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The post Save It for a Rainy Day: Recent Amendment Extensions for Qualified RetirementPlans, 403(b) Plans and Individual Retirement Accounts appeared first on EMPLOYEE BENEFITS BLOG.
Taxes can have a significant impact on family offices, influencing decisions around structure, investing and overall planning strategies. McDermott’s Family Office Tax webinar series explores the latest trends and guidance on taxplanning for family offices and identifies opportunities to optimize tax efficiency.
Are your retirementplan programs in full compliance with ERISA and fiduciary responsibilities including filings of all required tax reporting? Do you know who the fiduciary on your plan is? Is your benefits package competitive enough to attract and retain talent? If you don’t know, its likely you — the business owner.
When federal tax reform happens, it makes headlines across all media, with the news of sweeping tax changes and how they impact businesses and individuals. Our nation’s first major tax reform in more than 30 years has spurred many business owners to spend hours with their CPAs and tax consultants over the past few months.
On September 26, 2022, the Internal Revenue Service (IRS) extended the amendment deadline for non-governmental qualified retirementplans, plans covered under Section 403(b) of the Internal Revenue Code (Code) and individual retirement accounts (IRAs).
Act of 2022 (“SECURE 2.0”) required that effective as of January 1, 2024 , participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and whose Social Security wages for the previous year exceed $145,000 (indexed), only be permitted to make catch-up contributions under such plans on a Roth (after-tax) basis.
A decision not to claw back compensation is required to be disclosed and is subject to review by the exchange. Proskauer’s Employee Benefits and ExecutiveCompensation team is advising issuers on implementation of new clawback policies and updating existing clawback policies to comply with the listing standards as they are finalized.
The ARPA also allows the employer, insurer, or multiemployer plan sponsor who subsided the premiums to offset the cost by claiming a new federal tax credit. The subsidy is tax-free to the individual receiving the subsidy. Tax Credit. Below is a summary of the ARPA’s COBRA subsidy provisions.
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