News & Analysis as of

Retirement Plan Income Taxes

Seward & Kissel LLP

New Option: Rollover From 529 Account to Roth IRA

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Federal income tax law offers tax advantages to taxpayers that save money in specially designated accounts earmarked for future educational expenses (“529 Accounts”).  In addition, federal income tax law also incentivizes...more

Flaster Greenberg PC

Compliance Alert: RetireReady NJ Program Coming Soon

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The State of New Jersey is making a state-administered retirement savings program available to eligible workers who do not have qualifying retirement savings plans through their employer. This is an innovative approach to...more

McDermott Will & Emery

Weekly IRS Roundup July 15 – July 19, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 15, 2024 – July 19, 2024. ...more

Proskauer Rose LLP

Wealth Management Update - June 2024

Proskauer Rose LLP on

June 2024 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts - The June Section 7520 rate for use in estate planning techniques such as CRTs, CLTs, QPRTs...more

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report - Legislative Day 37 - March 2024

Senate committee meetings continue under the Gold Dome as this report is published on Wednesday. With the Senate’s requirement that bills pass out of committee before the chamber convenes for Legislative Day 38, legislators...more

Groom Law Group, Chartered

Déjà Vu: Biden’s 2025 Budget Nearly Identical on Health, Retirement

On March 11, 2024, President Biden released his budget for Fiscal Year 2025. Hewing closely to proposals in its last budget, the Administration’s new budget proposes a number of major tax increases, including the following...more

Dorsey & Whitney LLP

The Special Timing Rule for Taxation of Nonqualified Deferred Compensation

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For an employee who is a U.S. taxpayer, both the employer and the employee are liable for a portion of Social Security taxes and Medicare taxes (collectively referred to as “FICA” taxes) on the employee’s compensation. ...more

McDermott Will & Emery

Weekly IRS Roundup January 22 – January 26, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 22, 2024 – January 26, 2024....more

Ruder Ware

Capitol Connection, November 2023

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The ever-changing landscape of state government requires businesses across all industries to stay informed on the happenings in Madison. Welcome to the November issue of the Capitol Connection....more

Allen Barron, Inc.

Estate and Tax Planning for US Expatriates

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What are the most important elements of estate and tax planning for US expatriates?  Are you planning to move out of the United States?  Are you a US taxpayer who lives and works outside of the country?  What are some of the...more

Fisher Phillips

2024 Employee Benefit Limits Plus 6 Best Practices for Employers

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Get Ready For The New Year Ahead - Employees can contribute more pre-tax dollars next year to their retirement savings accounts, including 401(k) and 403(b) plans, according to an IRS announcement made on November 1. Your...more

Seyfarth Shaw LLP

Want to Put More Away in Your 401(k)? Qualified Plan Limits Generally Increase in 2024

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Seyfarth Synopsis: The IRS just announced the 2024 annual limits that will apply to tax-qualified retirement plans. For a third year in a row, the IRS increased the annual limits, allowing participants to save even more in...more

Adler Pollock & Sheehan P.C.

Going Through a Divorce? Ease the Transfer of Retirement Plan Assets With a QDRO

Despite its unusual sounding name, a QDRO isn’t an alien from a science fiction movie or a geometric equation. In fact, QDRO stands for “qualified domestic relations order.” If you’re in the process of a divorce, a QDRO may...more

Quarles & Brady LLP

IRS Extends Compliance Date for Roth Catch-up Contributions Until Jan. 1, 2026

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Section 603 of the SECURE 2.0 Act of 2022 (SECURE 2.0) requires that catch-up contributions for individuals whose wages exceed $145,000 are subject to mandatory Roth tax treatment effective as of January 1, 2024. Due to the...more

Freeman Law

Malta Pension Funds

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Amplifying its efforts to crack down on U.S. taxpayers’ use of Malta pension funds to attempt to achieve federal income tax savings, the IRS recently has issued proposed regulations identifying these funds as listed...more

McDermott Will & Emery

Weekly IRS Roundup July 24 – July 28, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 24, 2023 – July 28, 2023. July 24, 2023: The IRS released Internal Revenue Bulletin 2023-30,...more

Adler Pollock & Sheehan P.C.

Estate Planning Pitfall: You’ve Relocated Out of the Country Without Checking Estate Tax Laws

Are you thinking about moving abroad after you retire? If so, don’t forget to consider your destination country’s estate tax laws. ...more

McDermott Will & Emery

Just Catching Up? Payroll Challenges Plague Roth Catch-Up Contribution Implementation

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In this series of articles, we explore the implications of SECURE 2.0’s changes to catch-up contributions and how employers should respond. The SECURE 2.0 Act requires participants who earned more than $145,000 in FICA...more

Bowditch & Dewey

Tax Tips for New College Graduates

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As new college graduates cross the stage to receive their diplomas, many will also be heading to their first full-time jobs. There are some tax tips new graduates can implement early on that will help with savings in the long...more

Littler

A Deep Dive into Recent Pension Tax Changes in the UK

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In March, the UK government announced changes to the tax regime surrounding pensions as part of the annual Budget. In this piece, we take a deep dive into what these changes are, who they affect, what employers should be...more

McDermott Will & Emery

Weekly IRS Roundup March 13 – March 17, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 13, 2023 – March 17, 2023...more

McDermott Will & Emery

Weekly IRS Roundup February 20 – February 24, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 20, 2023 – February 24, 2023. ...more

Verrill

2023 Estate Planning Update

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This alert from Verrill’s Private Clients & Fiduciary Services Group highlights the latest changes to the income tax and transfer tax landscape. The alert addresses the SECURE ACT 2.0, federal and state transfer tax updates...more

McDermott Will & Emery

Weekly IRS Roundup December 12 – December 16, 2022

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 12, 2022 – December 16, 2022...more

McDermott Will & Emery

Reminder: New Tax Forms for Retirement Plan Payment Withholding Effective January 1, 2023

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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

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