News & Analysis as of

Severance Pay Severance Agreements Internal Revenue Service

Miles & Stockbridge P.C.

Are Severance Benefits Subject to ERISA?

Definitely maybe. Severance benefits are subject to ERISA if they comprise a “plan, fund or program.” The Supreme Court held that there is a plan, fund or program for severance benefits if (1) payment requires an “ongoing...more

Foley & Lardner LLP

How Do I Report Non-Qualified Plan or Severance Payments to a Former Employee? Hint: You Should Probably Use a W-2, Not a 1099!

Foley & Lardner LLP on

Employers commonly make payments to former employees for a number of reasons. Two of the more routine payments are those from a non-qualified deferred compensation plan (such as payments from a supplemental executive...more

McDermott Will & Emery

IRS Issues Regulations Affecting Compensation Arrangements at Tax-Exempt Organizations

McDermott Will & Emery on

On June 21, the IRS issued long awaited proposed regulations under Section 457 of the Internal Revenue Code that affect a broad range of compensation arrangements at tax exempt organizations. If a compensation arrangement is...more

Dickinson Wright

Sixth Circuit Nixes FICA Tax on Severance Pay

Dickinson Wright on

The U.S. Court of Appeals for the Sixth Circuit has affirmed a Michigan Bankruptcy Court and approved a taxpayer’s request for a refund of FICA taxes paid on behalf of former employees. Quality Stores et al....more

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

December 31 Section 409A Correction Deadline for Severance Pay Approaching

The Internal Revenue Service(IRS) has given employers until December 31, 2012 to correct a problem frequently found in severance agreements and other similar arrangements. If the problem is not addressed by that date, then it...more

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

IRS Penalty Relief For Severance Pay Expires On December 31

The IRS has given employers until December 31, 2012 to correct a problem frequently found in severance agreements and other similar arrangements. If not corrected by that date, it could be much more expensive to correct the...more

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