News & Analysis as of

Tax Labor & Employment Finance & Banking

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.

Get Over The Fear Of Hiring An ERISA Attorney

by Ary Rosenbaum on

As an attorney, I’ve heard a lot of lawyer jokes and some of them are amusing. I once said at law school that I now know why lawyers have terrible reputations because I met some of these lawyers at law school. While lawyers...more

Plan Design And Tax Deductions

by Ary Rosenbaum on

If you’re a retirement plan sponsor, why should you care about plan design? Retirement plan design is one of the most underappreciated facets of the retirement plan business and it really should be appreciated. The reason why...more

IRS Announces End Date for 403(b) Remedial Amendments

Many tax exempt employers sponsor Section 403(b) retirement plans to help their employees save money for retirement. A 403(b) plan offers the ability for an employee to make pre-tax contributions to the plan (similar to the...more

What It Takes To Make A Good Retirement Plan

by Ary Rosenbaum on

Good retirement plans don’t happen like accident, like the discovery of penicillin. It requires roles and duties that need to be filled competently. It doesn’t take a genius to make a good retirement, it takes dedication ad...more

Thinking Outside The Box For Plan Providers

by Ary Rosenbaum on

The retirement plan business is one of the most competitive businesses out there because there is so many competing plan providers out there that are also looking for plan sponsor clients and they will certainly be contacting...more

Retail and Consumer Products Law Roundup - March 2017

Retailers Prevail Over Pharmacy Customers in California Tax Suit - Retailers have won a victory in the realm of California taxation in McClain v. Sav-on Drugs (March 13, 2017) __ Cal.App.5th __ (Nos. B265011 &...more

Employee Benefits Developments - March 2017

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of March, 2017. Company Owner Found Personally Liable for Unpaid Contributions to Union Benefit Funds...more

401(k) Plan Sponsors Need To Get Up And Focus On This

by Ary Rosenbaum on

Too many plan sponsors ignore their retirement plans and by doing that, they are unknowingly putting themselves in harm’s way. I know hat plan sponsors are busy running their own businesses, but the nature of the 401(k) plan...more

IRS Issues Temporary Enforcement Policy In Line with DOL FAB 2017-01

On the heels of the Department of Labor’s temporary enforcement policy concerning the DOL conflict of interest rule and related exemptions, the IRS announced that...more

IRS Synchs Excise Tax to DOL's Enforcement Policy on Fiduciary Rule

by Burr & Forman on

The IRS released guidance this week announcing that it will not apply IRC § 4975 excise taxes (15% on prohibited transactions) and related reporting requirements “with respect to any transaction or agreement to which the...more

The IRS Provides Updated Guidance on Hardship Distributions

by Bass, Berry & Sims PLC on

The Internal Revenue Service (IRS) recently issued updated audit guidelines for its agents regarding the substantiation requirements for hardship withdrawals from 401(k) and 403(b) plans. This guidance is welcome news for...more

The Small Stuff That Plan Sponsors Should Sweat Out

by Ary Rosenbaum on

It’s often said that you shouldn’t sweat the small stuff. The problem is that many times, a retirement plan sponsor ignores the small stuff, and that small stuff leads to bigger problems. This article is about small details...more

IRS Sets Deadline for Retroactive Fixes to 403(b) Retirement Plan Documents

In January 2017, the IRS published Revenue Procedure 2017-18 which set March 31, 2020 as the last day to take advantage of the remedial amendment period under Revenue Procedure 2013-22 to retroactively fix defects in 403(b)...more

Warning Signs that Your Retirement Plan Might Be In Trouble

by Ary Rosenbaum on

When it comes to your health, there are warning signs when you’re about to suffer a heart attack or a stroke. If you pay attention to these warnings signs, you might avoid a serious medical emergency. While a retirement plan...more

401(k) Plan Sponsors: Don’t Make These Mistakes

by Ary Rosenbaum on

Larry David is one of my favorite people because he created two of the greatest shows in television history: “Seinfeld” and “Curb Your Enthusiasm.” The shows are similar in that they depict bad ideas or bad behaviors. Curb...more

IRS Issues a Memorandum on Substantiation Guidelines for Safe-Harbor Hardship Withdrawals from 401(k) Plans

by Sherman & Howard L.L.C. on

On February 23, 2017, the Internal Revenue Service (“IRS”) issued a Memorandum to IRS agents. The Memorandum identified the steps agents should take, in examining a 401(k) plan, to confirm that a hardship withdrawal is...more

Did Hardship Distributions Just Get Easier?

by Snell & Wilmer on

In a previous blog, we addressed an issue of Employee Plans News in which the IRS took the position that 401(k) plan administrators must maintain hardship distribution records and should not rely on electronic participant...more

Proposed Regulations Update Mortality Tables, Minimum Present Value Requirements for Defined Benefit Pension Plans

by McDermott Will & Emery on

Near the end of 2016, the US Department of Treasury and the Internal Revenue Service published two significant sets of proposed regulations on issues pertaining to defined benefit pension plans, including mortality table...more

Last Day of Remedial Amendment Period for 403(b) Plans is March 31, 2020

by Jackson Lewis P.C. on

Eligible employers sponsoring Code Section 403(b) retirement plans have until March 31, 2020 to self-correct any defects as to the written form of those plans. In recently issued Revenue Procedure 2017-18, the IRS fixed March...more

Guidance to IRS Examiners on 401(k)/403(b) Hardship Withdrawals

by Seyfarth Shaw LLP on

Substantiation Requirement Clarified for Examination Purposes - Over the past few years, employers and plan administrators have frequently asked how hardship withdrawal requests can/should be substantiated from 401(k)...more

A New Employer Healthcare Plan: Qualified Small Employer Health Reimbursement Arrangement (QSEHRA)

by Fisher Phillips on

Until very recently, employers were at risk of receiving steep fines if they reimbursed employees for non-employer sponsored medical care – the Affordable Care Act (ACA) included fines of up to $36,500 a year per employee for...more

Are You Keeping the Right Documentation for 401(k) Hardship Distributions?

401(k) plans may allow an employee to receive a distribution of elective contributions (employee deferrals) on account of a hardship. The regulations provide that a distribution is made on account of hardship only if the...more

How You Can Stand Out From The Crowd As A Retirement Plan Advisor

by Ary Rosenbaum on

There are lots of financial advisors who claim they handle retirement plans, but there are only a fraction of those advisors who know how to actually handle them. So if you are a retirement plan financial advisor who knows...more

IRS Issues Substantiation Guidelines for 401(k) Hardship Distributions

On February 23, 2017, the Internal Revenue Service issued a “Memorandum for Employee Plans (EP) Examinations Employees,” outlining Substantiation Guidelines for safe harbor hardship distributions from 401(k) plans...more

IRS Allows 401k Plan Safe Harbor and ADP ACP Corrective Contributions to be Funded from Forfeitures

We are pleased to bring you some good news for 401(k) plans from the IRS. The IRS just issued a proposed regulation that allows safe harbor contributions to a 401(k) plan, or employer contributions used to correct a...more

1,313 Results
|
View per page
Page: of 53
Cybersecurity

Follow Tax Updates on:

"My best business intelligence,
in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.

Feedback? Tell us what you think of the new jdsupra.com!