Thanks Attorney Mike Melbinger for providing us this update on the new Form 1099-NEC reporting for non-employee compensation, including directors fees, and reporting on the existing Form 1099-MISC for excess golden parachute payments and NQDC amounts that fail to satisfy IRS Code 409A. …And for guidance on 409A-compliant NQDC options, talk to the team at Fulcrum Partners. New IRS Form …
More than three years ago, we first published an in-depth look at 5 mistakes in life insurance planning. Despite shifts in politics and the economy, tax code changes, and other variables of life, the facts remain the same. In personal life insurance planning, particularly as part of estate planning, even minor oversights can lead to major tax problems.
Recognizing that efforts to reduce cost in the short term could lead to problems, we’re resharing this important information on 5 key trouble spots in life insurance planning.
The COVID-19 pandemic has brought operational challenges and financial strain to businesses in every sector. While some organizations have terminated employees, other businesses have been able to furlough some of, or all, their workforce instead. How the employer handles the furlough is important for many reasons, including how the guidelines of Internal Revenue Code Section 409A (IRC 409A) impact decisions made by both employer and employee.
On February 20, 2020, AALU released highlights from the 54th Annual Heckerling Institute on Estate Planning. The full AALU report is available as a PDF here: 54th Annual Heckerling Institute on Estate Planning.
In case you were enjoying the long President’s Day weekend and missed it, here’s the report Fulcrum Partners released last week: “Impact of the SECURE Act 2019 on NQDC Plans and Retirement Distribution Elections.” The white paper, by Bruce Brownell and the team at Fulcrum Partners, is available to view or download as a PDF. As the report explains, the …
We are pleased to share the following insights from Attorney Michael S. Melbinger, first published January 7, 2020 on the EXECUTIVE COMPENSATION BLOG. — Fair Treatment for CFOs under the New 162(m) Proposed Regulations
Thank you, Isler Dare PC, for sharing this checklist, reminding employers of some of the key yearend compliance deadlines for health, welfare, and retirement plans.
On Wednesday, November 6, the Internal Revenue Service (IRS) announced its updated dollar limitations for tax-qualified, defined benefit and defined contribution plans. This guidance provides tax year 2020, cost‑of‑living adjustments (COLA), affecting dollar limitations for pension plans and other retirement-related items.
Effective January 1, 2019, the rules for hardship withdrawals from many types of retirement plans changed. The changes, which come as a result of revisions to the Tax Cuts and Jobs Act of 2017 and, more specifically, the Bipartisan Budget Act of 2018, generally make it easier for plan participants to withdraw funds from their 401(k) or 403(b) plans, in …
With the Tax Cuts and Jobs Act (TCJA) of 2017 overhauling many aspects of personal income tax, this year’s filing is sure to be challenged by plenty of tax payer confusion. On January 16, the Internal Revenue Service (IRS) announced that it would be waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated …
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