News & Analysis as of

Retirement Plan Employee Benefits Tax Deductions

Bennett Jones LLP

Supplemental Pension Plans Secured with a Letter of Credit may Soon Receive Much Anticipated Refundable Tax Relief

Bennett Jones LLP on

On November 30, 2023, the federal government introduced Bill C-59, Fall Economic Statement Implementation Act, 2023 (Bill C-59), which included proposed amendments to the Income Tax Act (Canada) (ITA) to implement changes...more

Rivkin Radler LLP

The Family Business – Compensating Family-Employees

Rivkin Radler LLP on

Hope you had a good Thanksgiving Holiday. Some of us probably feel we ate or drank either too much or not enough, watched too much or not enough football, or spent too much time discussing politics and the state of the...more

Troutman Pepper

Employee Benefits and Executive Compensation: Getting Ready for 2024 - Qualified Plans — Special Edition Podcast

Troutman Pepper on

In the inaugural episode of Troutman Pepper’s three-part Employee Benefits and Executive Compensation podcast miniseries, hosts Lynne Wakefield, Constance Brewster, and Brianna Hourihan discuss recent legislative developments...more

Morgan Lewis - ML Benefits

Reminder: No Need to Adopt Retirement Plans, ESOPs included, by End of 2021 for Tax Deduction Purposes

Before 2020, the IRS had long taken the position that an employee stock ownership plan (ESOP), and any other retirement plan for that matter, must be adopted no later than the end of the first tax year in which the employer...more

Littler

IRS Releases 2022 Inflation Adjustments to Various Tax Limitations on Employer-Provided Benefits

Littler on

On November 10, 2021, the IRS released Revenue Procedure 2021-45, which contains its annual inflation adjustments for over 60 tax provisions, including not only individual income tax rates and deductions, but also many...more

Proskauer Rose LLP

New COVID-19 Stimulus Bill Includes Significant Pension Reforms and Expands Scope of 162(m) Compensation Deduction Limit

Proskauer Rose LLP on

Today, the House of Representatives passed the $1.9 trillion American Rescue Plan Act of 2021 (the “ARPA”). The ARPA has already been approved by the Senate and is expected to be quickly signed into law by President Biden....more

Jackson Walker

Consolidated Appropriations Act, 2021 Changes to Qualified Retirement Plans and Certain Fringe Benefits

Jackson Walker on

Employee Fringe Benefit Changes - Student Loan Repayment - The Consolidated Appropriations Act, 2021 (the “Act”) extended the period during which an employer may pay a portion of a student’s loan under an educational...more

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

ROCK OF AGES video

Rock of Ages - The Arithmathean Pension Plan is a creative idea on how to use a pooled income fund as a version of non-qualified deferred compensation. Provide a lifetime annuity of tax-free distributions for key employees!...more

Carlton Fields

Using Nonqualified Plans to Reduce 401(k)/403(b) Costs

Carlton Fields on

This article focuses on 401(k) and 403(b) plans that are in one of the following situations: 1. The plan failed ADP or ACP testing and must distribute excess amounts to its higher-ranking employees or make additional...more

Best Best & Krieger LLP

[WEBINAR] Labor & Employment Law: What Changed in 2017

Best Best & Krieger Labor & Employment attorneys discussed new legislation and case law impacting California employers - private and public. What Was Discussed -Legislation passed in 2017 -Wage and hour update ...more

Sullivan & Worcester

Employment & Benefits News and Developments

Sullivan & Worcester on

NEW TAX LAW MAKES CHANGES TO COMMUTING BENEFITS - ...The Tax Cuts and Jobs Act of 2017 (“TCJA”) generally eliminates employer deductions for commuter transportation and parking fringe benefits. This includes deductions...more

Winstead PC

2018 Benefits Grab Bag - Tax Reform, Bipartisan Budget Act and Other Items

Winstead PC on

Even though the Tax Cuts and Jobs Act made some changes to how the Internal Revenue Service (the “Service”) is to adjust retirement plan contribution limits late last year, the Service confirmed that the limits on retirement...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Tax reform will affect 401(k) deferrals

While the tax reform talks didn’t do much to negatively impact 401(k) plans. Mark my words: the elimination of certain deductions will negatively impact the amount of deferrals that people will be able to put in their 401(k)...more

Sherman & Howard L.L.C.

