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Share on Twitter Share by Email Share Back to top The One Big Beautiful Bill Act (OBBBA) modifies the excise tax on net investment income of private colleges and universities under Internal Revenue Code (IRC) Section 4968....more
The Internal Revenue Service (IRS) began terminations of employees on February 20, 2025, with initial news reports of layoffs set to 6,000 terminations and a stated intent to downsize its workforce by upwards of 50 percent as...more
If your organization sponsors a 403(b) retirement plan, there’s a crucial Internal Revenue Service (IRS) deadline you can’t afford to ignore. The IRS has announced a plan restatement deadline for 403(b) plans....more
This post examines excess deferrals under non-governmental 457(b) plans, including the approved method for correcting them and the penalty for failing to correct them, to make the case for a change in IRS policy on correcting...more
Congress continues to pass laws that move 403(b) plans ever closer to 401(k) plans, but 403(b) plans remain distinct. Understanding these differences allows you to maintain a compliant plan that best serves the needs of your...more
Section 457(b) Plans provided by Tax-Exempt employers for their highly compensated employees and/or a select group of management employees (“Tax-Exempt 457(b) Plans”) are subject to required minimum distribution rules under...more
The Internal Revenue Service and US Department of the Treasury have released proposed regulations governing the excise tax imposed by Internal Revenue Code Section 4960 on certain executive compensation paid to employees of...more
Seyfarth Synopsis: The IRS recently issued proposed regulations providing guidance under Internal Revenue Code (“Code”) Section 4960, which provides for an excise tax on tax-exempt organizations that pay certain executives in...more
Seyfarth Synopsis: Several deadlines established by the IRS to adopt amendments or restatements to employer-sponsored retirement plans, and in this instance specifically, to 403(b) plans maintained by tax-exempt entities and...more
The United States Government Accountability Office (the “GAO”) has made public its January 28, 2020, report to Congress on the oversight of executive retirement plans by the Internal Revenue Service (the “IRS”) and the U.S....more
On January 21, 2020, the Internal Revenue Service (IRS) released guidance for tax-exempt organizations on how they may obtain a refund or credit for prior year unrelated business income tax (UBIT) incurred for qualified...more
A constantly evolving framework of laws governing how multinational businesses can contact customers to how nonprofits report business income to how overtime is calculated and paid will influence how companies do business...more
Seyfarth Synopsis: In two months (on March 31, 2020), the window closes for 403(b) plan sponsors to take advantage of the unique opportunity to retroactively amend their 403(b) retirement plans to correct document errors...more
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
The IRS recently released a final regulation clarifying how voluntary employees’ beneficiary associations (VEBAs) and supplemental unemployment benefit trusts (SUBs) should calculate unrelated business taxable income. VEBAs...more
On October 8, 2019, the U.S. Department of Treasury and the IRS released the 2019-2020 “Priority Guidance Plan” for the 12-month period running from July 1, 2019, through June 30, 2020. The plan sets out the agencies’...more
Generally, a 403(b) plan is a retirement planning program whereby a public school or tax-exempt 501(c)(3) organization (including churches) makes contributions for their employees (and certain ministers) to specific types of...more
The United States Internal Revenue Service (the “IRS”) has released Revenue Procedure 2019-39, which sets forth a March 31, 2020 deadline by which tax-qualified 403(b) plans must have plan documents that fully comply with the...more
Tax-exempt employers whose 403(b) plans have failed to comply with the “once in, always in” eligibility rule in the past should be well on their way to compliance by now. IRS Notice 2018-95 granted limited relief from this...more
IRS Notice 2019-09 provides guidance intended to help “applicable tax-exempt employers” determine whether compensation paid to their most highly compensated employees will be subject to the 21 percent excise tax imposed under...more
As discussed, the IRS’s initial interpretation of a new excise tax under Section 4960 of the Internal Revenue Code could catch for-profit employers who set up foundations, trusts, PACs, and other tax-exempt entities off...more
Tax-exempt employers have a special opportunity to fix compliance concerns with their 403(b) retirement plans. They have through March 31, 2020 – the “Remedial Amendment Period” (RAP) – to retroactively self-correct...more
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
• The Internal Revenue Service (IRS) released IRS Notice 2019-09 (Notice) offering guidance under Section 4960 of the Internal Revenue Code as added by the Tax Cuts and Jobs Act. • Section 4960 applies to certain...more
The Internal Revenue Service issued guidance last December to help employers that own or lease employer parking facilities or reimburse employees for parking expenses to navigate the recent change to the parking expense...more