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Income Taxes › Pensions

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Husch Blackwell LLP

IRS Issues Guidance on Uncashed Retirement Plan Checks

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The IRS has released Revenue Ruling 2025-15, which clarifies the federal tax withholding and reporting responsibilities of retirement plan administrators when a distribution check is issued but remains uncashed and a...more

IR Global

Higher rate tax relief on pension contributions

IR Global on

Want to make the most of your pension savings? You could claim up to 45% tax relief on contributions, plus carry forward unused allowances. Here’s how to boost your retirement pot with generous HMRC incentives....more

Hogan Lovells

UK pensions legal landscape: What’s new in February / March 2025

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In this news update, we highlight legal developments in UK pensions over the past five weeks. This update covers: News from the Pensions Regulator (TPR) Data strategy Preventing pension scams Priorities for 2025 DC and...more

A&O Shearman

Pensions: what's new this week - January 27, 2025

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Welcome to your weekly update from the A&O Shearman pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions. Auto-enrolment trigger and earnings band to remain unchanged...more

Cole Schotz

RetireReady NJ: Reminder About The Requirements Under The New Jersey Secure Choice Savings Program Act

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Employers with at least 25 employees in New Jersey that do not already offer a qualified retirement plan to employees must take action to facilitate the RetireReady NJ Retirement Savings Program (“RetireReady NJ”)....more

Blake, Cassels & Graydon LLP

De récentes modifications à la réglementation de l’impôt sur le revenu touchent les régimes de pension agréés canadiens

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Le Règlement modifiant le Règlement de l’impôt sur le revenu (modifications techniques) (le « Règlement ») a été publié dans la Gazette du Canada, Partie II, le 4 décembre 2024. Des ébauches du Règlement avaient été publiées...more

Blake, Cassels & Graydon LLP

Canadian Registered Pension Plans Impacted by Recently Amended Income Tax Regulations

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Regulations Amending the Income Tax Regulations (Technical Amendments) (Regulations) were published in the Canada Gazette, Part II on December 4, 2024. Draft versions of the Regulations had previously been released on August...more

IR Global

Is your income over £100,000?

IR Global on

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that takes your income...more

Morgan Lewis - ML Benefits

Reminder to Multiemployer Pension Plan Administrators: New Federal Income Tax Withholding Election Forms Are Mandatory

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In January 2022, the Internal Revenue Service (IRS) changed the withholding election rules applicable to distributions from pension plans (a term that includes 401(k) plans, money purchase pension plans and defined benefit...more

Seyfarth Shaw LLP

Want to Put More Away in Your 401(k)? Qualified Plan Limits Generally Increase in 2024

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Seyfarth Synopsis: The IRS just announced the 2024 annual limits that will apply to tax-qualified retirement plans. For a third year in a row, the IRS increased the annual limits, allowing participants to save even more in...more

Freeman Law

Malta Pension Funds

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Amplifying its efforts to crack down on U.S. taxpayers’ use of Malta pension funds to attempt to achieve federal income tax savings, the IRS recently has issued proposed regulations identifying these funds as listed...more

McDermott Will & Schulte

IRS Criminal Investigation Division Is on the Hunt for Malta Pension Plan Participants and Promoters

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There has been a growing trend of US taxpayers contributing non-cash assets, such as appreciated property, securities and cryptocurrency, into Maltese pension plans since the US-Malta Tax Treaty went into effect in 2011....more

Littler

A Deep Dive into Recent Pension Tax Changes in the UK

Littler on

In March, the UK government announced changes to the tax regime surrounding pensions as part of the annual Budget. In this piece, we take a deep dive into what these changes are, who they affect, what employers should be...more

Walkers

Guernsey’s new secondary pensions law - key points and FAQs

Walkers on

Guernsey’s new secondary pension law will be coming into force on 1 July 2024. It will be implemented on a phased basis over a 15 month period, beginning with the largest employers (those with 26 or more employees). The...more

Freeman Law

Tax Court in Brief | Patrinicola v. Comm’r | Taxability of Pension Distributions

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Summary: In this opinion, the Tax Court considered whether a deficiency was appropriate for Tony and Barbara Patrinicola’s 2016 tax year. The IRS determined that they had received unreported taxable pension distributions of...more

Littler

UK Autumn Statement Round-up

Littler on

UK Chancellor Jeremy Hunt delivered the Autumn Statement (Medium-term Fiscal Plan) on November 17, 2022. The plan states that the government’s priorities are “stability, growth and public services,” and sets a markedly...more

McDermott Will & Schulte

Weekly IRS Roundup May 8 – May 14, 2022

McDermott Will & Schulte on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 8, 2022 – May 14, 2022... May 10, 2022: The IRS issued a news release, announcing that free...more

McDermott Will & Schulte

Weekly IRS Roundup April 17 – April 23, 2022

McDermott Will & Schulte on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 17, 2022 – April 23, 2022... April 18, 2022: The IRS issued Revenue Ruling 2022-9,...more

McDermott Will & Schulte

Weekly IRS Roundup February 20 – February 26, 2022

McDermott Will & Schulte on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 20, 2022 – February 26, 2022... February 22, 2022: The IRS issued a correction to...more

Freeman Law

IRS Targets Participants in Malta Pension Plan Transactions

Freeman Law on

This morning, I woke up to news in the Wall Street Journal that indicated that the United States and the Republic of Malta had entered into a Competent Authority Agreement (“CAA”). Generally, this news would not have caught...more

Groom Law Group, Chartered

Update on Pending Withholding Forms W-4P and W-4R (UPDATED)

Groom Law Group, Chartered on

Update (January 4, 2022) The updated 2022 Forms W-4P and W-4R have been released...more

Groom Law Group, Chartered

Update on Pending Withholding Forms W-4P and W-4R

Groom Law Group, Chartered on

Earlier this year, the IRS released draft versions of 2022 Forms W-4P and W-4R for pension and IRA withholding on payments, to be used beginning on or after January 1, 2022. In short, the draft forms split the existing W-4P...more

Bowditch & Dewey

Massachusetts Taxpayers Find More Complexity in Differences Between Massachusetts and Federal Tax Law

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It seems every year there are changes to the Internal Revenue Code (IRC). It is a challenge, even for tax pros, to keep up with the ever-changing tax code. Massachusetts taxpayers also have an added challenge in keeping up...more

Lippes Mathias LLP

Breaking Up is Hard to Do, Especially if You Want to Leave New York State

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As the influx of New York residents depart to warmer and sunnier pastures in the South, they may be leaving their homes but not necessarily their obligation to the New York State Tax and Finance Department. There are many...more

McDermott Will & Schulte

Weekly IRS Roundup July 12 – July 16, 2021

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 12, 2021 – July 16, 2021... July 12, 2021: The IRS issued a news release announcing the...more

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