Tax Cuts and Jobs Act – Impact on Employee Benefit Plans

On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (the “Act”) into law. While the Act is extensive, this Advisory discusses only the changes made to employee benefits such as qualified retirement plans,...more

Stinson LLP

Changes in the Tax Cuts and Jobs Act of 2017 that Impact Individual Taxpayers for Non-Business Items

Stinson LLP on

The Tax Cuts and Jobs Act of 2017 makes substantial changes to the income taxes of individuals. The Act's individual changes noted in the attached chart generally expire on January 1, 2026, and the speculation will...more

Mintz - Employment Viewpoints

The Impact of the Tax Cuts and Jobs Act on Employee and Fringe Benefits

The Tax Cuts and Jobs Act makes some notable, though targeted, changes to the employee benefits landscape. We summarize some of the more significant changes in the Question and Answers set out below....more

Schwabe, Williamson & Wyatt PC

New Tax Law Provisions Affect Employee Benefit Programs

The Tax Cuts and Jobs Act (the “Act”) recently enacted by Congress will soon become effective. The primary focus of the new law is the reduction of corporate and individual income taxes. Nevertheless, a number of provisions...more

BakerHostetler

The Impact of the 2017 Tax Reforms on Employment-Based Benefits and Tax-Favored Compensation

BakerHostetler on

Whenever the United States Congress takes up “tax reform,” there always is a danger that the Congress will pay for such tax reform, in part, by eliminating many of the tax incentives that enable employers to provide...more

Baker Donelson

New Tax Plan Changes Rules on Health Coverage, Employee Benefits and Executive Compensation

Baker Donelson on

While primarily focused on individual and business tax cuts and reform, the final Republican tax cut bill includes several provisions expected to impact health care coverage and expenses. First, the bill effectively repeals...more

Seyfarth Shaw LLP

Senate And House Reconcile Their Versions Of Tax Reform

Seyfarth Shaw LLP on

This is the fourth issue in a planned series of alerts designed to provide an in-depth analysis on topics related to tax reform. This Tax Reform Management Alert issue focuses on executive compensation and employee benefits...more

Seyfarth Shaw LLP

Tax Reform: Employee Benefits

Seyfarth Shaw LLP on

This is the first issue in a planned series of alerts for employers on selected topics on tax reform. The series of Tax Reform Management Alerts is designed to provide an in-depth analysis of executive compensation and...more

Wilson Sonsini Goodrich & Rosati

Proposed Tax Reform Bills of Senate and House Now Aligned on Key Compensation and Benefits-Related Tax Provisions

This WSGR Alert provides a high-level comparison of the latest tax reform proposals from the U.S. House of Representatives and the U.S. Senate as they relate to compensation and benefits matters....more

Akin Gump Strauss Hauer & Feld LLP

Tax Cuts and Jobs Act

On November 2, 2017, the Committee on Ways and Means of the U.S. House of Representatives released its tax reform bill titled the Tax Cuts and Jobs Act (the “House Bill”). On November 6, 2017, Kevin Brady, Chairman of the...more

Ballard Spahr LLP

GOP Tax Bill Outlines Significant Changes for Benefits and Compensation

Ballard Spahr LLP on

The Committee on Ways and Means yesterday released the proposed Republican tax reform bill, titled the "Tax Cuts and Jobs Act." Although the proposed bill makes major changes to individual and corporate tax provisions in many...more

Polsinelli

House Releases Tax Bill: Talking Points and Takeaways

Polsinelli on

On November 2, 2017, the House Ways and Means Committee released the “Tax Cuts and Jobs Act” (H.R. 1). Key elements include reducing the tax rate on corporations to 20%, and reducing the tax rate paid on income earned by...more

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