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By Ruth Wimer, Rick Stepanovic and Diane Morgenthaler 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.
New Hurricane Legislation Grants Additional Distribution, Withdrawal and Loan Relief for Certain Retirement Plan Participants
By Stephen Pavlick, Ruth Wimer, Rick Stepanovic, Diane Morgenthaler and Alan D. Nesburg, PC 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.
By Allison Wilkerson, Erin Turley, Robert C. Louthian, III, Rick Stepanovic and Ruth Wimer 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.
By McDermott Will & Emery, Jacob Mattinson, Joseph K. Urwitz, Lisa Loesel, Lisa Schmitz Mazur and Ruth Wimer 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...
By Kevin Spencer and Ruth Wimer 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...
By Jeffrey Holdvogt and Ruth Wimer 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.
By McDermott Will & Emery and Ruth Wimer 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.
IRS Provides New 409A Guidance: New Proposed Regulations Provide Additional Clarity, Warn of Abusive Practices and Present Planning Opportunities
By Andrew Liazos and Ruth Wimer 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...
IRS Regulations Provide That Certain Employees of Partnerships Now Have Self-Employment Status for Employee Benefit and Tax Purposes
By Jeffrey Holdvogt and Ruth Wimer 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,...
By Joseph K. Urwitz and Ruth Wimer 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...