The IRS has released guidance related to the 2017 Tax Cuts and Jobs Act amendments to Section 162(m) of the Internal Revenue Code, which generally apply to taxable years beginning or after Jan. 1, 2018.
IRS Notice 2018-68 provides additional guidance around the definition of “covered employee” and the grandfathering rules for arrangements that were…
The Charlotte office of McGuireWoods seeks a mid-level staff attorney for the Tax & Employee Benefits Department. Qualified candidates will have experience working with tax-qualified retirement plans, health and welfare benefits and executive compensation. Please submit cover letter, resume and law school transcript. Disclaimer: At this time, McGuireWoods will not be accepting applicants submitted through…
The Charlotte office of McGuireWoods seeks an associate or counsel for the Tax & Employee Benefits Department. Qualified candidates will have at least 5 – 6 years of experience working with tax-qualified retirement plans, health and welfare benefits and executive compensation. Experience with executive compensation securities disclosure rules, ERISA plan-asset regulations in connection with fund …
Many of us in the executive compensation field have been busy these past few months preparing proxy statements and corresponding executive compensation disclosures. Now that the crush of proxy season is largely behind us, and companies have either made it through their first pay ratio disclosures or are about to file proxies with pay ratio…
HR and legal departments have likely confronted the unpleasant situation of having to inform a departing employee that in addition to no longer being employed by their company, they also have a rather limited period to repay an outstanding 401(k) plan loan. With what money am I supposed to do that?!? So goes the common…
For many employers who sponsor qualified retirement plans and have employees impacted by the various natural disasters that occurred in 2016, the 2017 Tax Act offers important relief. Specifically, the Act provides favorable tax treatment for certain qualified retirement plan distributions to employees affected by 2016 natural disasters. The relief includes:
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It may be easy to miss given all of the big-ticket items in tax reform, but embedded in the bill are important changes to certain widely-offered fringe benefits. Now that the holidays are past us, it’s a good time to check on whether any of your offerings are impacted.
As you may recall, the original…
Playing off our earlier post regarding how tax reform proposals never really die, they just resurface in new ways, we thought you might enjoy the following trip down memory lane:
Once a Covered Employee, Always a Covered Employee – Round 1
Attached is the Conference Report relating a portion of the version of the Small…
As you likely know by now, the final tax reform bill substantially modified Code Section 162(m). Prior to tax reform, Code Section 162(m) limits publicly-traded companies to deducting as compensation expense, amounts in excess of $1 million paid to a company’s CEO and three highest compensated executive officers, excluding the CFO. Importantly; however, the pre-tax…
Now that the House and Senate are on the precipice of passing tax reform, we thought it might be helpful to provide a one-stop-shop resource for the historical bills that led to the final product. Also, as an executive compensation lawyer, I had to chronicle the rise, fall, rise and fall again of the proposed…
