Reporting Developments Affecting Employee Benefits and Executive Compensation

Overview of Proposed Regulations Under Code Section 162(m) – What is Applicable Employee Remuneration

This installment of the overview of the Proposed Regulations under Code Section 162(m) focuses on the definition of what is “applicable employee remuneration.” As a ‎reminder, Code Section 162(m) generally limits the compensatory deduction to the first $1 million of “applicable employee remuneration” paid by a publicly held corporation to each covered employee.

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HIPAA Penalties Have Been Inflation-adjusted!

Effective January 17, 2020, civil money penalties for certain violations of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) have been adjusted for inflation by the Department of Health and Human Services (HHS), as required by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (Inflation Adjustment Act). 

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Overview of Proposed Regulations Under Code Section 162(m) — Who is a Covered Employee

Today’s installment of our overview of the Proposed Regulations under Code Section 162(m) highlights the expansion of who is a “covered employee.”  As a ‎reminder, Code Section 162(m) generally limits the compensatory deduction to the first $1 million of compensation paid by a publicly held corporation to each “covered employee.” 

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Holiday Stocking Stuffer: IRS Issues Proposed Regulations Under Code Section 162(m)

On December 16, 2019, the Treasury Department released proposed regulations (the “Proposed ‎Regulations”) to address the amendments made to Code Section 162(m) by the Tax Cuts and ‎Jobs Act (the “Amendment”). As background, the Amendment eliminated the exclusion ‎attributable to qualified performance-based compensation from the $1 million cap on the ‎deductibility of compensation paid to certain executives by a publicly held corporation.‎

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IRS Reopens Determination Letter Program for Certain Individually Designed Plans

In 2017, the IRS significantly limited the ability of plan sponsors to request a determination letter ‎that its individually-designed retirement plan met the tax qualification requirements of the ‎Internal Revenue Code. Since that date, plan sponsors could request determination letters only ‎upon the plan’s initial qualification or termination.‎

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First Circuit Holds Affiliated Investment Funds Not Liable For Multiemployer Withdrawal Liability

Private equity fund sponsors can breathe a sigh of relief last week as the First Circuit Court of ‎Appeals, reversing a district court finding, held that two separate private equity funds sharing a ‎general partner (Sun Capital Partners III and Sun Capital Partners IV) were not jointly and ‎severally liable under the Employee Retirement Income Security Act of 1974, as amended ‎‎(ERISA) for the multiemployer pension withdrawal liability of a portfolio company in which ‎both funds invested.‎

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