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Hardship Distribution Changes – Tax Reform May Have Unintended Consequences

by Snell & Wilmer on

When tax reform proposals were floating around in the fall of 2017, several early proposals to the Tax Cuts and Jobs Act (the “Act”) included changes to the hardship distribution rules for qualified retirement plans. However,...more

The Word On The Street On What 401(k) Plan Sponsors May Need

by Ary Rosenbaum on

The greatest thing about the Internet is the distribution of information that people used to have to rely on an Encyclopedia or other reference materials to find out information on a specific topic. This is so true of...more

An Annual Retirement Plan “Check-Up” May be Just What the Doctor Ordered!

by Foley & Lardner LLP on

February is Heart Health Month, which always reminds me to schedule my annual doctor checkup. This got me thinking that the need for ongoing “checkups” and maintenance applies not just to our health, but to our homes, cars,...more

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

by 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

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

Never Hire Your Friends Or Family As Your Retirement Plan’s Financial Advisor

by Ary Rosenbaum on

I live in an unincorporated village in Nassau County called Oceanside. We have a school board there that doesn’t have issues about hiring friends and family for teaching positions and low paid aide positions. In fact, 3 out...more

New VCP Compliance Fees Will Increase the Cost of Correcting Some of the Most Common Plan Errors

by McDermott Will & Emery on

Last month, the Internal Revenue Service (IRS) published Revenue Procedure 2018-4, which modified the user fee schedule for submissions under the IRS’s Voluntary Correction Program (VCP)....more

Practical Insights On DOL Guidance Affecting Retirement, Medical And Disability Plans

by Carlton Fields on

On January 5, the Department of Labor (DOL) announced that regulations it previously proposed will apply to certain retirement and medical disability claims filed after April 1. This article focuses on a few practical...more

IRS Presents Required Amendments List For Individually Designed Plans

by Hodgson Russ LLP on

As we reported in our August, 2017 newsletter, the IRS has eliminated the determination letter program for individually designed plans, except when such plans are established or terminated. Concurrently, the IRS substantially...more

A Call For A New Standard For Financial Advisors

by Ary Rosenbaum on

Over the last 10 years, there has certainly been a revolution among 401(k) financial advisors about the need and concern of good fiduciary practices for plan sponsors. The days of 401(k) financial advisors never showing up to...more

HMRC's Online Register of Trusts: Why You May Need to Take Action Now

by Womble Bond Dickinson on

If you are the trustee of a non-UK trust which has UK assets or UK sources of income, you need to take action before 5 March 2018 or face potential civil and even criminal penalties. The EU's Fourth Anti-Money Laundering...more

Changes at the Fed – Janet Yellen’s Swan Song As Chair – Who’s Watching the Store and the Fed’s Policy?

January 30 and 31 will mark the first meeting of 2018 for the Fed Open Market Committee as well as the last meeting for Janet Yellen as Chair. As we move into the second full year of Trump’s presidency, the composition of the...more

Tax Cuts and Jobs Act: Implications for Health and Welfare Plans and Fringe Benefits

by Snell & Wilmer on

On December 22, 2017, the Tax Cuts and Jobs Act (“the Act”) was signed into law, and it has various implications for employers who sponsor employee benefit plans. This newsletter focuses on the provisions in the Act that...more

Helping Handbook for Those Affected by Northern California Wildfires 2017-2018

by Morrison & Foerster LLP on

This handbook provides an overview of some issues that individuals, families, and small businesses may face as a result of the wildfires, mudslides, and related disasters that hit Southern California in December 2017 and...more

UPDATE: US Tax Reform Impacts Roth IRA Conversions

by Morgan Lewis on

The Internal Revenue Service confirms in writing that recharacterizing 2017 Roth IRA conversions will be permitted until October 15, 2018....more

Annual Reporting Requirements for Incentive Stock Options and Employee Stock Purchase Plans

Requirement to Report For (1) any exercise of an incentive stock option (ISO) during 2017 or (2) transfer during 2017 of a share previously purchased pursuant to a tax-qualified employee stock purchase plan (ESPP), the...more

The Most Avoidable Errors Of A 401(k) Plan Sponsor

by Ary Rosenbaum on

There are a lot of times where you’ll suffer a mishap because there are certain things beyond your control. However, there are many instances out there where a mishap occurs because you failed to do something so simple like...more

Deadline Approaching for Reporting 2017 ISO Exercises and ESPP Transfers

by Goodwin on

Section 6039 of the Internal Revenue Code requires corporations to provide information statements to employees (including former employees) and information filings to the IRS regarding exercises of incentive stock options...more

A Plan Sponsor’s Guide To Selecting Retirement Plan Providers

by Ary Rosenbaum on

Since I was about nine and saw it on HBO, one of my favorite movies has been Caddyshack. I loved Caddyshack years before I even liked golf and years before I was mature enough to get all the jokes. One of my favorite scenes...more

The Bubbler: January 2018

2017 is in the books and 2018 is now upon us. A dramatic close to 2017 on Capitol Hill ushered in sweeping changes to the tax code that will begin to impact both employers and employees in a number of ways – some more...more

Plan Sponsors and Service Providers Must be Aware of Changes Made to Rules Pertaining to Puerto Rico Qualified Retirement Plans

by Littler on

Recent changes to Puerto Rico’s tax treatment of certain retirement plans have taken effect. Act No. 106 of August 23, 2017 (“Act 106”) amended Section 1081.01 of the Puerto Rico Internal Revenue Code as amended, (the “PR...more

Tax Bill Means Changes to Employee Benefits and Executive Compensation

On December 22, 2017, President Trump signed into law a tax bill reconciling both the House and Senate versions of the so-called Tax Cuts and Jobs Act. The Act’s major provisions are lowering the corporate tax rate to 21%...more

Impact of Tax Reform on Some Private Company Equity Awards: Limited Income Tax Deferral Opportunities for Employees

by Perkins Coie on

The recent tax reform bill, commonly referred to as the Tax Cuts and Jobs Act of 2017 (the Act), was signed into law on December 22, 2017. The Act includes a new income tax deferral regime for certain employee stock options...more

Things That Plan Providers Don’t Tell You as a 401(k) Plan Sponsor

by Ary Rosenbaum on

When my wife and I bought our house, there were quite a few things that the previous owner forgot to tell us such as the fact they never bothered to pull the pipes from the dental office run by a previous owner 20 years...more

Tax Cuts and Jobs Act – Impact on Employee Benefit Plans

by Sherman & Howard L.L.C. on

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

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