News & Analysis as of

Income Taxes › Pensions

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
IR Global

Is your income over £100,000?

IR Global on

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that takes your income...more

Morgan Lewis - ML Benefits

Reminder to Multiemployer Pension Plan Administrators: New Federal Income Tax Withholding Election Forms Are Mandatory

Morgan Lewis - ML Benefits on

In January 2022, the Internal Revenue Service (IRS) changed the withholding election rules applicable to distributions from pension plans (a term that includes 401(k) plans, money purchase pension plans and defined benefit...more

Seyfarth Shaw LLP

Want to Put More Away in Your 401(k)? Qualified Plan Limits Generally Increase in 2024

Seyfarth Shaw LLP on

Seyfarth Synopsis: The IRS just announced the 2024 annual limits that will apply to tax-qualified retirement plans. For a third year in a row, the IRS increased the annual limits, allowing participants to save even more in...more

Freeman Law

Malta Pension Funds

Freeman Law on

Amplifying its efforts to crack down on U.S. taxpayers’ use of Malta pension funds to attempt to achieve federal income tax savings, the IRS recently has issued proposed regulations identifying these funds as listed...more

McDermott Will & Emery

IRS Criminal Investigation Division Is on the Hunt for Malta Pension Plan Participants and Promoters

McDermott Will & Emery on

There has been a growing trend of US taxpayers contributing non-cash assets, such as appreciated property, securities and cryptocurrency, into Maltese pension plans since the US-Malta Tax Treaty went into effect in 2011....more

Littler

A Deep Dive into Recent Pension Tax Changes in the UK

Littler on

In March, the UK government announced changes to the tax regime surrounding pensions as part of the annual Budget. In this piece, we take a deep dive into what these changes are, who they affect, what employers should be...more

Walkers

Guernsey’s new secondary pensions law - key points and FAQs

Walkers on

Guernsey’s new secondary pension law will be coming into force on 1 July 2024. It will be implemented on a phased basis over a 15 month period, beginning with the largest employers (those with 26 or more employees). The...more

Freeman Law

Tax Court in Brief | Patrinicola v. Comm’r | Taxability of Pension Distributions

Freeman Law on

Summary: In this opinion, the Tax Court considered whether a deficiency was appropriate for Tony and Barbara Patrinicola’s 2016 tax year. The IRS determined that they had received unreported taxable pension distributions of...more

Littler

UK Autumn Statement Round-up

Littler on

UK Chancellor Jeremy Hunt delivered the Autumn Statement (Medium-term Fiscal Plan) on November 17, 2022. The plan states that the government’s priorities are “stability, growth and public services,” and sets a markedly...more

McDermott Will & Emery

Weekly IRS Roundup May 8 – May 14, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 8, 2022 – May 14, 2022... May 10, 2022: The IRS issued a news release, announcing that free...more

McDermott Will & Emery

Weekly IRS Roundup April 17 – April 23, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 17, 2022 – April 23, 2022... April 18, 2022: The IRS issued Revenue Ruling 2022-9,...more

McDermott Will & Emery

Weekly IRS Roundup February 20 – February 26, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 20, 2022 – February 26, 2022... February 22, 2022: The IRS issued a correction to...more

Freeman Law

IRS Targets Participants in Malta Pension Plan Transactions

Freeman Law on

This morning, I woke up to news in the Wall Street Journal that indicated that the United States and the Republic of Malta had entered into a Competent Authority Agreement (“CAA”). Generally, this news would not have caught...more

Groom Law Group, Chartered

Update on Pending Withholding Forms W-4P and W-4R (UPDATED)

Groom Law Group, Chartered on

Update (January 4, 2022) The updated 2022 Forms W-4P and W-4R have been released...more

Groom Law Group, Chartered

Update on Pending Withholding Forms W-4P and W-4R

Groom Law Group, Chartered on

Earlier this year, the IRS released draft versions of 2022 Forms W-4P and W-4R for pension and IRA withholding on payments, to be used beginning on or after January 1, 2022. In short, the draft forms split the existing W-4P...more

Bowditch & Dewey

Massachusetts Taxpayers Find More Complexity in Differences Between Massachusetts and Federal Tax Law

Bowditch & Dewey on

It seems every year there are changes to the Internal Revenue Code (IRC). It is a challenge, even for tax pros, to keep up with the ever-changing tax code. Massachusetts taxpayers also have an added challenge in keeping up...more

Lippes Mathias LLP

Breaking Up is Hard to Do, Especially if You Want to Leave New York State

Lippes Mathias LLP on

As the influx of New York residents depart to warmer and sunnier pastures in the South, they may be leaving their homes but not necessarily their obligation to the New York State Tax and Finance Department. There are many...more

McDermott Will & Emery

Weekly IRS Roundup July 12 – July 16, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 12, 2021 – July 16, 2021... July 12, 2021: The IRS issued a news release announcing the...more

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

TAKE A CHANCE ON ME! Tax Planning During the Biden Administration

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

Take a chance on me series discusses niche strategies to achieve tax reduction and deferral. #taxstrategy #ppli #pooledincomefund #maltapensionplan #estateplanning ...more

Proskauer Rose LLP

UK Tax Round Up - June 2021

Proskauer Rose LLP on

UK Case Law Developments - Income tax consequences of pension-related payments in E.ON v HMRC - E.ON v HMRC concerned a large UK power and gas supplier, which paid certain lump sum payments, called “facilitation...more

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

TAKE A CHANCE ON ME! Tax Planning During the Biden Administration

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

Nowotny On Death and Taxes episode ,Take A Chance On Me! focuses on innovative strategies for tax reduction and deferral. Not only are we good at creating the ideas but we're good at implementing the ideas as well. #ppli...more

McDermott Will & Emery

Weekly IRS Roundup May 31 – June 4, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 31, 2021 – June 4, 2021... June 1, 2021: The IRS issued a news release, soliciting...more

Farrell Fritz, P.C.

Leaving New York? Plan For The Taxation Of Deferred Compensation

Farrell Fritz, P.C. on

Into the Fire- Let’s play a game of “Guess Who?” Here are the clues: •the legislature has called for an investigation into his mishandling of the crisis brought on by the pandemic, •he has stated that he doesn’t...more

Hogan Lovells

Spanish Supreme Court opens the door to refunds of withholding taxes borne by non-EU pension funds

Hogan Lovells on

The Spanish Supreme Court has recently issued a judgment concluding that a Canadian pension qualifies for the same tax treatment as Spanish pension funds and is therefore entitled to obtain the refund of the withholding tax...more

Mintz - Employment Viewpoints

Overview of the Impact of the Consolidated Appropriations Act on Employee Benefit Plans, Programs and Arrangements

Mintz - Employment Viewpoints on

Recently enacted H.R. 133, the Consolidated Appropriations Act, 2021 (“the Act”), is a massive, 5,593-page piece of legislation that includes appropriations for the U.S. government for the upcoming fiscal year and funding for...more

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