Prior to the end of the Biden administration, a number of proposed and final regulations were issued that impact retirement and welfare benefit plans. The final regulations are effective in 2025, and the proposed regulations,...more
In simplified terms, Section 4960 of the Internal Revenue Code now includes a new excise tax (currently at a 21 percent rate) on wages in excess of $1 million in a year paid or treated as paid to a "covered employee."...more