News & Analysis as of

Retirement Plan Withholding Tax

Dorsey & Whitney LLP

The Special Timing Rule for Taxation of Nonqualified Deferred Compensation

Dorsey & Whitney LLP on

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

Bowditch & Dewey

Tax Tips for New College Graduates

Bowditch & Dewey on

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

McDermott Will & Emery

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

McDermott Will & Emery on

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

McDermott Will & Emery

Weekly IRS Roundup October 17 – October 21, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 17, 2022 – October 21, 2022...more

Groom Law Group, Chartered

Continued European Litigation Over Disparate Tax Treatment of Non-EU and EU Pension Funds

Another development has arisen in the ongoing concerns regarding whether local tax rules in EU countries unfairly favor investment by local pension funds over those established outside the EU. The general theory is that...more

Jackson Walker

Consolidated Appropriations Act, 2021 Changes to Qualified Retirement Plans and Certain Fringe Benefits

Jackson Walker on

Employee Fringe Benefit Changes - Student Loan Repayment - The Consolidated Appropriations Act, 2021 (the “Act”) extended the period during which an employer may pay a portion of a student’s loan under an educational...more

Miles & Stockbridge P.C.

Withholding and Reporting of Payments to an Unclaimed Property Fund

Sometimes, a retirement plan is required to distribute a missing participant’s account balance into a state’s unclaimed property fund. Until recently, it was unclear whether this distribution is subject to withholding of...more

Faegre Drinker Biddle & Reath LLP

IRS Issues Guidance on Missing Participants and State Unclaimed Property Funds

In October 2020, the IRS issued two pieces of guidance addressing (1) the tax withholding and reporting of distributions from qualified retirement plans to state unclaimed property funds, and (2) the ability of taxpayers to...more

Holland & Knight LLP

IRS Proposed Regs Address Tax Withholding on Certain Periodic Retirement and Annuity Payments

Holland & Knight LLP on

The Internal Revenue Service (IRS) released proposed regulations amending Employment Tax Regulations (26 CFR Parts 31 and 35) under section 3405 of the Internal Revenue Code (IRC). The regulations propose new rules for...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Puerto Rico Extends Due Dates for Retirement Plan Tax Reporting and Withholding Obligations Due to COVID-19

To help ease the administration of retirement plans in Puerto Rico during the coronavirus outbreak, on March 24, 2020, the Puerto Rico Department of the Treasury (commonly known by its Spanish name as Departamento de Hacienda...more

Conn Kavanaugh

Understanding Your W-2

Conn Kavanaugh on

Employers must issue Form W-2, Wage and Tax Statement, to employees by January 31st, so you should have received yours by now. But have you ever actually stopped to look at your W-2? And do you know what it all means? Your...more

Proskauer - Employee Benefits & Executive...

Back to Basics: IRS Issues Ruling About Failure to Cash a Distribution Check from a Qualified Retirement Plan

In Revenue Ruling 2019-19, the IRS answered three basic questions about the consequences of an individual’s failure to cash a distribution check from a qualified retirement plan. Uncashed checks arise in a number of contexts...more

Robinson & Cole LLP

New Connecticut Mandatory Income Tax Withholding Requirements for Pension and Annuity Payments

Robinson & Cole LLP on

New legislation, effective January 1, 2018, will require certain payors of pensions and annuities to withhold Connecticut state income tax from distributions made from an employer pension, annuity, profit-sharing plan, stock...more

Proskauer Rose LLP

UK Tax Round Up - October 2017

Proskauer Rose LLP on

UK Tax News and Developments - Government White Paper on Customs Bill - On 9 October, the Government published a White Paper setting out its approach to the introduction of a new customs and VAT regime after the UK...more

Stoel Rives LLP

New Oregon Payroll Withholding Tax

Stoel Rives LLP on

As part of its major transportation bill (HB 2017), the Oregon legislature last week adopted a new statewide payroll tax, starting July 1, 2018, to fund public transit projects throughout the state. Every employer will be...more

Littler

Puerto Rico Treasury Announces 2017 Limits on Qualified Retirement Plans

Littler on

On December 8, 2016, the Puerto Rico Department of the Treasury issued its Tax Policy Circular Letter No. 16-07 (“CL 16-07”), announcing the applicable limits for 2017 for qualified retirement plans. Pursuant to Section...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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