News & Analysis as of

Exemptions Internal Revenue Code (IRC)

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (40): Rollovers and the Insurance License Issue

The Department of Labor’s final regulation defining fiduciary status for investment advice to retirement investors will be effective this September 23. Where a fiduciary recommendation results in additional compensation for...more

Williams Mullen

2024 Virginia General Assembly New Alcoholic Beverage Control and Tobacco/Vape Laws

Williams Mullen on

The Virginia General Assembly concluded its 2024 legislative session in March which included changes to Alcoholic Beverage Control (ABC) law and some changes to tobacco, vaping and electronic cigarette regulation. These...more

McDermott Will & Emery

Weekly IRS Roundup June 17 – June 21, 2024

McDermott Will & Emery on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 17, 2024 – June 21, 2024. ...more

McDermott Will & Emery

Weekly IRS Roundup May 27 – May 31, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 27, 2024 – May 31, 2024. ...more

Verrill

Section 457(f) Plans and Noncompete Clauses: What the IRS Gave, the FTC May Take Away

Verrill on

When the IRS published proposed regulations harmonizing key provisions of Code Sections 409A and 457(f) in 2016, executive compensation lawyers and consultants rejoiced. It was not just that a long wait was over (roughly nine...more

ArentFox Schiff

Biden Administration Issues Final Rule Expanding ERISA Fiduciary Definition, Enhancing Protections for Pension Plan Participants

ArentFox Schiff on

On April 23, the US Department of Labor (DOL) released a final rule significantly expanding the definition of who qualifies as a fiduciary under the Employee Retirement Income Security Act (ERISA) (the Retirement Security...more

Dechert LLP

Yet Another DOL Fiduciary Rule Released: Will the ‘Regular Basis’ of Prior Outcomes Follow ‘Suit’?

Dechert LLP on

The Department of Labor issued a final release (the “Final Release”) which (1) finalized changes to its 1975 rule defining when institutions and individuals are providing fiduciary “investment advice” to plans that are...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

How Has the DOL’s Fiduciary Rule Affected Plan Sponsors?

What has changed with the U.S. Department of Labor’s (DOL) final regulations and certain prohibited transaction exemptions (PTEs)? Is it really that bad even for plan sponsors, as we hear from the many critics of the DOL’s...more

McDermott Will & Emery

Weekly IRS Roundup April 15 – April 19, 2024

McDermott Will & Emery on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 15, 2024 – April 19, 2024. ...more

Sherman & Howard L.L.C.

FinCEN Implies Certain Tax-Exempt Entities Are Subject to the CTA (They’re Not)

As companies across the nation grapple with the reality of complying with the Corporate Transparency Act (CTA), which went into effect on January 1 of this year, certain nonprofits that expected to be exempt from such toils...more

McDermott Will & Emery

Weekly IRS Roundup January 8 – January 12, 2024

McDermott Will & Emery on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 8, 2024 – January 12, 2024....more

Partridge Snow & Hahn LLP

The Corporate Transparency Act – Is Your Nonprofit Exempt?

Beginning on January 1, 2024, the vast majority of new and existing business entities will become subject to beneficial ownership information reporting requirements under the Corporate Transparency Act and its related rules...more

Proskauer - Employee Benefits & Executive...

Latest ERISA Developments on the IRA Rollover Fiduciary Rules, the DOL’s QPAM Exemption Amendment Proposal and the DOL’s ESG Rules

In addition to the excitement of the upcoming outdoor concert season, Proskauer’s lawyers are anxiously awaiting VERY different forms of entertainment: the next installment of the never-ending saga of U.S. Department of...more

Verrill

DOL Proposes Amendments to QPAM Exemption

Verrill on

On July 27, 2022, the Department of Labor (DOL) proposed a set of amendments to Prohibited Transaction Class Exemption 84-14, the so-called “QPAM Exemption,” which permits an investment fund holding assets of ERISA plans and...more

Eversheds Sutherland (US) LLP

Unlocking the process: Guide to ERISA individual prohibited transaction exemptions

Since 1996, the US Department of Labor granted more than 1,200 individual exemptions from the ERISA prohibited transaction rules. One of the distinctive features of ERISA is its prohibition, in ERISA section 406 as a...more

Nilan Johnson Lewis PA

Dear Nonprofits – The IRS is Making Use of an LLC Easier

Nilan Johnson Lewis PA on

For nonprofits and the lawyers who love them, 2020 and 2021 have been full of frustrating interactions with the IRS. Getting the IRS to acknowledge and respond to basic communications has seemed more difficult than in the...more

McDermott Will & Emery

Department of Labor Exemption Impacts Investment Advice Fiduciaries

McDermott Will & Emery on

The US Department of Labor (DOL) recently issued guidance concerning a new exemption under the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA) in connection with the provision...more

BCLP

EO Update: e-News for Charities & Nonprofits - June 2021

BCLP on

Update on Mandatory Electronic Filing for Form 4720 by Private Foundations - Section 3101 of the Taxpayer First Act requires certain exempt organizations to file information and tax returns electronically for tax years...more

Faegre Drinker Biddle & Reath LLP

The DOL Issues FAQs on Prohibited Transaction Exemption 2020-02 Related to Fiduciary Investment Advice

On December 18, 2020, the Department of Labor (“DOL”) adopted PTE 2020-02 Improving Investment Advice for Workers & Retirees (“PTE 2020-02”), a new prohibited transaction exemption related to fiduciary investment advice...more

Eversheds Sutherland (US) LLP

Unlocking the process - Guide to ERISA individual prohibited transaction exemptions

From 1996-2020, the US Department of Labor granted more than 1,200 individual exemptons from the ERISA prohibited transaction rules. One of the distinctive features of ERISA is its prohibition, in ERISA section 406 as a...more

Gerald Nowotny - Law Office of Gerald R....

When Dr. Strangelove Met Jimmy Hoffa

Collective Bargaining Exemption to create a win-win situation for business owners and employees. ...more

Proskauer Rose LLP

Lowered Interest Rates Due To Coronavirus Makes Intra-family Loans an Effective Estate Planning Tool

Proskauer Rose LLP on

As a result of the Federal Reserve Bank's recent stimulus and interest rate decreases in response to the coronavirus, intra-family loans can be used to transfer wealth to future generations with no gift tax consequences as...more

Epstein Becker & Green

Not-For-Profit Exemption from HSR’s Filing Requirements

Epstein Becker & Green on

Although transactions involving not-for-profit entities can trigger premerger filing requirements under the Hart-Scott-Rodino Antitrust Improvements Act (“HSR”), a transaction that results in the formation of a not-for-profit...more

Allen Matkins

Industrial Development Bonds And The Mystery Of Federal Preemption

Allen Matkins on

This should be a straightforward question - Are qualification and registration requirements under state securities laws preempted with respect to industrial development bonds? When Congress enacted the National Securities...more

Mintz

New Tax Court Decision Provides Planning Opportunities for Foreign Investors Investing in U.S. Partnerships

Mintz on

On July 13, 2017, the U.S. Tax Court issued its opinion in Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Commissioner, in which the Tax Court held that a non-U.S. person who sells an interest in a partnership...more

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