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Tax Breaks in the New Hurricane Legislation for Employers and Taxpayers


By , and on Nov 14, 2017
Posted In Employee Benefits, Employment

The Disaster Tax Relief and Airport and Airway Extension Act of 2017 provides a new favorable tax credit for eligible employers affected by recent hurricanes, as well as expanded charitable deductions and tax credits for certain taxpayers. Continue Reading.

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New Hurricane Legislation Grants Additional Distribution, Withdrawal and Loan Relief for Certain Retirement Plan Participants


By , , , and on Nov 9, 2017
Posted In Employee Benefits, Retirement Plans

The new Disaster Tax Relief and Airport and Airway Extension Act of 2017 provides additional relief and flexibility for retirement plan participants impacted by recent hurricanes, including relaxed rules for plan distributions, withdrawals and loans. Continue reading.

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Employers Can Provide Tax-Free Disaster Assistance to Employees


By , , , and on Sep 5, 2017
Posted In Employee Benefits, Labor

Section 139 of the Internal Revenue Code allows an employer to provide tax-free qualified disaster relief payments to Texas and Louisiana employees in designated areas affected by Hurricane Harvey. Continue reading.

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Employee Benefits Programs in May


By , , , , and on Apr 27, 2017
Posted In Employee Benefits, Employment, Labor, Retirement Plans

Join members of the McDermott Employee Benefits team in May at one of these programs covering a variety of employee benefits topics. The John Marshall Law School The Center for Tax Law & Employee Benefits 14th Annual Employee Benefits Symposium | May 1, 2017 | Chicago, Illinois | Speaker, Joseph S. Adams Proposed 457(f) Regulations: Opportunities and...

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IRS Issues Revised Requirements for Employers to Claim FICA Tax Refunds


By and on Apr 13, 2017
Posted In Benefit Controversies, Employee Benefits, Employment

On March 20, 2017, the Internal Revenue Service (IRS) issued Revenue Procedure 2017-28, which provides guidance to employers on obtaining employee consents used to support a claim for credit or refund of overpaid taxes under the Federal Insurance Contributions Act (FICA) and the Railroad Retirement Tax Act (RRTA). This OTS describes the new procedures and...

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Payroll Get Ready — Employers Face New January 31st Filing Deadline for W-2 and 1099-MISC Forms


By and on Nov 10, 2016
Posted In Employment

Beginning with W-2 forms filed with respect to 2016 wages, a new law requires employers to file the government copy by January 31, 2017, for both paper and electronic copies. The accelerated deadline also applies to 1099-MISC forms for independent contractors. Read the full article.

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New York and San Francisco Approve Mandatory Paid Family Leave


By and on Jul 14, 2016
Posted In Employment, Health and Welfare Plans, Labor

Both the State of New York and the City of San Francisco recently granted paid family leave to eligible employees. Paid family leave becomes effective on January 1, 2017, in San Francisco and on January 1, 2018, in New York. Read the full article.

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IRS Provides New 409A Guidance: New Proposed Regulations Provide Additional Clarity, Warn of Abusive Practices and Present Planning Opportunities


By and on Jun 23, 2016
Posted In Employee Benefits, Employment, Executive Compensation

On June 21, 2016 the IRS issued proposed regulations to modify and clarify existing regulations under Section 409A of the Internal Revenue Code. Many of these changes resulted from practitioner comments and the IRS’ experience with Section 409A after issuing the final regulations. Overall, most of the proposed changes are favorable, and may provide some...

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IRS Regulations Provide That Certain Employees of Partnerships Now Have Self-Employment Status for Employee Benefit and Tax Purposes


By and on May 17, 2016
Posted In Employment, Executive Compensation, Health and Welfare Plans

The IRS and US Department of Treasury have issued final and temporary regulations which address benefit and self-employment tax issues regarding partners in a partnership which is the sole owner of a second, wholly owned legal entity. The regulations are intended to clarify that where the partners are separately working for the second legal entity,...

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View From McDermott: Conduct Regular Reviews to Ensure Compliance with FICA Tax Withholding Rules


By and on Apr 28, 2016
Posted In Employment, Retirement Plans

Sponsors of nonqualified deferred compensation plans should pay close attention to the special tax withholding rules under the Federal Insurance Contributions Act (FICA) to avoid paying interest and penalties, and potentially being sued by plan participants. FICA tax on nonqualified deferred compensation must be withheld when compensation vests, not later when actually paid out. Failure...

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