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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

Proposed tax legislation affecting private equity

by Dentons on

As you may be aware, on November 2 the House of Representatives introduced a comprehensive tax reform bill that could affect private equity sponsors, investors and portfolio companies. On November 9, the Senate Finance...more

Tax Reform And Accumulated Leave (Aka “Special Pay”) Plans

by Carlton Fields on

Provisions in the current proposed Senate tax reform bill would likely reduce the effectiveness of retirement plan arrangements that regularly receive contributions of unused leave for former employees, commonly known as...more

Preparing for Tax Reform: The Current State of Play on Proposed Changes to Executive Compensation and Employee Benefits

On November 16, 2017, the House of Representatives voted to approve its version of the Tax Cuts and Jobs Act. The Senate is expected to vote on its version of the bill following the Thanksgiving break, which would require a...more

Might the UBIT Bite a Bit? You Bet.

by Nossaman LLP on

The recent tax reform bill (Tax Cuts and Jobs Act, H.R. 1), which the House Ways and Means Committee introduced November 2, would subject public pension plans to unrelated business income tax (“UBIT”) on their pre-packaged...more

New Tax Bill Eliminates Many Popular Individual Deductions/Exclusions, Adds Excise Tax and Clarifies IRA/Pension Provisions

On November 2, 2017, House Republicans released their highly anticipated tax reform proposal formally named the Tax Cuts and Jobs Act (the "Act"). The Act must be approved by both the House and the Senate and signed by the...more

Tax Reform Contemplates Changes to Employee Benefits

The House Committee on Ways and Means publicly released a working draft of the Tax Cuts and Jobs Act for the first time on Thursday. In the weeks leading up to the release of the draft, speculation has swirled as to whether...more

UBIT May Be In Your Future

by Seyfarth Shaw LLP on

The proposed Tax Cuts and Jobs Act released by the House of Representatives on November 2, 2017 calls into question the position long taken by government pension plans that they are exempt from the unrelated business income...more

Window On Washington - This Week in the Nation's Capital - Vol. 1, Issue 33

by Clark Hill PLC on

Continuing Resolution for an Additional Month or Two Becoming More Likely: Key appropriators say lawmakers have discussed a continuing resolution that runs until early February despite previous reports that Congress expected...more

Trump and the 401(k) Flip Flop

by Ary Rosenbaum on

After word leaked that proposal for tax reform may include a provision limiting pre-tax salary deferrals to $2,400, President trump said any proposal limiting deferrals wasn’t likely. Then about a day or so later, Trump said...more

Beltway Buzz - October, 2017 #4

D.C. is humming this week, as the Senate and House are both in session after taking turns on recess the past two weeks. 401(k) Pre-Tax Deferrals: An Endangered Species? After being overshadowed by ACA repeal-and-replace...more

The $2,400 401(k) cap isn’t going to happen

by Ary Rosenbaum on

History has shown that when it comes to tax reform, certain personal deductions are sacrificed for lower rates. Ask people who had deductible IRAs and deducted their credit card interest prior to 1986. Simpler, lower rates...more

EB-5 Program Is Extended Without Changes Until December 8, 2017

by Cozen O'Connor on

On September 8, President Trump signed into law H.R. 601 which will keep the U.S. federal government open through December 8, 2017. As a result, the EB-5 Regional Center Program is now extended until such date without any...more

Window On Washington - This Week in the Nation's Capital - Issue 29

by Clark Hill PLC on

Hurricane Supplemental Includes $29B for Disaster Aid and Flood Insurance: Of the $29B, the National Flood Insurance Program will receive $16B to pay flood claims. The House plans to pass the bill next week and the Senate the...more

Timing is Everything

by Womble Bond Dickinson on

In immigration news, the U.S. Citizenship & Immigration Services (USCIS) announced on Tuesday, October 3, 2017 that it has resumed its premium processing program for all H-1B visa petitions. USCIS had previously suspended...more

Obama’s DOL Fiduciary Rule Fades into the Distance

by Bowditch & Dewey on

If you have an account in a retirement plan where you work or you own an Individual Retirement Account, you may get financial advice about the assets in your account from an investment advisor, broker, planner, or insurance...more

The Trump threat to 401(k) and the reality of it

by Ary Rosenbaum on

When Donald Trump was elected President last November, there were quite a few people who promised gloom and doom as if it was the end of our republic. Despite the tweets and the drama, that really hasn’t panned out yet. Many...more

Fall Legislative Sessions Commence; Attorney General Certifies Ballot Questions

Massachusetts lawmakers have returned from summer recess and are preparing to tackle a robust legislative agenda this fall. Legislators will meet formally through the third Wednesday in November, at which point formal...more

DOL Kicks The Fiduciary Rule Further Down The Road

by Ary Rosenbaum on

The Fiduciary Rule is like a bad soap opera where the action takes too long to happen and it’s just stretched out over time making small turns with some end game to happen later down the line....more

Department of Labor Officially Proposes Delaying Fiduciary Rule’s Exemptions for 18 Months

On August 30, 2017, the Department of Labor (“DOL”) officially proposed delaying the applicability date of exemptions to its fiduciary rule until July 1, 2019. The proposal was expected after DOL stated in a court filing...more

Beltway Buzz - August, 2017 #2

Congress—Fall Preview. Hopefully, our representatives have been getting plenty of rest in August, because when they return to D.C. on September 5, they will begin a work period that is expected to be extremely busy. First, as...more

Recent Developments on DOL Fiduciary Rule

by Womble Bond Dickinson on

There have been several attempts to kill the Fiduciary Rule in recent months. On June 8, The Financial Choice Act (H.R. 10), which overhauls the Dodd-Frank Act and in the process repeals the Fiduciary Rule, passed by a vote...more

Interim Study Committees Set to Meet This Week

by Faegre Baker Daniels on

In the May 25 meeting of the Indiana Legislative Council, council leadership and members assigned topics to study in interim study committees. Those committees are set to start meeting this week. The committee meetings on the...more

Department of Labor Requests Additional 18-Month Delay of Certain Fiduciary Rule Requirements

On August 9, 2017, the Department of Labor (“DOL”) stated in a court filing that the Office of Management and Budget (“OMB”) is reviewing a proposal to extend the applicability date for certain requirements under DOL’s...more

Pensions Round-Up - June/July 2017 (UK)

by DLA Piper on

Welcome to the latest edition of Pensions Round-Up which provides an overview of developments in pension legislation, case law and regulatory guidance. In this edition we look at key developments from June 2017 and the first...more

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