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Internal Revenue Service › Fiduciary Duty › Excise Tax

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Kelley Drye & Warren LLP

Simplified Option for Correcting Certain Retirement Plan Failures

Kelley Drye & Warren LLP on

Earlier this year, the U.S. Department of Labor (“DOL”) amended its Voluntary Fiduciary Compliance Program (“VFCP”) to provide retirement plan sponsors with a simplified option for correcting certain specified prohibited...more

Bricker Graydon LLP

Don’t Forget About the IRS When Correcting Delinquent Plan Contributions

Bricker Graydon LLP on

Employers that do not timely deposit participant deferrals and loan contributions to their employer sponsored retirement plans can be subject to Department of Labor (DOL) penalties for breaching their fiduciary duties....more

Nelson Mullins Riley & Scarborough LLP

DOL Relaxes Certain Self-Correction Rules for Tax-Qualified Retirement Plans

Nelson Mullins Riley & Scarborough LLP on

On Jan. 15, 2025, the Department of Labor (DOL) published updates to its Voluntary Fiduciary Correction Program (VFCP) to allow certain delinquent participant contributions, delinquent loan repayments and improper loans to be...more

Burr & Forman

IRS Synchs Excise Tax to DOL's Enforcement Policy on Fiduciary Rule

Burr & Forman on

The IRS released guidance this week announcing that it will not apply IRC § 4975 excise taxes (15% on prohibited transactions) and related reporting requirements “with respect to any transaction or agreement to which the...more

Coblentz Patch Duffy & Bass

Investing Private Foundation Assets: What Every Foundation Manager Should Know

Coblentz Patch Duffy & Bass on

Those responsible for managing a private foundation’s investment assets may not always understand the unique fiduciary and tax constraints imposed on private foundations and their managers by both state and federal law....more

Proskauer Rose LLP

The ERISA Litigation Newsletter - September 2015

Proskauer Rose LLP on

Editor's Overview - It has been a little more than one year since the U.S. Supreme Court altered the legal landscape for litigating ERISA breach of fiduciary duty claims relating to the investment in employer stock...more

Carlton Fields

DOL Proposal Would Fundamentally Alter Fiduciary Relationship

Carlton Fields on

Nearly five years after proposing a failed rule that would have dramatically expanded the definition of fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA), the Department of Labor has decided to try...more

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