CARES Act – Retirement Plan Distributions and Loans: Troutman Sanders and Pepper Hamilton COVID-19 Issues for Employers Podcast Series
Our heartfelt thoughts are with everyone affected by Tropical Storm Helene. Your safety and well-being are paramount and we are here to support those impacted during this challenging time. As employees and employers work...more
A Will is a crucial legal document specifying how an individual’s assets and property should be distributed upon their death. In the UAE, the creation and registration of a Will, particularly for Muslims, are governed by the...more
PIP (partners' interests in the partnership) allocations are very commonly used in partnership agreements. For this reason, Investors and managers should understand the basics of PIP allocations and whether and when they...more
On July 18, 2024, the Internal Revenue Service (IRS) issued final regulations updating the required minimum distribution (RMD) rules. The final regulations reflect changes made by the Setting Every Community Up for Retirement...more
With continuing uncertainty regarding the federal estate tax laws, the Spousal Lifetime Access Trust (SLAT) is a popular option that helps high net-worth individuals maintain flexibility while maximizing their financial...more
The retirement plan industry has been wrestling with the changes to required minimum distribution (RMD) provisions made by the SECURE Act and SECURE 2.0. One issue in particular has caused considerable confusion....more
On behalf of the ESOPs, Benefits & Compensation team, we hope your Summer is off to a great start. In the time of family vacations and out-of-office replies, the pace of employee benefits changes—both large and small—remains...more
Unlike the rules contained in Subchapter K surrounding partnership distributions, which tend to be somewhat complex, the distribution rules contained in Subchapter S are fairly straightforward. Nevertheless, from time to...more
Of interest to 401(k) plan sponsors and administrators, the IRS recently issued Notice 2024-55, providing guidance on SECURE 2.0’s new exceptions—effective January 1, 2024—to the additional 10% tax on early qualified...more
SECURE 2.0 provided employees better access to liquid assets during a major life crisis. We have previously discussed the domestic abuse victim distribution exemption and the emergency personal expense distribution exemption...more
The Internal Revenue Code generally discourages retirement plan participants from requesting distributions from their retirement plan funds prior to age 59 ½ by imposing an additional 10% tax on those distributions. However,...more
On May 16, 2024, the U.S. Department of Justice (DOJ) issued its proposed rules to transfer cannabis from Schedule I of the Controlled Substances Act (CSA) to Schedule III of the CSA. The DOJ’s proposal follows the U.S....more
We have been reading lots of literature about withdrawing funds from tax advantaged accounts like 529 Savings Plans, 401(k)s and IRAs and these articles casually mention the taxes imposed when those accounts are tapped...more
Posts about limited partnerships on this blog are far eclipsed by discussions on just about any other form of business entity because, as we’ve noted in the past, limited partnerships are generally on the decline....more
After a transaction closes, sellers often wonder: when can all proceeds be distributed and the selling entity be dissolved? This question can be complicated, particularly where there are surviving representations, warranties,...more
The final text of the amendments to the EU Alternative Investment Fund Managers Directive (AIFMD)—known as “AIFMD II”—was published in the Official Journal of the European Union on March 26, 2024, and will enter into force on...more
Recruiting and retaining top executives can be challenging for non-governmental tax-exempt organizations such as Code §501(c)(3) organizations, private universities, and certain healthcare organizations (Nonprofits). Not only...more
Did you know that the United States currently has over 2 million Drug Enforcement Administration (DEA) registrants engaging in activities with controlled substances? Whether you’re a student in residency, a healthcare...more
In today's digital age, where smartphones and cameras are common, capturing moments through videos or photos has become second nature. However, it's important to be aware of copyright laws, especially when recording inside...more
Guernsey and Jersey have long been popular places used by private equity investors in acquisitions of target businesses given the advantages they offer over other jurisdictions. We're taking a closer look at some of these...more
The IRS recently released proposed regulations interpreting the provisions of the Code pertaining to donor-advised funds ("DAFs"). The regulations provide needed definitions of working terms such as DAFs, Donors and...more
You've set your business up with the Secretary of State. Now it's time to look inward and say, what do we need to properly run this business? Having governance documents in place, such as a shareholder agreement, is...more
A distribution policy is a helpful tool for ESOP companies to comply with distribution requirements while retaining maximum flexibility. In a prior article, we reviewed the rules governing ESOP distributions. In this article,...more
Last June (2023), in response to a ruling request from Your Special Delivery Services Specialty Logistics (YSDS), Customs and Border Protection (CBP) issued HQ H324098, clarifying what it means to be an “owner or purchaser”...more
At the core of the definition, a Parallel import is a non-counterfeit product imported from another country without the permission of the intellectual property owner. They are also goods that are not authorized for...more