Topic: IRS

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.” 

Read More

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.‎

Read More

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.‎

Read More

IRS Letters 226-J for 2017 are in the Mail

The IRS has been issuing the 2017 Employer Shared Responsibility Penalty (ESRP) assessments ‎‎(Letter 226-J). The Letter 226-J provides the IRS’ determination of whether an “applicable large ‎employer” may be liable for an ESRP for a particular calendar year and shows the proposed ‎assessment of the penalties based on the Forms 1094-C and 1095-C the employer filed with the ‎IRS, as well as whether or not the employer’s employees received premium tax credits on their ‎individual income tax returns.‎

Read More

Time to Restate Your 403B Plan

The Internal Revenue Service set March 31, 2020 as the last date of the remedial amendment period for tax-exempt organizations and public school systems to self-correct plan document defects in their Section 403(b) plans.  The “remedial amendment period”, or “RAP” is a period during which a 403(b) plan can be amended to comply with the technical requirements of Section 403(b) of the Internal Revenue Code and related IRS regulations. 

Read More

Topics

Archives

Email the Editors

Click here to Email the Editors

Locke Lord LLP

For the latest information about our Firm visit lockelord.com