Seyfarth Synopsis: The IRS recently issued proposed regulations providing guidance under Internal Revenue Code (“Code”) Section 4960, which provides for an excise tax on tax-exempt organizations that pay certain executives in...more
6/12/2020
/ Compensation & Benefits ,
Employee Benefits ,
Excise Tax ,
Executive Compensation ,
Golden Parachutes ,
Internal Revenue Code (IRC) ,
IRS ,
Popular ,
Tax Cuts and Jobs Act ,
Tax Exempt Entities ,
Tax Planning
In a decision published on November 22, 2019, the First Circuit reversed a district court’s prior decision and held two Sun Capital private equity funds were not liable for the withdrawal liability incurred when a...more
12/12/2019
/ Commercial Bankruptcy ,
Compensation & Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Joint and Several Liability ,
Multiemployer Plan ,
Pensions ,
Portfolio Companies ,
Private Equity Funds ,
Reversal ,
Sun Capital Partners ,
Withdrawal Liability
Seyfarth Synopsis: The First Circuit reversed a district court’s ruling holding two Sun Capital private equity (PE) funds responsible for the withdrawal liability incurred by a bankrupt portfolio company. ...more
12/2/2019
/ Employee Retirement Income Security Act (ERISA) ,
Investment Portfolios ,
Multiemployer Plan ,
Partnerships ,
Pensions ,
Private Equity ,
Reversal ,
Sun Capital Partners ,
Teamsters ,
Trucking Industry ,
Vacated ,
Withdrawal Liability
Just in time for the New Year and notwithstanding the government shutdown, on December 31, 2018, the Internal Revenue Service (“IRS”) issued Notice 2019-09 (the “Notice”), which provides interim guidance on the new excise tax...more
1/14/2019
/ Compensation & Benefits ,
Employee Benefits ,
Excise Tax ,
Executive Compensation ,
Interim Guidance ,
IRS ,
Remuneration ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Planning ,
Tax Reform
Hopefully still in time for 2019 plan design discussions, on November 9, 2018, the Department of the Treasury and the Internal Revenue Service (IRS) issued a Notice of Proposed Rulemaking to amend IRS regulations related to...more
11/16/2018
/ 401k ,
403(b) Plans ,
Employee Benefits ,
Hardship Distributions ,
Internal Revenue Code (IRC) ,
IRS ,
New Regulations ,
QMAC ,
QNEC ,
Regulatory Requirements ,
Retirement Plan