News & Analysis as of

Employee Benefits Tax Exempt Entities Income Taxes

BakerHostetler

Tax Bill Proposes Trillions in Tax Cuts and Significant Tax Increases

BakerHostetler on

The race to remake portions of the Internal Revenue Code (Code) and to prevent expiration of certain Tax Cuts and Jobs Act (TCJA) provisions has begun, with House Ways & Means Committee proposals (the Markup) to spend...more

Proskauer - Not for Profit/Exempt...

Repeal of Unrelated Business Income Tax on Qualified Transportation Fringe Benefits

Late on Friday, December 20, 2019, President Trump signed into law government funding legislation for the 2020 fiscal year that includes a provision repealing Section 512(a)(7), commonly referred to as the “parking tax.”...more

Seyfarth Shaw LLP

Goodbye to 2019 … and the Parking and Public Transit Benefits Tax

Seyfarth Shaw LLP on

Good news to close out the year: The “Further Consolidated Appropriations Act, 2020” (H.R. 1865 - the “2020 Act”) retroactively repeals the much maligned tax on qualified transportation fringe benefits (the so-called “church...more

Poyner Spruill LLP

Recent IRS Guidance Details Cost of Providing Employee Parking

Poyner Spruill LLP on

Do you provide parking for your employees? If so, take note: the expense has gone up (and, for tax-exempt employers, may now result in additional tax liability!)....more

Burr & Forman

RMDs: Another Concern for 403(b) Plans

Burr & Forman on

Section 403(b) of the Internal Revenue Code of 1986, as amended (the “Code”) authorizes a type of retirement plan that can be sponsored by certain tax exempt organizations (e.g., a Code Section 501(c)(3) organization,...more

Robinson & Cole LLP

Federal Tax Reform — Key Provisions for Tax Exempt Organizations

Robinson & Cole LLP on

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (H.R. 1), or the "Act," a comprehensive tax reform package representing an overhaul of federal taxation arguably ona level not seen in more than...more

Stinson - Benefits Notes Blog

Tax Bill Means Changes to Employee Benefits and Executive Compensation

On December 22, 2017, President Trump signed into law a tax bill reconciling both the House and Senate versions of the so-called Tax Cuts and Jobs Act. The Act’s major provisions are lowering the corporate tax rate to 21%...more

Dickinson Wright

Tax Reform: The Five Big Changes Affecting Employee Benefits

Dickinson Wright on

On December 22, 2017, President Trump signed H.R. 1 (formerly, the “Tax Cuts and Jobs Act” (the “Act”)) into law. While the Act was primarily focused on business tax cuts and individual tax reform, the Act includes several...more

Patterson Belknap Webb & Tyler LLP

Impact on Commuter Benefits Programs

The tax reform bill (H.R. 1) approved by the House and Senate this week, and expected to be signed by the President, eliminates the deduction available to employers for the provision of qualified transportation fringe (“QTF”)...more

Akin Gump Strauss Hauer & Feld LLP

Tax Cuts and Jobs Act

On November 2, 2017, the Committee on Ways and Means of the U.S. House of Representatives released its tax reform bill titled the Tax Cuts and Jobs Act (the “House Bill”). On November 6, 2017, Kevin Brady, Chairman of the...more

Proskauer - Employee Benefits & Executive...

Tax Reform Contemplates Changes to Employee Benefits

The House Committee on Ways and Means publicly released a working draft of the Tax Cuts and Jobs Act for the first time on Thursday. In the weeks leading up to the release of the draft, speculation has swirled as to whether...more

Proskauer - Not for Profit/Exempt...

Recaps from Proskauer’s 21st Annual Trick of Treat Tax Exempt Seminar

Proskauer’s 21st Annual Trick or Treat Seminar was held on Thursday, October 27. The Seminar discussed: Best Practices for Document Retention: One Size Does Not Fit All...more

Jackson Walker

Section 409A, 457 IRS Proposed Regulations

Jackson Walker on

Section 409A - On June 22, 2016 the Internal Revenue Service issued new proposed regulations on the income inclusion provisions of Section 409A. These regulations will be of interest to employers that have nonqualified...more

McDermott Will & Schulte

IRS Issues Regulations Affecting Compensation Arrangements at Tax-Exempt Organizations

On June 21, the IRS issued long awaited proposed regulations under Section 457 of the Internal Revenue Code that affect a broad range of compensation arrangements at tax exempt organizations. If a compensation arrangement is...more

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