Employee Benefits Update: February/March 2017

This issue’s topics include:

Get your fiduciary house in order
DOL’s newest regulations require plan sponsor action

The majority of the U.S. Department of Labor’s complex regulations mandating fiduciary status for individuals dealing with retirement investment decision-making involve investment advisors. But the regulations, which are scheduled to take effect on April 10, 2017, also require plan sponsors to take certain steps. Remember, plan sponsors are always the fiduciary, and the regulations expand the definition of fiduciary status. A sidebar discusses the distinction between investment education and investment recommendations or advice.

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Who’s to blame?
Court equitably apportions fiduciary misdeeds

When a fiduciary breach occurs, some fiduciaries may be more culpable than others. And when that’s the case, the court can order those parties to indemnify other fiduciaries who were, despite their technical status as fiduciaries, without blame. This article summarizes a recent case of the U.S. Court of Appeals for the Seventh Circuit where the court equitably apportioned relief in a fiduciary duty setting.

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Hardship withdrawal programs require strict administration

While not required, most 401(k) plans offer a hardship withdrawal option. The IRS recently updated its guidance on how plan sponsors can remedy errors in the administration of hardship withdrawals. This article highlights the basics of hardship withdrawals and how to correct mistakes when administering a hardship withdrawal program.

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2016 vs. 2017 retirement plan limits

This chart contains updated retirement plan limits for 2017.

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Compliance alert

This feature lists a few key tax reporting deadlines for February through April.

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

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Federal Tax Weekly: December 10, 2015

This issue’s topics include:

  • Obama Signs Highway Bill With Tax Offsets; Negotiations Continue On Omnibus And Extenders
  • Chief Counsel Reaffirms Prior Guidance On Computer Costs: Some Costs Must Be Capitalized; Others Deductible
  • IRS Clarifies Proposed Regs’ Substantiation Option For Charitable Contributions
  • Damages And Legal Expenses Paid By Corporation’s Managing Shareholder To Satisfy Judgment Were Deductible Business Expenses
  • IRS Extends Time Limits For Issuing Tribal Economic Development Bonds

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Federal Tax Weekly: December 3, 2015

This issue’s topics include:

  • IRS Increases Tangible Property Expensing Threshold For Taxpayers Without AFS
  • Wolters Kluwer Computes 2016 Luxury Vehicle Limits, Fringe Benefit Caps
  • Chief Counsel Reviews When Employers May Exclude From Income Cost Of Health Insurance Coverage
  • IRS Launches Form W-2 Verification Code Pilot Program For 2016 Filing Season
  • Chief Counsel Determines Civil Tax Issues For Taxpayer Convicted Of Filing False Or Fraudulent Returns

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Federal Tax Weekly: November 19, 2015

This issue’s topics include:

  • Agencies Finalize Regs for ACA’s Market Reforms
  • IRS Launches 2016 PTIN Renewal Season
  • IRS Makes Progress in Curbing Business Tax Identity Theft
  • Generic Drug Manufacturer Required to Capitalize Legal Fees Incurred to Obtain FDA Approval
  • IRS Reminds Taxpayers of Advantages of Health FSAs

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Federal Tax Weekly: November 12, 2015

This issue’s topics include:

  • MyRA Starter Roth IRA Now Available Nationwide
  • IRS Releases Revised Form 1042 And Instructions
  • Audits of Individual Tax Returns Drop Again
  • IRS Extends Safe Harbors for Distressed Homeowners
  • Highway Bill Goes to Conference; Extenders Could Move

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Federal Tax Weekly: November 5, 2015

This issue’s topics include:

  • Obama Signs Budget Agreement Repealing TERFA Audit Rules
  • IRS Reduces PTIN User Fee
  • IRS Issues Guidance on Private Activity Bond Restrictions
  • Real Estate Developer Cannot Use Home Construction Contract Method to Defer Income
  • Consts of Internet Domain Names Are Code Sec. 197 Intangibles

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Federal Tax Weekly: October 22, 2015

This issue’s topics include:

  • IRS Updates Guide For Safeguarding Taxpayer Data
  • IRS Proposes Updates To Administrative Appeals Process For Docketed Tax Court Cases
  • Social Security Wage Base Stays At $118,500 For 2016; “Nanny Tax” Threshold Rises To $2,000
  • IRS Reminds Employers, Insurers Of Approaching ACA Information Reporting Deadlines
  • IRS’s Implementation Of FATCA Improving, But More Work Is Needed

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Federal Tax Weekly: October 15, 2015

This issue’s topics include:

  • PACE Act Amends ACA Definition Of Small Group Market
  • IRS Issues Correcting Amendment For Temporary NPC Regs
  • Disaster Relief Available For South Carolina Flooding
  • Debtor Payments On Serial Loans Trigger Reporting
  • OECD Releases Final BEPS Package

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Federal Tax Weekly: October 8, 2015

This issue’s topics include:

  • IRS Reaches FATCA Milestone with Information Exchanges
  • “Unit Dose” Production Qualifies For Code Sec. 199 Deduction
  • Tax Court Finds Taxpayer Liable For COD Income
  • IRS Provides Relief To Drought Stricken Farmers, Ranchers
  • TE/GE Highlights Activities For FY 2016

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Federal Tax Weekly: October 1, 2015

This issue’s topics include:

  • IRS Issues Final Regs On Grantmaking To Foreign Organizations
  • Chief Counsel Recommends Changes To Tax Court Rules
  • Taxpayer Assistance Order Application Tolls Limitations Period For Third-Party Wrongful Levy Suit
  • U.S. Signs Competent Authority Arrangements with FATCA Partners Australia And U.K.
  • IRS Nonacquiesces In Appeals Court Decision That Excluded CRP Payments To Nonfarmers From Self-Employment Tax

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

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