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Retirement Plan Employee Benefits Income Taxes

Littler

Employers May Offer a New Benefit Through “Trump Accounts”

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The One Big Beautiful Bill Act (OBBBA), which was signed into law on July 4, 2025, establishes the pilot program for the “Trump account,” an investment account for U.S. citizens under age 18 with a social security number....more

Hanson Bridgett

IRS Clarifies Income Tax Withholding and Reporting Obligations for Uncashed Retirement Checks

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When an employer (or the proper withholding agent, like a plan administrator) issues a retirement benefit, there is generally an obligation to withhold income tax on the payment and to report the payment on Form 1099-R....more

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

Foley & Lardner LLP

Trump Accounts: The New Child Savings Account Established Under the One Big Beautiful Bill Act

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On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (OBBA). The OBBA established a new type of tax-advantaged savings account for minors, known as “Trump Accounts.” While the specific details of...more

Jenner & Block

Client Alert: “Trump Accounts” – Tax-Advantaged Savings Accounts for Children

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On Friday, July 4, President Trump signed into law the One Big Beautiful Bill Act (H.R. 1) (“Big Beautiful Bill”) after narrow approval from both houses of Congress. The legislation extends the Tax Cuts and Jobs Act and...more

Snell & Wilmer

House Bill Offers New Tax-Favored Savings Account

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By Matthew P. Chiarello On May 22, 2025, the U.S. House of Representatives passed the “One Big Beautiful Bill Act” (the Act), a sweeping piece of legislation backed by President Trump. Among its many provisions is the...more

Littler

Puerto Rico Department of the Treasury Announces 2025 Limits on Qualified Retirement Plans

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On January 23, 2025, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 24-01 (CL IR 24-01) announcing the applicable 2024 limits for Puerto Rico qualified retirement plans. Pursuant to...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

Epstein Becker & Green

Employee Benefit Strategies to Aid Workers During 2025 California Wildfires

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The wildfires moving through Southern California have destroyed communities and displaced countless individuals....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

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

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

Allen Barron, Inc.

Those Above the Age of 50 Should Analyze Increased Tax Advantages of 401(k) Contributions in 2025

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Are you above the age of 50? Do you and/or your spouse have a 401(k)? Are you interested in reducing the amount you will have to pay in 2025 income taxes while increasing the amount of money you receive after retirement?...more

Flaster Greenberg PC

Compliance Alert: RetireReady NJ Program Coming Soon

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The State of New Jersey is making a state-administered retirement savings program available to eligible workers who do not have qualifying retirement savings plans through their employer. This is an innovative approach to...more

Nelson Mullins Riley & Scarborough LLP

Gold Dome Report - Legislative Day 37 - March 2024

Senate committee meetings continue under the Gold Dome as this report is published on Wednesday. With the Senate’s requirement that bills pass out of committee before the chamber convenes for Legislative Day 38, legislators...more

Fisher Phillips

2024 Employee Benefit Limits Plus 6 Best Practices for Employers

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Get Ready For The New Year Ahead - Employees can contribute more pre-tax dollars next year to their retirement savings accounts, including 401(k) and 403(b) plans, according to an IRS announcement made on November 1. Your...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

Quarles & Brady LLP

IRS Extends Compliance Date for Roth Catch-up Contributions Until Jan. 1, 2026

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Section 603 of the SECURE 2.0 Act of 2022 (SECURE 2.0) requires that catch-up contributions for individuals whose wages exceed $145,000 are subject to mandatory Roth tax treatment effective as of January 1, 2024. Due to the...more

McDermott Will & Schulte

Just Catching Up? Payroll Challenges Plague Roth Catch-Up Contribution Implementation

In this series of articles, we explore the implications of SECURE 2.0’s changes to catch-up contributions and how employers should respond. The SECURE 2.0 Act requires participants who earned more than $145,000 in FICA...more

Littler

A Deep Dive into Recent Pension Tax Changes in the UK

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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

McDermott Will & Schulte

Weekly IRS Roundup February 20 – February 24, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 20, 2023 – February 24, 2023. ...more

Verrill

2023 Estate Planning Update

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This alert from Verrill’s Private Clients & Fiduciary Services Group highlights the latest changes to the income tax and transfer tax landscape. The alert addresses the SECURE ACT 2.0, federal and state transfer tax updates...more

McDermott Will & Schulte

Weekly IRS Roundup March 20 – March 26, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 20, 2022 – March 26, 2022... March 21, 2022: The IRS issued Revenue Ruling 2022-07,...more

Morgan Lewis - ML Benefits

Reminder: No Need to Adopt Retirement Plans, ESOPs included, by End of 2021 for Tax Deduction Purposes

Before 2020, the IRS had long taken the position that an employee stock ownership plan (ESOP), and any other retirement plan for that matter, must be adopted no later than the end of the first tax year in which the employer...more

Littler

IRS Releases 2022 Inflation Adjustments to Various Tax Limitations on Employer-Provided Benefits

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On November 10, 2021, the IRS released Revenue Procedure 2021-45, which contains its annual inflation adjustments for over 60 tax provisions, including not only individual income tax rates and deductions, but also many...more

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