Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections...more
On April 10, 2020, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2020-22 (the “Revenue Procedure”), which (1) permits an “electing real property trade or business” that elected not to be subject to the...more
The Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) includes a provision that changed the rollover rules for certain plan loan offset distributions and that may not be well known to retirement plan sponsors and participants. ...more
In This Issue: - Expiration date: IRS provides estate tax protection against sunsetting TCJA provisions - A Crummey trust may sound pretty good - A second walk down the aisle can complicate estate planning -...more
Updated Limits Impacting Participant Contribution Elections for 2019 - While we have been waiting on guidance regarding whether retirement plans must be amended for the Tax Cuts and Jobs Act and the Bipartisan Budget Act...more
The Internal Revenue Service (“IRS”) recently released guidance that contains two updated safe harbor notices that retirement plans may use to satisfy the requirements of the Internal Revenue Code (the “Code”) to provide an...more
The IRS has updated its “safe harbor explanations” for eligible rollover distributions to reflect recent statutory changes and IRS guidance. Employers should review this latest guidance and update their explanations...more
The IRS recently updated its two model safe harbor explanations that can be used to satisfy the requirement under Section 402(f) to provide notices setting forth certain information to participants who are eligible for...more
On Sept. 18, 2018, the IRS issued modified safe harbor explanations of eligible rollover distributions.1 In addition to making some clarifying changes, the modifications reflect laws enacted and guidance issued since Dec. 8,...more
The Tax Cuts and Jobs Act enacted late in 2017 and the Bipartisan Budget Act enacted in early February this year both made changes to the laws regarding rollovers from retirement plans and when a plan must accept certain...more
On December 22, 2017, President Trump signed into law legislation, known as the Tax Cuts and Jobs Act (“TCJA”), which is the most extensive overhaul of the United States Internal Revenue Code (the “Code”) in 30 years. In...more
Late last year, Congress passed the Tax Cuts and Jobs Act (the “Act”) and it was quickly signed by the President. The Act seeks to reform the current tax system and contains numerous provisions that may be significant to...more
Legislation enacted in recent months should result in fewer operational errors and expanded participant opportunities. The Tax Cuts and Jobs Act extends the period a participant may make a tax-free loan rollover to an IRA...more
• The recent Tax Cuts and Jobs Act of 2017 (the Act), enacted on Dec. 22, 2017, contains a few rules that will impact benefit administrators. • This client alert focuses on changes made to the tax treatment of plan loan...more
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
The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more
The Tax Cuts and Jobs Act of 2017 makes substantial changes to the income taxes of individuals. The Act's individual changes noted in the attached chart generally expire on January 1, 2026, and the speculation will...more
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
The Tax Cuts and Jobs Act made significant changes to the tax code and will have a significant impact on businesses and individual taxpayers. However, although initial proposals included potentially significant changes to...more
On December 22, 2017, the tax reform bill, informally known as the Tax Cuts and Jobs Act (the “Act”), was signed by President Trump. As we noted in our prior OnPoint (available here) with respect to earlier versions of the...more