Employee Compensation and Benefits Tax Guide

The book is a comprehensive source for the most common forms of employee compensation, benefits, and retirement plans.

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Print Book :1 volume, softbound, updated annually
2019 Edition
ISBN: 9781522174561
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2019 Edition
ISBN: 9781522174578
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2019 Edition
ISBN: 9781522174578
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The field of taxation of employee and executive compensation and benefits is complex, dynamic, and ever-changing. Since 1980, there have been changes to the law affecting fringe benefits, qualified plans, and other types of compensation almost every year. The Pension Protection Act of 2006 (PPA06) (PL No. 109-280) contained the most extensive changes affecting qualified deferred compensation plans since the passage of ERISA in 1974. The American Jobs Creation Act of 2004 (AJCA) (PL No. 108-357) made the most significant change to the taxation of nonqualified deferred compensation plans in over fifty years. The Tax Cuts and Jobs Act of 2017 (PL No 115-97) is widely considered to be the most extensive tax reform law since enactment of the Tax Reform Act of 1986 (PL No 99-514).

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), the Tax Cuts and Jobs Act of 2017 (TCJA), and other recent tax laws and pertinent regulations, administrative rulings, and case law through March 2019 are incorporated throughout. This 2019 edition has been updated to reflect important developments since the 2018 publication, including the following:

•  Proposed regulations modifying the safe harbor list of expenses for which § 401(k) plan distributions are deemed to be made on account of an immediate and heavy financial need;
•  Final regulations that adopt the 2017 proposed reliance regulations regarding safe harbor provisions for qualified matching contributions (QMACs) or qualified nonelective contributions (QNECs) in § 401(k) plans;
•  Proposed regulations issued in response to President Trump’s October 2017 Executive Order calling for proposed regulations to expand and facilitate access to Health Reimbursement Accounts (HRAs). The proposed regulations would create two new kinds of HRAs: (1) Individual Coverage HRAs and (2) Excepted Benefit HRAs;
•  Various IRS rulings, pronouncements, and notices, including those that cover (a) model notices updating the safe harbor explanations that may be used to satisfy the requirement under § 402(f) to provide certain information to recipients of eligible rollover distributions; (b) the annual Required Amendments List that sets forth deadlines for adopting plan amendments to reflect changes in plan qualification requirements; (c) the IRS retraction of its previous announcement to amend the required minimum distributions regulations, which would have prohibited certain lump-sum payment offers in lieu of annuity payments under defined benefit plans; (d) initial guidance regarding the application § 83(i), which allows employees to elect to defer recognition of income attributable to stock options and restricted stock units (RSUs) of private companies; (e) initial guidance concerning the TCJA’s changes in definition of covered employees under IRC § 162(m); (f) updated guidance regarding time-sensitive acts that may be postponed for taxpayers affected by a federally-declared disaster, a terroristic or military action, or individuals serving in a combat zone; (g) guidance on the employer credit for paid family and medical leave under IRC § 45S as enacted by the TCJA, (h) transition relief from the once-in-always-in condition for excluding part-time employees from making elective deferrals under IRC § 403(b) plans; (i) guidance on the application of IRC § 132(g) for the exclusion from income of qualified moving expenses of employer reimbursements in a taxable year after 2017 for moves made before January 1, 2018;
•  Various court decisions, such as (a) the 5th Circuit’s ruling in Chamber of Commerce v. United States Department of Labor to vacate the DOL Fiduciary Rule regulations (including the Best Interest Contract Exemption and the Principal Transactions Exemption); (b) the Tax Court rulings in Smith and Doyle concerning the excludability of employer payments for damages due to emotional distress; (c) the Tax Court decision in Albert Anthony Oliver holding the expected number of annuity payments under IRC § 72(d) must be used even if the taxpayer has a shorter expected life because of a preexisting medical condition; (d) the Tax Court decision in Totten in which the taxpayer failed to show that he had a disability that would qualify as an exception to the imposition of the 10 percent early distributions tax under IRC § 72(t); (e) the Tax Court ruling in Stanley S. Marks v Commr, holding that a distribution received by a taxpayer from an account was not a taxable IRA distribution where the account had engaged in a prohibited transaction in a past year; (f) the Tax Court ruling in Burbach holding that the taxpayer’s contributions made to a Keogh plan were not deductible because the contributions were made with respect to wages (rather than self employment income) paid by the corporation to the taxpayer; and
•  The 2019 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 ยง 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