Generally, a 403(b) plan is a retirement planning program whereby a public school or tax-exempt 501(c)(3) organization (including churches) makes contributions for their employees (and certain ministers) to specific types of...more
10/9/2019
/ 403(b) Plans ,
Church Plans ,
Employee Benefits ,
Employer Contributions ,
Employer Liability Issues ,
Final Rules ,
Individual Retirement Account (IRA) ,
IRS ,
Plan Documents ,
Public Schools ,
Regulatory Requirements ,
Retirement Plan ,
Tax Exempt Entities ,
Tax Extensions ,
Tax Shelters
On July 17, 2019, the Internal Revenue Service (the “IRS”) released Notice 2019-45 which expands the list of permissible preventive care benefits for high deductible health plan (“HDHP”) purposes. Among other requirements, an...more
7/25/2019
/ Affordable Care Act ,
Chronic Care Managment (CCM) ,
Deductibles ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Employer Group Health Plans ,
HDHP ,
Health Insurance ,
Health Savings Accounts ,
IRS ,
Medical Expenses ,
Out-of-Pocket Expenses ,
Preventive Health Care ,
Safe Harbors
Generally, an employer is required to deduct and withhold Federal Insurance Contribution Act taxes (“FICA”), Federal Unemployment Tax Act taxes (“FUTA”), and income tax withholding from its employee’s wages and is separately...more
Section 403(b) of the Internal Revenue Code of 1986, as amended (the “Code”) authorizes a type of retirement plan that can be sponsored by certain tax exempt organizations (e.g., a Code Section 501(c)(3) organization,...more
4/6/2018
/ 403(b) Plans ,
501(c)(3) ,
Benefit Plan Sponsors ,
Employee Benefits ,
Former Employee ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Required Minimum Distributions ,
Retirement Plan ,
Tax Exempt Entities
On January 22, 2018, President Trump signed into law H.R. 195 (hereinafter referred to as the “2018 Budget Deal”) which ended the federal government shutdown and funds the federal government through February 8, 2018. In...more
1/30/2018
/ Affordable Care Act ,
Budget Reconciliation ,
Cadillac Tax ,
Children's Health Insurance Program (CHIP) ,
Delays ,
Employer Healthcare Costs ,
Excise Tax ,
Federal Funding ,
Fees ,
Health Care Providers ,
Health Insurance ,
Healthcare Costs ,
Internal Revenue Code (IRC) ,
IRS ,
Medical Devices ,
Trump Administration
In early November, I posted an article entitled “Tax Reform Proposal Nixes Favorable Tax Treatment of Several Employee Benefits”. That article reviewed the Ways and Means Committee’s proposal (H.R. 1, the Tax Reform and Jobs...more
1/4/2018
/ Adoption ,
Dependent Care ,
Educational Assistance Programs ,
Employee Benefits ,
Employee Relocations ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
IRA Rollovers ,
IRS ,
New Legislation ,
Repeal ,
Roth IRA ,
Tangible Property ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Time Extensions ,
Trump Administration
A recent Tax Court decision suggests that employers may want to review their 401(k) plan loan programs and payroll practices. In Louelia Salomon Frias and Mervyngil Salomon v. Commissioner, TC Memo 2017-139 (July 11, 2017),...more
The Internal Revenue Code (IRC) provides that distributions from certain retirement arrangements (e.g., qualified retirement plans, individual retirement accounts (IRAs), §403(a) annuity plans, §403(b) tax-sheltered...more
Section 501(c)(4) of the Internal Revenue Code (“IRC”) exempts from the federal income tax certain nonprofit corporations that are operated exclusively for the promotion of social welfare (commonly referred to as “Social...more
A qualified retirement plan (hereinafter a “Plan”) must satisfy the requirements of the Internal Revenue Code (“IRC”) in form and in operation. In other words, the documents establishing and governing the Plan must satisfy...more
On May 4, 2016, the IRS announced that it would begin accepting applications for the voluntary certification of professional employer organizations (“PEOs”) beginning July 1, 2016. PEOs are also commonly referred to as...more