News & Analysis as of

Internal Revenue Code (IRC) Retirement Plan Deferred Compensation

Harris Beach PLLC

Retirement Accounts: Much Needed Clarity Regarding the 10-Year Rule

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Americans hold a considerable percentage of their wealth in retirement accounts. Recent changes to the Internal Revenue Code (the “Code”), as well as proposed regulations, have introduced new rules altering the required...more

Foley & Lardner LLP

Do the New IRS Nonqualified Plan Audit Guidelines Mean Section 409A Audits are Coming?

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The IRS updated its Nonqualified Deferred Compensation Audit Techniques Guide (the “2021 Guide”) in June 2021. The 2021 Guide replaces a similar guide that was published in June 2015. The 2021 Guide does not shed new...more

Verrill

December 31 Sunset of Safe Harbor Correction Method for Certain Elective Deferral Failures Benefits Law Update

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A special IRS-approved correction method available for elective deferral failures in 401(k) and 403(b) plans with automatic contribution features will sunset on December 31, 2020, meaning it will not be available to correct...more

Groom Law Group, Chartered

Possible Options for Participant Relief Under Section 409A Plans in the Time of Coronavirus

The coronavirus pandemic has caused widespread economic uncertainty and unanticipated liquidity issues for a wide range of individuals, including plan participants of nonqualified deferred compensation plans. In these...more

Best Best & Krieger LLP

Ways To Correct Governmental Plan Problems

There are several tools that can be used to correct or fix governmental plan problems. First, some classification. Practically all the retirement plans we discuss are “tax-advantaged” in one form or another. However,...more

Verrill

401(k) Plan Sponsors – Time to Revisit Your Hardship Withdrawal Provisions

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The Bipartisan Budget Act of 2018 (“Budget Act”) includes several changes to the rules governing hardship withdrawals from 401(k) plans. Because the changes apply to plan years beginning after December 31, 2018, 401(k) plan...more

Skadden, Arps, Slate, Meagher & Flom LLP

Section 162(m) After the Tax Cuts and Jobs Act: What to Do Now

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the Act), which includes significant changes to the executive compensation deduction rules in Section 162(m) of the Internal Revenue Code (Code)...more

Seyfarth Shaw LLP

Tax Reform: Employee Benefits

Seyfarth Shaw LLP on

This is the first issue in a planned series of alerts for employers on selected topics on tax reform. The series of Tax Reform Management Alerts is designed to provide an in-depth analysis of executive compensation and...more

Wilson Sonsini Goodrich & Rosati

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

K&L Gates LLP

Tax Cuts and Jobs Act Could have Far-reaching Effects on Higher Education

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The House of Representatives and the Senate are on a fast track to pass sweeping tax reform legislation that would have widespread implications for colleges and universities, their employees, and their donors. As part...more

K&L Gates LLP

Proposed Tax Cuts and Jobs Act Would Send Executive Compensation Back to the Stone Age

K&L Gates LLP on

The Tax Cuts and Jobs Act, as initially proposed by the U.S. House of Representatives on November 2, 2017, includes provisions that would dramatically impact many common incentive and deferred compensation programs, including...more

Akin Gump Strauss Hauer & Feld LLP

Tax Cuts and Jobs Act

On November 2, 2017, the Committee on Ways and Means of the U.S. House of Representatives released its tax reform bill titled the Tax Cuts and Jobs Act (the “House Bill”). On November 6, 2017, Kevin Brady, Chairman of the...more

BCLP

Code Section 409A…Here Today but Possibly Gone Tomorrow and Other Proposed Changes in the Tax Cuts and Jobs Act

BCLP on

Last week the House unveiled its tax overhaul plan, the Tax Cuts and Jobs Act (“Act”). The Act’s proposals related to employee benefits and compensation are as follows...more

Locke Lord LLP

Tracking the Tax Cuts and Jobs Act: Compensation and Benefits Provisions

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On November 2, 2017, the House Republicans released the text of the Tax Cuts and Jobs Act (the “House Bill”), laying out a broad set of changes to the tax code that could dramatically change the ways companies compensate,...more

Ballard Spahr LLP

GOP Tax Bill Outlines Significant Changes for Benefits and Compensation

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The Committee on Ways and Means yesterday released the proposed Republican tax reform bill, titled the "Tax Cuts and Jobs Act." Although the proposed bill makes major changes to individual and corporate tax provisions in many...more

Pillsbury Winthrop Shaw Pittman LLP

Proposed Section 409A Regulations Facilitate Common Pay Practices

The Internal Revenue Service (IRS) has proposed a number of updates to current regulations governing nonqualified deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended. The proposed updates...more

Jackson Walker

Davidson v. Henkel — What’s Going On With Nonqualified Deferred Compensation Plans and FICA

Jackson Walker on

In This Presentation: - Davidson v. Henkel Corp. - The Parties - NQ Plan - The Plan’s Tax Clauses - Davidson’s Pre-Retirement Counseling - 2011 Compliance Review and Letter - Henkel’s Tax...more

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