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Income Taxes › Internal Revenue Service › Employee Benefits

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Lowenstein Sandler LLP

Puttin’ on Your Top Hat: How to Effectively Structure a Deferred Compensation Plan as a “Top Hat” Plan

Lowenstein Sandler LLP on

“Top hat plans” —non-qualified deferred compensation plans that can be exempt from most of the requirements of Employee Retirement Income Security Act of 1974 or ERISA—can be a useful tool for employers looking to provide...more

McDermott Will & Emery

Protecting Employees’ Tax Position After a Spin-off

McDermott Will & Emery on

Spin-offs have become increasingly popular with innovative companies as a method of unlocking shareholder value, but the transaction is not always tax-free, particularly for international employees holding equity awards or...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - IRS Clarifies Emergency Distributions Tax Exceptions

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt discusses the new IRS guidance regarding certain exceptions to the 10% early distribution tax under IRC 72(t). He will share background on emergency...more

Lowenstein Sandler LLP

Deferred Compensation: A Primer on Section 409A of the Code and Why it Matters

Lowenstein Sandler LLP on

On this episode of “Just Compensation,” the hosts provide an introduction into Section 409A, the complicated tax code provision that governs non-qualified deferred compensation: when does it apply, how do you comply with it,...more

Groom Law Group, Chartered

IRS Issues FAQs on the Tax Treatment of Employer-Provided Work-Life Referral Services

Groom Law Group, Chartered on

On April 16, 2024, the IRS issued Fact Sheet 2024-13, which includes FAQs addressing the tax treatment of employer-provided work-life referral services. The FAQs generally provide that the value of these services can be...more

Morgan Lewis - ML Benefits

Reminder to Multiemployer Pension Plan Administrators: New Federal Income Tax Withholding Election Forms Are Mandatory

Morgan Lewis - ML Benefits on

In January 2022, the Internal Revenue Service (IRS) changed the withholding election rules applicable to distributions from pension plans (a term that includes 401(k) plans, money purchase pension plans and defined benefit...more

Fisher Phillips

2024 Employee Benefit Limits Plus 6 Best Practices for Employers

Fisher Phillips on

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

Seyfarth Shaw LLP on

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

Quarles & Brady LLP

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

Quarles & Brady LLP on

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

Skadden, Arps, Slate, Meagher & Flom LLP

IRS Makes Permanent Its Fast-Track Corporate Private Letter Rulings

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On July 26, 2023, the Internal Revenue Service (IRS) Chief Counsel’s Office announced that it would make permanent its pilot program of issuing “fast-track” private letter rulings for requests solely or primarily under the...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

Seyfarth Shaw LLP

FICA Tax Avoidance Wellness Program Viewed Unfavorably by 87,000 New IRS Agents

Seyfarth Shaw LLP on

Seyfarth Synopsis: Just like a bad penny, schemes promising employers ways to reduce their FICA tax burden, and maybe their employees’ income tax burden at the same time, keep popping up with a slightly different burnish on...more

Morgan Lewis - ML Benefits

Code Section 139 Relief Period Scheduled to End: What Employers Need to Know

Morgan Lewis - ML Benefits on

As the Code Section 139 relief period is scheduled to end soon along with the end of the COVID-19 national emergency, employers that assisted employees with personal expenses attributable to the COVID-19 pandemic should...more

McDermott Will & Emery

Weekly IRS Roundup February 20 – February 24, 2023

McDermott Will & Emery on

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

Freeman Law

Tax Court in Brief | Smith v. Comm’r | Exclusion of Value of Lodging Provided by Employer

Freeman Law on

Summary: This is a deficiency case and a continuation of the Tax Court’s opinion in Smith v. Commissioner, No. 5191- 20, 159 T.C. (Aug. 25, 2022), which is blogged right here on the ol’ Tax Court in Brief. See...more

Groom Law Group, Chartered

IRS Guidance on Excise Tax on Buybacks Clarifies Some Benefits Issues

Groom Law Group, Chartered on

New Section 4501 of the Internal Revenue Code imposes a 1% excise tax on certain corporate stock repurchases or “corporate buybacks” in excess of $1 million in the taxable year.  The new tax is imposed on the fair market...more

Verrill

When Cash is not King: Holiday Gifts as “De Minimis” Fringe Benefits

Verrill on

To celebrate the holiday season, this post highlights the tax consequences of employer-sponsored holiday perks such as gift cards, turkeys, hams and gift baskets. Under the current tax rules, employers may give infrequent low...more

McDermott Will & Emery

Weekly IRS Roundup October 3 – October 7, 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 3, 2022 – October 7, 2022...more

Holland & Hart - The Benefits Dial

I Wanna Know What Love Is . . . and When to Provide Domestic Partner Benefits

Holland & Hart - The Benefits Dial on

When the Supreme Court legalized same-sex marriages back in 2015, the IRS clarified that two people are legally married under federal law when they also are legally married under their state’s law. Because of this...more

Freeman Law

Tax Court in Brief | Sek v. Comm’r | COBRA, Deficiency for Health Coverage Tax Credit, and Premium Assistance Tax Credit

Freeman Law on

Tax Litigation: The Week of August 29th, 2022, through September 2nd, 2022 Sparta Pink Property, LLC v. Comm’r, T.C. Memo. 2022-88 | August 29, 2022 | Lauber, J. | Dkt. No. 12114-20 Pressman v. Comm’r, T.C. Summ. Op. 2022-15...more

McDermott Will & Emery

Weekly IRS Roundup August 22 – August 26, 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 August 22, 2022 – August 26, 2022....more

McDermott Will & Emery

Weekly IRS Roundup May 8 – May 14, 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 May 8, 2022 – May 14, 2022... May 10, 2022: The IRS issued a news release, announcing that free...more

Freeman Law

Tax Court in Brief | Mihalik v. Commissioner | “De Minimus” Fringe Benefit Under Sec. 132

Freeman Law on

Tax Litigation: The Week of April 11th, 2022, through April 15th, 2022 The REDI Foundation, Inc. v. Comm’r, T.C. Memo. 2022-34 |April 11, 2022 |Nega, J. | Dkt. No. 23715-18 Pediatric Impressions Home Health, Inc. v. Comm’r,...more

McDermott Will & Emery

Weekly IRS Roundup March 20 – March 26, 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 March 20, 2022 – March 26, 2022... March 21, 2022: The IRS issued Revenue Ruling 2022-07,...more

Morgan Lewis

Don’t Pay Twice: Monitor Payment of Cancelled, Reissued Qualified Plan Distributions

Morgan Lewis on

Cancelled and reissued qualified plan distribution checks, particularly to decedents, should be monitored for payment in light of the Internal Revenue Service’s repeated refusal to repay withholding to payor plans. If a Form...more

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