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Retirement Plan › Withholding Tax › Income Taxes

Hanson Bridgett

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

Hanson Bridgett on

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

Proskauer - Employee Benefits & Executive...

IRS Clarifies that Failure to Cash Checks Does Not Affect Withholding or Reporting

Proskauer - Employee Benefits & Executive... on

Revenue Ruling 2025‑15 (available here) provides guidance on withholding and reporting obligations when a plan participant or beneficiary fails to cash a distribution check and a replacement check is issued. As discussed...more

Husch Blackwell LLP

IRS Issues Guidance on Uncashed Retirement Plan Checks

Husch Blackwell LLP on

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

McDermott Will & Schulte

Weekly IRS Roundup November 4 – November 8, 2024

McDermott Will & Schulte on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 4, 2024 – November 8, 2024...more

Dorsey & Whitney LLP

The Special Timing Rule for Taxation of Nonqualified Deferred Compensation

Dorsey & Whitney LLP on

For an employee who is a U.S. taxpayer, both the employer and the employee are liable for a portion of Social Security taxes and Medicare taxes (collectively referred to as “FICA” taxes) on the employee’s compensation. ...more

Bowditch & Dewey

Tax Tips for New College Graduates

Bowditch & Dewey on

As new college graduates cross the stage to receive their diplomas, many will also be heading to their first full-time jobs. There are some tax tips new graduates can implement early on that will help with savings in the long...more

McDermott Will & Schulte

Reminder: New Tax Forms for Retirement Plan Payment Withholding Effective January 1, 2023

McDermott Will & Schulte on

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections...more

Jackson Walker

Consolidated Appropriations Act, 2021 Changes to Qualified Retirement Plans and Certain Fringe Benefits

Jackson Walker on

Employee Fringe Benefit Changes - Student Loan Repayment - The Consolidated Appropriations Act, 2021 (the “Act”) extended the period during which an employer may pay a portion of a student’s loan under an educational...more

Conn Kavanaugh

Understanding Your W-2

Conn Kavanaugh on

Employers must issue Form W-2, Wage and Tax Statement, to employees by January 31st, so you should have received yours by now. But have you ever actually stopped to look at your W-2? And do you know what it all means? Your...more

Proskauer - Employee Benefits & Executive...

Back to Basics: IRS Issues Ruling About Failure to Cash a Distribution Check from a Qualified Retirement Plan

Proskauer - Employee Benefits & Executive... on

In Revenue Ruling 2019-19, the IRS answered three basic questions about the consequences of an individual’s failure to cash a distribution check from a qualified retirement plan. Uncashed checks arise in a number of contexts...more

Robinson & Cole LLP

New Connecticut Mandatory Income Tax Withholding Requirements for Pension and Annuity Payments

Robinson & Cole LLP on

New legislation, effective January 1, 2018, will require certain payors of pensions and annuities to withhold Connecticut state income tax from distributions made from an employer pension, annuity, profit-sharing plan, stock...more

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