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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
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
On July 16, 2025, the IRS issued guidance regarding uncashed retirement plan distribution checks and subsequent replacement checks. Revenue Ruling 2025-15 clarifies that the fact that a distribution check remains...more
This is the third part of a series covering certain securities law, corporate governance, and tax considerations related to stock options and restricted stock unit (RSU) awards granted by public companies....more
Puerto Rico has recently relaxed its requirements for remote work, implementing significant changes. The first set of changes occurred in 2022 with the enactment of Law 52-2022....more
In January 2022, the Internal Revenue Service (IRS) changed the withholding election rules applicable to distributions from pension plans (a term that includes 401(k) plans, money purchase pension plans and defined benefit...more
In the wake of the pandemic and global adoption of teleworking, an increasing number of employees are looking to work remotely abroad. Unfortunately, the law is not as flexible as technology....more
The law treats employees and independent contractors differently. Independent contractors are usually exempt from labor and employment legislation, such as minimum wage and overtime pay and retirement contributions, while...more
Cancelled and reissued qualified plan distribution checks, particularly to decedents, should be monitored for payment in light of the Internal Revenue Service’s repeated refusal to repay withholding to payor plans. If a Form...more
This briefing highlights a number of international pay and employee benefits legal issues that carry potentially severe penalties. Each of these issues is well worth a review now to avoid future consequences. International...more
Dear Littler: You alerted us to some wage & hour and leaves & benefits issues stemming from our “wandering workers” who have scattered across the country during the pandemic, yet continue to work for our Texas-based company....more
As the COVID-19 vaccine has become readily available, and many employers contemplate employees returning to the office to work, both employers and employees have accelerated demands for new and permanent remote work location...more
The Spanish Supreme Court has recently issued a judgment concluding that a Canadian pension qualifies for the same tax treatment as Spanish pension funds and is therefore entitled to obtain the refund of the withholding tax...more
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
The distinction between employees and independent contractors is often overlooked by emerging companies. However, the significance of this distinction in New York State cannot be overstated. As discussed further below, a...more
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
On September 18, 2019, Governor Gavin Newsom signed into law Assembly Bill 5, which clarifies when workers should be considered “employees” under the California Labor Code and the California Unemployment Insurance Code,...more
This White Paper highlights some recent developments in certain countries relating to employee stock plans offered by multinational companies to employees in such jurisdictions. BELGIUM - New Tax Withholding...more
Join McDermott lawyers Samantha Souza and David Fuller for an interactive discussion around the implications of providing fringe benefits to your employees. Sam and David will walk through the tax impact of seemingly...more
He’s making a list and checking it twice—you know the drill: Santa’s game is that he rewards good behavior during the year with gifts under the tree. And when it comes to employees, the most requested item on their list...more
Congress and the Administration have been busy recently, enacting not only the "Tax Cuts and Jobs Act" or "TCJA" on December 22, 2017, but also a Continuing Resolution on January 23, 2018, and the Bipartisan Budget Act of...more
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
The New York State Department of Taxation and Finance (the “Department”) recently provided guidance regarding the taxation of contributions made under, and benefits paid under, New York State’s new paid family leave program...more
On December 8, 2016, the Puerto Rico Department of the Treasury issued its Tax Policy Circular Letter No. 16-07 (“CL 16-07”), announcing the applicable limits for 2017 for qualified retirement plans. Pursuant to Section...more
The all-time best The Far Side cartoon (based on an unscientific survey, sample size of me) is the one with two deer standing in the forest, one with a red circular target imprinted on its chest. The other deer says, “Bummer...more