News & Analysis as of

Internal Revenue Service Deferred Compensation

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  

House of Representatives Passes the Tax Cuts and Jobs Act (H.R. 1); Senate Finance Committee Approves Modified Version; Comparison...

by Proskauer - Tax Talks on

Yesterday afternoon, the House of Representatives passed the Tax Cuts and Jobs Act (H.R. 1) (the “House bill”). The House bill is identical to the draft bill approved by the House Ways and Means Committee on November 10. Late...more

2017 End of Year Plan Sponsor “To Do” List (Part 3) Executive Compensation

by Snell & Wilmer on

As 2017 comes to an end, we are happy to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered year-end...more

IRS announces 2018 retirement plan limits

by Ary Rosenbaum on

As 2017 nears its end, we already have the retirement plan limits set for 2008 by the Internal Revenue Service (IRS). For 401(k) plans, the 2018 limit for salary deferrals contributions is $18,500, up $500 from 2017’s...more

Tax Planning Under the Tax Cuts and Jobs Act: Flow-Throughs Are the Answer to Everything

by Proskauer - Tax Talks on

The tax reform bills introduced in the House of Representatives and the Senate dramatically reduce the corporate tax rate from 35% to 20% and create added incentives for taxpayers to invest capital into U.S. businesses with...more

House Ways and Means Committee Says, “Never Mind” to Repeal and Replace of Code Section 409A

One week ago the Republicans’ Tax Bill H.R. 1, the “Tax Relief and Jobs Act,” was released. Section 3801 of that bill proposed to significantly curtail deferred compensation arrangements by replacing Internal Revenue Code...more

Tax Bill Compensation Changes – A Cause for Concern

The tax bill issued yesterday contains a number of provisions that, if implemented, will result in dramatic changes to the taxation of certain compensation arrangements. ...more

GOP Tax Bill Outlines Significant Changes for Benefits and Compensation

by Ballard Spahr LLP on

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

Reminder that Nonqualified Deferred Compensation Deferral Elections for 2018 Must be Made on or Before December 31, 2017

by Snell & Wilmer on

As we approach the end of 2017, we want to remind employers and employees to take action before year end if they desire to defer compensation that will be earned during 2018...more

Bonus can cost you more than one way

by Ary Rosenbaum on

When I first started working as an ERISA attorney in September 1998, I was pleasantly surprised when my boss Harvey Berman gave me a $300 bonus that December for the Holidays. That was the last bonus I ever got as an...more

Timing is Everything: IRS Raises the Stakes for Employers Who Delay FICA Taxation of Deferred Compensation

by Ward and Smith, P.A. on

Employers, both for-profit and tax-exempt organizations, often overlook the complex FICA tax rules applicable to deferred compensation. Unfortunately, this oversight now can be a real problem for the employer. When an...more

FICA Taxes and Administrative Traps for Employers

by Sullivan & Worcester on

The nuances of the Social Security and Medicare tax system – collectively FICA taxes – continue to confound and increase the potential liability of employers who are not well versed in this area....more

RSU Awards to U.S. Taxpayers Require Careful Review Before Grant

by Dorsey & Whitney LLP on

Recently we blogged about pitfalls and potential adverse tax consequences for U.S. taxpayers with respect to deferred share unit awards that pay out following the participant’s termination of services. But what about...more

Management Contracts Safe Harbors Revisited – IRS Releases Updated Guidance (Again)

by Bracewell LLP on

Demonstrating the “user-friendly” side of the IRS, on January 17, 2017, the IRS released Revenue Procedure 2017-13 (“Rev. Proc. 2017-13”) (available here) to address many (but not all) of the comments received on the rather...more

Employment Law 2016 Review

by Barley Snyder on

Preparing for Medical Marijuana in Pennsylvania - Marijuana legalization reached Pennsylvania in 2016, bringing with it a host of new questions employers are going to have to answer. Signed into law on April 17, the...more

Focus on Tax Strategies & Developments - December 2016

by McDermott Will & Emery on

Significant Changes in US Tax System Likely - In the short time since the surprising election of Donald J. Trump as the 45th president of the United States, much already has been written about the likelihood and likely...more

2016 Year-End Estate Planning Advisory

by Katten Muchin Rosenman LLP on

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

IRS Announces 2017 Retirement Plan Dollar Limits

by Snell & Wilmer on

The IRS recently announced cost-of-living adjustments for 2017 in Notice 2016-62. The key dollar limits, along with last year’s limits, are noted below....more

IRS Announces Year 2017 Retirement Plan Limits

by Blank Rome LLP on

On October 27, 2016, the Internal Revenue Service (“IRS”) announced the following dollar limits applicable to tax-qualified plans for 2017: - The limit on the maximum amount of elective contributions that a person may...more

Higher Education Tax and Benefits Memo: Recent IRS Audit is a Reminder to Check Whether Your Employment Agreements and Appointment...

by Bond Schoeneck & King PLLC on

The Internal Revenue Service ("IRS") recently notified a major university that it is being audited, and as part of that audit requested copies of the employment agreements of the president of the university, the provost of...more

Code Section 409A and You: The IRS Issues New Guidance

Authors: John A. Morrison (Atlanta), Taylor Bracewell (Atlanta) Published Date: October 11, 2016 Earlier this summer, the Internal Revenue Service (IRS) issued proposed regulations under Sections 409A and 457 of the Internal...more

Changes to Compensation Rules for Tax-Exempt Hospitals

by Poyner Spruill LLP on

The IRS has proposed new rules that will require tax-exempt hospitals (and other tax-exempt entities) to review a variety of compensation arrangements to avoid unintended tax consequences. This article will provide a brief...more

Tax-Exempt Organizations Update: Selected Developments From Washington

by McGuireWoods LLP on

Although comprehensive tax reform in 2016 is unlikely in the midst of an election year, so far in 2016, parties on all sides have proposed specific changes to the rules applicable to exempt organizations. Lawmakers in...more

IRS Guidance on Section 457: What Non-Profit and Governmental Employers Need to Know (Part 2)

by Poyner Spruill LLP on

We're back with the second installment in our series on the IRS's Section 457 proposed rules. The first alert covered Section 457(f) basics and discussed the meaning of "deferred" compensation....more

A New Landscape - Compliance clarifications and planning opportunities for governmental and tax-exempt employers sponsoring...

On June 22, 2016, the Internal Revenue Service (IRS) published its long-awaited proposed regulations (the Proposed Regulations) under Section 457(f) of the Internal Revenue Code (the Code). Section 457(f) governs the taxation...more

Review of Section 409A Proposed Regulations

by McDermott Will & Emery on

On June 22, 2016, the Internal Revenue Service (IRS) issued proposed changes to the regulations under the Internal Revenue Code (Code) §409A. The Code intends to clarify or modify a wide range of very restrictive rules...more

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