Stinson Leonard Street - Employee Benefits & Compensation

150 South Fifth Street Suite 2300  Minneapolis, MN 55402, United States

Contact: Jason Wibben

  • 612.335.7222
  • 612.335.1657

Even A Tax Lawyer Can Get The IRA Rollover Rules Wrong – Part 2

I blogged recently about a tax court decision where a tax lawyer flubbed an IRA rollover, resulting in adverse tax consequences to him and his wife. An interesting aspect of the case – but one not mentioned in the decision – is…more
| Finance & Banking, Labor & Employment Law, Taxation

IRS Wins One At Supreme Court: Severance Pay Is Subject To FICA Tax

I blogged about the Quality Stores decision which at the district court and court of appeals levels held that certain severance payments were not subject to FICA (Social Security) taxes. The IRS had challenged the employer in…more
| Labor & Employment Law, Taxation

Another Way To Become Personally Liable To A Multiemployer Plan

I have blogged in the past about individuals and businesses that are not signatories to a collective bargaining agreement being found liable for withdrawal liability imposed by multiemployer pension plans (plans jointly trusteed…more
| Business Torts, Finance & Banking, Labor & Employment Law

ACA Pay Or Play: Is Your Dependent Coverage Compliant?

Now that the IRS has issued final regulations under Section 4980H, the so-called “pay or play” provision of the Affordable Care Act, employers are deciding how to determine whether employees are full-time (30 hours or more a…more
| Health, Labor & Employment Law

Despite Upholding A $13.4 Million Judgment Against Plan Fiduciaries, The Eighth Circuit Gives Plan Sponsors A Lot To Like In Tussey Decision

On March 19, 2014, a three judge panel of the United States Court of Appeals for the Eighth Circuit issued its decision in Tussey v. ABB, Inc., No. 12-2056 (8th Cir. Mar. 19, 2014). The case came to the Eighth Circuit on an…more
| Business Torts, Civil Procedure, Finance & Banking, Labor & Employment Law

Even A Tax Lawyer Can Get The IRA Rollover Rules Wrong

Individuals are permitted to roll over amounts in one IRA to another IRA only once in a 12 month period. The rollover must be completed within 60 days…more
| Finance & Banking, Labor & Employment Law, Taxation

Have You Told The IRS That Your “Responsible Party” Has Changed?

Beginning on January 1, 2014, any entity with an employer identification number (EIN) issued by the Internal Revenue Service (IRS) must report a change in the identity or address of its “responsible party” within 60 days of the…more
| Labor & Employment Law, Finance & Banking, Taxation, Wills, Trusts, & Estate Planning

Gas Prices Must Be Going Down

Every year the IRS issues optional standard mileage rates that can be used by taxpayers to calculate the deductible cost of operating an automobile for business, charitable, medical or moving purposes. Many employers reimburse…more
| Labor & Employment Law, Taxation

Too Much Discretion With Respect To Annual Bonuses May Cause Deferral Of The Employer’s Deduction

In an IRS Field Attorney Advice Memorandum (FAA 20134301F) dated September 18, 2013, the IRS Office of Chief Counsel reviewed several common bonus plan designs in connection with a request for an opinion with regard to the…more
| Labor & Employment Law, Taxation

IRS Issues Final Regulations On Permitted Mid-Year Reductions Or Suspensions Of Safe Harbor Contributions

In Final Regulations issued under Internal Revenue Code Section 401(k) in 2004, the IRS outlined procedures for revoking a safe harbor matching contribution formula after the beginning of a safe harbor plan year. Under those…more
| Labor & Employment Law, Taxation

Another Reason To Be Careful If ROBS Is Your Business Financing Strategy

I blogged earlier this year about a tax court decision in which taxpayers used assets in their IRA to finance a new business in a structure sometimes known as ROBS or Rollover for Business Startups. Unfortunately, because of…more
| Business Organizations, Taxation

Are All Severance Plans Subject To ERISA?

I blogged recently about an ERISA case involving an executive severance plan where the executive sued claiming that his employment termination was effective before the first anniversary of a change in control, thereby entitling…more
| Labor & Employment Law

Bad Faith Termination Can Be Good ERISA Interference Claim

It is not uncommon for employers to have executive severance plans that pay substantial severance if an executive loses employment in connection with a change in control. In a recent federal district court decision, a former…more
| Commercial Law & Contracts, Labor & Employment Law

IRS Loosens Use It Or Lose It Rule

As employers who sponsor cafeteria plans know, flexible spending accounts (FSAs) under those plans have had a “use it or lose it” rule. Under that rule, employees who participate in the spending accounts must make elections at…more
| Labor & Employment Law, Health, Taxation

Best To Save Plan Documents Until All Retirees And Beneficiaries Are Dead

As a result of industry consolidation over the years, employers can find themselves responsible for pension plans of companies long out of existence. A recent federal district court decision imposed a penalty of $4,470 on a plan…more
| Labor & Employment Law, Finance & Banking
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  • Labor & Employment Law
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