REFRESH Five Tax Traps for Business Lawyers Advising Nonprofit Organizations
Navigating Contractor vs. Employee Classification
Insider Transaction Traps for the Unwary
Multijurisdictional Employers, Part 1: Independent Contractors vs. Employees
The Presumption of Innocence Podcast: Episode 60 - Enforcement Priorities of the Second Trump Administration: Employee Retention Tax Credit
REFRESH Steps for Launching a New Charitable Corporation
The Presumption of Innocence Podcast: Episode 58 - Enforcement Priorities of the Second Trump Administration: IRS Investigations
Are Overtime Wages and Tips Exempt From Income Tax? What Employers Need to Know to Prepare
Nonprofit Basics: IRS 10-Course Charity Workshop
Nonprofit Basics: Unrelated Business Income Tax: Debt Financed Income - Part 3
The Demystification of Employee Retention Credits for Private Equity Deals — PE Pathways Podcast
Nonprofit Basics: Unrelated Business Income Tax: Modifications and Exceptions - Part 2
Navigating the Inflation Reduction Act: Insights on Brownfield Energy Community Credits - Energy Law Insights
4 Key Takeaways | Analyzing the Top Income Tax Cases in 2024
REFRESH Nonprofit Basics: Year-End Thoughts and New Year To-Do List
What's the Best Transaction Structure for My Sale?
Year-End and Trending Tax Considerations for Health Care Practices
Nonprofit Basics: International Grantmaking – Part 2 Income Tax Withholding Rules
PODCAST: Williams Mullen's Benefits Companion - Tax Relief and Possible Retirement Plan Resources for Hurricane Victims
The Presumption of Innocence Podcast: Episode 44 - A Recipe for Litigation: The Simmering Conflict Surrounding ERC Claims
Let’s be honest: the Solo 401(k) is one of the great marketing wins of the retirement plan industry. It sounds easy. It sounds empowering. It sounds like freedom—no employees, no complex administration, no fuss. But let me...more
I sound like a broken record, but I won’t stop until 401(k) plan sponsors understand the issue of a late Form 5500 and Internal Revenue Service (IRS) and Department of Labor (DOL) penalties....more
“Solo 401(k)” is a marketing term used for a 401(k) plan that is adopted by a sole proprietor or an incorporated business with no employees other than the owner. These plans offer a greater retirement savings opportunity...more
If your company offers an employee benefit plan under the Employee Retirement Income Security Act (“ERISA”), you are likely required to file Form 5500. Form 5500 is an annual report that contains information about a company’s...more
The Internal Revenue Service (IRS) doesn’t read the 5500s, but the Department of Labor (DOL) does....more
Unless an exception applies, all ERISA-covered benefit plans have to file an annual Form 5500 each year with the DOL and IRS (filed through the DOL’s website). Plan sponsors have the ability to combine their welfare plan...more
The Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation recently issued final rules on employee benefit plan annual reporting requirements that are effective for plan years beginning on or...more
The 2023 Form 5500, which will be filed beginning in mid-2024, includes the following changes...more
On February 24th, the Employee Benefits Security Administration, Internal Revenue Service, Treasury, and Pension Benefit Guaranty Corporation (together, “the Agencies”) released Final forms revisions and Final Rules related...more
I think the Solo 401(k) plan is one of the great treats for sole proprietors. I have been using it for years. The problem is that there is so little help, that sponsors of these plans fall into a trap when they forget that...more
We are just past the “official” start of summer, which means it is time for sponsors of retirement plans and many health and welfare plans to think about preparing and submitting Form 5500. In this post on the All Things HR...more
The Department of Labor’s Employee Benefits Security Administration (EBSA) released their final revisions to the Form 5500 and the Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan for the 2021 plan...more
With July 31st passing (the deadline for Form 5500 without an extension), it’s a great way to ponder if you have any outstanding Form 5500 issues such as a late return or an incomplete return (such as one missing a plan...more
The Delinquent Filer Voluntary Compliance Program (DFVCP) is a Department of Labor (DOL) program designed to encourage voluntary compliance with ERISA’s 5500 program. It’s great as a plan sponsor if you forget to file a Form...more
When a plan terminates and distributes all its assets or merges all its assets into another plan, you need to understand that a Final Form 5500 needs to be completed. Otherwise, you will get notified by the Internal Revenue...more
On July 30, the Internal Revenue Service issued Notice 2021-48, providing guidance on how plans should implement the funding relief provisions contained in the American Rescue Plan Act of 2021 (“ARPA” or “Act”). Below we...more
Part of my job is fixing errors made by plan sponsors and their plan providers. Despite what the top payroll providers who also serve as third-party administrators (TPA) may say, a good part of that job is fixing the errors...more
On July 16, 2021, the Internal Revenue Service (IRS) released Revenue Procedure 2021-30, which made several important changes to the Employee Plans Compliance Resolution System (EPCRS) and expanded the ability of plan...more
The purpose of an audit of Form 5500 is to make sure that plan sponsors voluntarily comply with the Internal Revenue Code and ERISA. Sometimes, an Internal Revenue Service (IRS) or Department of Labor (DOL) audit is done...more
401(k) Plan Mergers and Updated IRS Determination Letters - As part of an M&A transaction, your company may assume a new 401(k) plan that is sponsored by the acquired business. This article includes some common questions...more
Days are getting longer, temperatures are getting warmer, plants are looking greener, schools are letting out, Brood X cicadas are emerging…it can only mean one thing…5500 season is approaching. However, unlike the...more
Failure to file Form 5500 is costly as the Department of Labor (DOL) and Internal Revenue Service (IRS) has jurisdiction over the form and can set forth separate penalties....more
When a plan sponsor has a late Form 5500 to file, one of the great things out there is the Delinquent Filer Voluntary Compliance Program (DFVCP). It gives the plan sponsor the opportunity to pay reduced civil penalties for...more
Seyfarth Synopsis: As Seyfarth has blogged about on multiple occasions, the CARES Act provided relief for qualified plans as a result of COVID-19. With respect to qualified defined benefit pension plans, the CARES Act...more
The Covid-19 pandemic and its shock to the country’s economy have been felt particularly hard by small employers, who are also likely to face a number of looming problems with their 401(k) plans. This article discusses three...more