News & Analysis as of

Tax Credits 401k

Proskauer - Employee Benefits & Executive...

Eleventh Circuit Confirms Foreign Tax Credits Owned by Insurance Company Not “Plan Assets” of 401(k) Plan Under ERISA

In late October 2024, the United States Court of Appeals for the Eleventh Circuit ruled in Romano v. Hancock Life Insurance Company, F.4th 729 (11th Cir. 2024) that certain foreign tax credits that were generated as a result...more

Seyfarth Shaw LLP

Catching-Up on Catch-Up Contribution Changes

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New proposed regulations issued by The Department of Treasury and IRS provide guidance on the provisions related to catch-up contributions that were included under SECURE 2.0 Act of 2022 (“SECURE 2.0”)....more

Littler

Time to Reset Your Tax Clock

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While we may reset our clocks in March and November each year, every January 1 we reset our tax clocks. Here is a short list of what is changing: Social Security Wage Base Limit: $176,100...more

Allen Barron, Inc.

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

Allen Barron, Inc. on

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

Woodruff Sawyer

2024 Compliance Hot Topics

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Congratulations to everyone for successfully safely navigating your health plans out of the pandemic crisis. We will review some of the key 2024 compliance hot topics you should know about in this annual benefits legislative...more

Miller Canfield

IRS Issues Grab Bag Notice Addressing Various SECURE 2.0 Provisions

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The IRS recently issued Notice 2024-02— dubbed the “Grab Bag Notice”— which addresses multiple provisions in SECURE 2.0. The guidance is 81 pages long, comes in the form of frequently asked questions and answers, and speaks...more

Faegre Drinker Biddle & Reath LLP

The SECURE Act 2.0: The Most Impactful Provisions #11 — The Saver’s Match for Low Income Workers

The President signed the Consolidated Appropriations Act, which included SECURE Act 2.0, on December 29, 2022. SECURE Act 2.0 has over 90 provisions, some major and some minor; some mandatory and some optional; some...more

Faegre Drinker Biddle & Reath LLP

Tax Credits for Starting Up Small Employer Plans: What You Need to Know

Starting with tax years beginning after December 31, 2022, a small employer can take advantage of significant tax credits under SECURE Act 2.0 (the “Act”) for establishing a new retirement plan.  Under the Act, the tax...more

Tarter Krinsky & Drogin LLP

What You Need to Know About The Secure Act 2.0

On December 29, 2022, President Biden signed into law the long-awaited Secure Act 2.0 of 2022 (Secure Act 2.0 or the Act), adding another round of major retirement plan changes to those made by the first Setting Every...more

Holland & Hart - The Benefits Dial

Money (That’s What I Want): Expanded Pension Plan Startup Cost Credit

Start-up companies and other small employers take note—the recently enacted SECURE 2.0 Act of 2022 included a significant expansion of the small employer pension plan startup cost tax credit, including a new credit for...more

Kohrman Jackson & Krantz LLP

What the SECURE 2.0 Act Means for Your Retirement Savings

At the very end of 2022, President Biden signed the $1.7 trillion omnibus spending package which includes the SECURE 2.0 Act. SECURE 2.0 builds on The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019...more

Houston Harbaugh, P.C.

SECURE 2.0 Act of 2022 Makes Sweeping Retirement Plan Changes

The 2022 holiday season brought a long-awaited gift from Congress; the retirement plan bill known as “SECURE 2.0” (successor to 2019’s Setting Every Community Up for Retirement Enhancement Act, the original “SECURE Act”) was...more

Kaufman & Canoles

Employee Benefits Client Alert – Retirement Plan Limitations, ACA Numbers and Limits, Premium Tax Credit Reference Guide, and...

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Kaufman & Canoles’ ESOPs & Employee Benefits Practice Group is pleased to provide the following reference materials as 2022 approaches...more

Jaburg Wilk

Tax Relief to Help Weather the Storm of COVID-19

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As the COVID-19 pandemic has wreaked havoc on our personal, financial and business lives, the government has responded with legislative and administrative relief.  This is a high-level summary of some of the enacted measures...more

Davis Wright Tremaine LLP

The CARES Act: Summary of Key Provisions Affecting Employee Benefit Plans

This advisory summarizes key provisions in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) applying to employee benefit plans. We provide a summary of key items and more detailed FAQs relating to...more

Jackson Walker

U.S. Government Provides Additional Relief and Tools to Aid Employers and Employees During COVID-19 Pandemic

Jackson Walker on

More Relief Provided Late on Friday - On March 20, 2020, a joint news release issued by the Internal Revenue Service, the U.S. Treasury Department, and the U.S. Department of Labor announced regulations to be issued this...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Push those tax credits

When prospecting potential clients that are considering a new 401(k) plan, push those tax credits if they qualify. The SECURE Act made some significant changes and upgrades, that they should be considered and discussed....more

Wilson Sonsini Goodrich & Rosati

The SECURE Act Impacts Retirement Plans

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law late last month and makes significant positive changes impacting retirement plans. Many of the provisions are effective today, so...more

Groom Law Group, Chartered

SECURE Act and Spending Bills – Impact on Plan Sponsors

The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), the largest package of retirement system reforms in over a decade, was enacted on December 20, 2019.  Many of the provisions in the...more

McNees Wallace & Nurick LLC

Recent Changes In Employee Benefits Law - What You Need To Know For 2020

In the past few months, we have seen significant changes to the laws governing employee benefits, from the new hardship withdrawal regulations for 401(k) participants, to the SECURE Act, to the new individual coverage health...more

Groom Law Group, Chartered

SECURE Act Requires Immediate Action by Plan Service Providers

Congress recently passed the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), the largest package of retirement system reforms in over a decade.  Many of the provisions in the SECURE Act...more

Littler

SECURE Act Provides Sweeping and Immediate Changes to Retirement Plans

Littler on

On Friday, December 20, 2019, President Trump signed into law the Setting Every Community Up for Retirement Act of 2019 (the “SECURE Act”) as part of a spending bill to fund the government through September 30, 2020 (H.R....more

Lewitt Hackman

SECURE Act Creates Need for Estate Plan Review

Lewitt Hackman on

Congress recently passed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act, or the “Act”) implementing one of the most substantial pieces of retirement plan legislation in years, into law....more

Akin Gump Strauss Hauer & Feld LLP

President Trump Signs Secure Act into Law - Executive Compensation, Employee Benefits and ERISA Alert

The Setting Every Community Up for Retirement Enhancement Act of 2019 (Secure Act) was passed by the House and Senate on December 17 and 19, respectively, as part of a budget bill known as the Further Consolidated...more

Schwabe, Williamson & Wyatt PC

New Retirement Plan Legislation Enacted Into Law

On December 20, 2019, federal legislation approving spending limits for the 2020 fiscal year was signed into law. Included in the legislation is the Setting Every Community Up for Retirement Enhancement Act of 2019 (the...more

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