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Employee Compensation & Benefits Tax Guide

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2016 Edition
ISBN: 9781522107569
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2016 Edition
ISBN: 9781522107590
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2016 Edition
ISBN: 9781522107590
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The continuing legislative, administrative, and judicial activity in the compensation taxation field has increased the breadth and complexity of the field, as well as the need for awareness of the legal aspects and practical considerations. Likewise, the need for current and comprehensive guidance with respect to compensation tax rules has increased. Accordingly, this new book provides up-to-date coverage of the federal tax laws concerning executive and employee compensation and benefits. The Patient Protection and Affordable Care Act of 2010, The Small Business Jobs Act of 2010, The American Taxpayer Relief Act of 2012, The 2015 Bipartisan Budget Act, the Protecting Americans from Tax Hikes Act of 2015 (PATH), and other recent tax laws and pertinent regulations, administrative rulings, and case law through March 2016 are incorporated throughout. This 2016 edition has been updated to reflect important developments since the 2015 publication including the following:

•  The Supreme Courts Tibble v Edison International ruling that, because fiduciaries have a continuing duty to monitor and remove imprudent investments, the 6-year ERISA statutory period for fiduciary breach applies to that continuing duty, rather than solely the initial selection of investments;
•  The 2015 Bipartisan Budget Act's extension of pension funding segment rate stabilization relief established under MAP-21 and HAFTA and increase in PBGC premiums for defined benefit plans;
•  Final regulations under IRC § 411(b)(5) regarding plan amendments to comply with the market rate of return requirements;
•  Final regulations under IRC § 430 on minimum required contributions and quarterly installments for underfunded defined benefit plans;
•  Final DOL regulations that expand the definition of a fiduciary for persons who provide investment advice for a fee, along with a new class exemption (Best Interest Contract Exemption) to help ensure that advisors are acting in the best interests of their customers';
•  Proposed Treasury regulations incorporating the U.S. Supreme Courts Obergefell v Hodges decision to provide that the terms ''spouse,'' ''husband,'' and ''wife'' mean an individual lawfully married to another individual, regardless of sex;
•  Proposed regulations under IRC § 401(a)(4) allowing employers to provide cross-testing relief for certain closed defined benefit plans;
•  The permanent extension by the 2015 PATH Act of the rule permitting an exclusion of up to $100,000 for charitable contributions made from Traditional IRA distributions;
•  Delay of the effective date of the so-called ''Cadillac Tax'' from 2018 to 2020 by the 2015 PATH Act;
•  Expansion of rollovers that can be made to SIMPLE plans from several additional types of qualified plans including IRC Sec 403(b) plans under the 2015 PATH Act; and
•  The promulgation of temporary and final regulations pertaining to a number of provisions affecting employer-provided health plans under provisions of the Patient Protection and Affordable Care Act of 2010.
•   Various IRS rulings, pronouncements, and notices, including those that cover (a) the determination letter application process and amendment cycle for individually-designed plans, for reasons other than initial qualification and plan termination, being eliminated effective January 1, 2017; (b) the IRS intends to issue proposed regulations that will prohibit ''de-risking'' programs that allow payees in pay status to convert annuity payments to a lump-sum payment to replace the annuity payments; (c) ''unit shares'' of an LLC that had made a valid election to be taxed as an S corporation constitute employer securities for purposes of establishing an ESOP; (d) the impact of the U.S. Supreme Court's Obergefell v Hodges decision on employee benefit plans and qualified retirement plans; (e) guidance concerning the interrelationship of the COBRA continuation coverage rules and FSA rules; and (f) guidance concerning the retroactive increase in the exclusion amount for Qualified Transportation Fringe Benefits to the beginning of 2015.
•  Various court decisions, such as (a) the 6th Circuit decision in Yale-New Haven Hospital v Nicholls regarding the filing of a QDRO after the death of plan participant; (b) the 8th Circuit decision in Ellis v Commissioner classifying the payment of compensation to an IRA owner by a company owned by the IRA as a prohibited transaction; (c) a Tax Court decision in Brinks Gibson and Lione disallowing a deduction for bonus payments that were found to be corporate dividends, and (d) a Tax Court Memorandum decision in Debra Rose Theresa Barbato, et al v Commr, holding that employer payments for emotional distress were not excludable employment discrimination payments; and
•  The 2016 cost-of-living adjustments for all amounts throughout the book.

Authors / Contributors

Table of Contents

CHAPTER 1 Overview

CHAPTER 2 Current Compensation

CHAPTER 3 Employee Fringe Benefits, in General

CHAPTER 4 Employee Fringe Benefit Plans

CHAPTER 5 Introduction to Multiemployee Qualified Deferred Compensation Plans

CHAPTER 6 Requirements for Qualified Plans

CHAPTER 7 Special Rules for Keogh, Top-Heavy, and § 401(k) Plans

CHAPTER 8 Employer Deduction and Funding Rules

CHAPTER 9 Taxation of Distributions from Qualified Plans

CHAPTER 10 Traditional IRAs/SEPs/SIMPLE IRAs/Roth IRAs/Deemed IRAs

CHAPTER 11 Employee Stock Ownership Plans

CHAPTER 12 Fiduciary Responsibilities and Prohibited Transactions

CHAPTER 13 Reporting and Disclosure

CHAPTER 14 Nonqualified Deferred Compensation, in General

CHAPTER 15 Equity-Oriented Arrangements