The IRS recently made significant changes to its comprehensive guidelines on how retirement plans can correct operational and other failures. On July 16, 2021, the Internal Revenue Service (the IRS) released Rev. Proc. 2021-30, reflecting important changes to the Employee Plans Compliance Resolution System (the EPCRS) that the IRS previously established for correcting errors in tax-qualified retirement plans.
Following up on our July blog post, “Updates on the Nonqualified Deferred Compensation Audit Technique Guide,” we are pleased to share with you these further insights from Attorneys Greg Daugherty, Dave Tumen and Rich Helmreich of PorterWright. They raise the interesting question of whether the recent update of the NQDC Guide foreshadows the coming of other critical changes in executive compensation enforcement.
The recent IRS publication, Nonqualified Deferred Compensation Audit Technique Guide was created to help IRS examiners during audits. As a result, it also becomes a helpful resource for organizations seeking to ensure their compliance with 409A and other tax code regulations that may impact deferred compensation. The following excerpt from the document provides information on distinctions and requisites of funded vs. unfunded NQDC plans.
On June 1, 2021, the IRS officially completed its revisions to its Nonqualified Deferred Compensation Audit Technique Guide. The updated guide is a useful reminder of how very important it is for companies to maintain careful documentation and recordkeeping and of the importance of strong compliance safeguards and attention to public company disclosure with the Securities and Exchange Commission.
IRS has announced that the deadline for filing and payment of federal income taxes extended until May 17, 2021.
For public companies, the time to update executive compensation practices is now: Final regulations issued under IRC Section 162(m) and ARPA further expands class of covered employees.
Compliance deadlines for retirement, health & welfare benefit plans are coming up fast with a few already passed. Use this checklist to track what’s ahead.
The Treasury & IRS have published final regulations on select aspects of tax on executive comp at tax-exempt organizations (Section 4960)
The IRS & Treasury Dept. have published FINALIZED executive comp IRC Sec. 162(m) guidelines. Here’s what’s changing…
Thank you, Mike Melbinger, for the following in-depth update on a problem no one apparently saw coming. We’ve enclosed below the full text of Mike’s article published on December 2, 2020: “Section 409A Meets 162(m) and Some Deferred Compensation Plans and Agreements May Need to be Amended by December 31,” followed by his additional postscript article published shortly thereafter.