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Internal Revenue Service Employee Benefits 501(c)(3)

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.  
Faegre Drinker Biddle & Reath LLP

New Kids on the Block: IRS Creates Determination Letter Program for Individually Designed 403(b) Plans

The Internal Revenue Service (IRS) has announced that beginning June 1, 2023, it will accept determination letter applications for individually designed 403(b) retirement plans. As background, 403(b) plans are a distinct type...more

Best Best & Krieger LLP

Can Your Hospital District Have a 403(b) Plan?

Ensuring Eligibility is Key - Of California’s more than 75 public health care districts, a significant number of them maintain Internal Revenue Code (IRC) section 403(b) plans. The question is: of those that have them, are...more

McDermott Will & Emery

Proposed IRS RMD Regulations Present Challenges, Risks for 403(b) Plans

McDermott Will & Emery on

The Internal Revenue Service (IRS) is strategically working to execute the statutory changes that were outlined by the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) of 2019. However, the IRS’s efforts...more

Burr & Forman

RMDs: Another Concern for 403(b) Plans

Burr & Forman on

Section 403(b) of the Internal Revenue Code of 1986, as amended (the “Code”) authorizes a type of retirement plan that can be sponsored by certain tax exempt organizations (e.g., a Code Section 501(c)(3) organization,...more

Verrill

Controlled Group Rules for Tax Exempt Organizations: A Brief Review

Verrill on

Corporate entities under common control are generally treated as a single employer for purposes of applying the core rules that govern employee benefit plans and executive compensation arrangements. For that reason, a...more

Proskauer - Proskauer For Good

Helping Non-Profits Navigate Tax and Labor Issues

Amanda Nussbaum, a partner in the Tax Department and a member of the Not-for-Profit Group at Proskauer, chairs a comprehensive seminar each fall for non-profits to discuss current developments and topics of interest related...more

Mintz - Employment Viewpoints

New Tax Law Brings Penalties for Top Paid Non-Profit Executives

The “intermediate sanctions” rules under Section 4958 of the Internal Revenue Code have long governed the payment of compensation to executives of public charities. While these rules are highly prescriptive, if followed, they...more

Robinson & Cole LLP

IRS Clarifies Benefit Coverage Requirements for Employees of Tax-Exempt Disregarded Entities

Robinson & Cole LLP on

The Internal Revenue Service (IRS) recently issued General Counsel Memorandum 201634021 (Memorandum), clarifying benefit coverage requirements for employees of a disregarded LLC wholly owned by a single member tax-exempt...more

Seyfarth Shaw LLP

IRS Says Employees of Disregarded Single-Member LLC May Participate in Parent’s 403(b) and 457(b) Plans

Seyfarth Shaw LLP on

Seyfarth Synopsis: A recently published IRS memorandum provides that employees of a single-member LLC treated as a disregarded entity must be allowed to participate in a section 403(b) plan sponsored by its parent 501(c)(3)...more

Bradley Arant Boult Cummings LLP

New IRS Guidance: Treatment of Disregarded Single Member LLC Employees in the 403(b) and 457(b) Plans of the Tax-Exempt Member of...

The Internal Revenue Service (IRS) recently released General Counsel Memorandum 201634021 (“Memorandum”) concluding that the employees of a disregarded single member limited liability company (SMLLC) (1) must be allowed to...more

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