entrepreneurs that they use the assets in their 401(k) plans or IRAs to finance a new business. These programs are sometimes known by the acronym ROBS, or Rollovers as Business Start-ups....more

IRS Releases College And University Compliance Project Final Report – Implications For All Tax-Exempt Organizations

by Douglas K. Anning, Virginia C. Gross, Bruce Hopkins, Thomas J. Schenkelberg | Polsinelli on 5/15/2013

On April 25, 2013, the IRS released its College and University Compliance Project Final Report, which updates the interim report issued in 2010. ...more

Why Retirement Plan Sponsors are Always on the Hook for Liability

by Ary Rosenbaum on 5/14/2013

Whoever said the road to hell is paved with good intentions might have been a retirement plan sponsor. While setting up a retirement plan is a good intention, a plan sponsor’s lack of diligence in reviewing what is going on...more

"Shares for Rights: Over-Sold or Under-Appreciated?"

by James Anderson, Helena Derbyshire | Skadden, Arps, Slate, Meagher & Flom LLP on 5/14/2013

In this article we consider some alternative approaches to the proposed U.K. status of “employee shareholders,” who receive capital gains tax-exempt shares in their employer (or its parent) in return for waiving certain...more

Strategic Implementation of Employer Shared Responsibility Rules & 2014 Planning Considerations

by Shumaker, Loop & Kendrick, LLP on 5/14/2013

In This Presentation: •Welcome •Overview of the Employer Shared Responsibility Rules - Impact on Corporate Structure - Time Line Examples to Demonstrate Application of Measurement, Administrative & Stability...more

Five Years in the Making - IRS Releases Findings from Colleges and Universities Compliance Project

by Tyrone Thomas | Mintz Levin - Employment, Labor & Benefits on 5/13/2013

The IRS announced it is nearing completion of a five year long compliance project involving tax-exempt colleges and universities. The project, which began with questionnaires to 400 randomly-selected institutions, focused on...more

IRS Releases Guidance on Wellness Programs and “Affordability” under the Employer Mandate

by Stacy H. Barrow, Lynda Noggle, Austen Townsend | Proskauer - ERISA Practice Center on 5/13/2013

On May 3, 2013, the IRS released proposed regulations on certain provisions relating to the federal premium tax credits that eligible individuals will use to purchase subsidized health insurance coverage from public exchanges...more

IRS Issues Final Regulations On Employer Identification Numbers

by Rena Pirsos | XpertHR - Partnered with LexisNexis on 5/13/2013

The Internal Revenue Service (IRS) has issued final regulations (T.D. 9617) (+2013 IRB LEXIS 257, May 3, 2013) requiring employers that have an employer identification number (EIN) to provide updated EIN application...more

Nonresident Employee Avoids New York Taxes On Deferred Compensation Payment

by Angela Bohmann | Leonard, Street and Deinard - Employee... on 5/13/2013

A taxpayer we will call John worked for a savings bank in New York that was acquired by Washington Mutual Bank. John participated in the New York bank’s supplemental executive retirement plan (SERP) and its deferred...more

Lump-Sum Payments From Nonqualified Deferred Compensation Plans To Nonresident of New York Are Exempt From New York Income Tax

by Mark Hamilton | White & Case LLP on 5/10/2013

A recent advisory opinion from the New York State Department of Taxation and Finance concludes that payments received by an individual nonresident of New York in settlement of his benefits under two nonqualified deferred...more