Search
RSS
Subscribe

Enter your email address to receive new posts in your inbox:

Delivered by FeedBurner

Share

Like what you see? Share!

Our Attorneys

DISCLAIMER: This blog is published for general information only - it is not intended to constitute legal advice and cannot be relied upon by any person as legal advice.  U.S. Treasury Regulations require us to notify you that any tax-related material in this blog (including links and attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties, and may not be referred to in any marketing or promotional materials.  While we welcome you to contact our authors, the submission of a comment or question does not create an attorney-client relationship between the Firm and you. 

Monday
Apr152019

Handling Missing Participants under Code Section 409A

Deferred compensation payments are due to one of your former executives, but the former executive is nowhere to be found. You know that the IRS has strict timing rules for payments subject to Code Section 409A (but maybe not as strict as you think). The end of the tax year is approaching fast. What to do?

Missing participants can be a problem for benefit plan sponsors in a variety of contexts. Sponsors of qualified plans can turn to IRS and DOL guidance on what do to when a missing participant is owed required minimum distributions or the plan is being terminated and assets must be distributed.

Click to read more ...

Tuesday
Mar262019

IRS Guidance Regarding the Section 4960 Excise Tax Is (Somewhat) Helpful

IRS Notice 2019-09 provides guidance intended to help “applicable tax-exempt employers” determine whether compensation paid to their most highly compensated employees will be subject to the 21 percent excise tax imposed under Code Section 4960.  Notice 2019-09 is indeed helpful to those of us who have to interpret the provisions of Code Section 4960.  But tax-exempt employers subject to Code Section 4960 have serious work to do in order to comply with these relatively new rules, and some tax-exempt employers will be disappointed in the results.  (In general, compensation paid by a Section 501(c)(3) organization will be subject to the requirements of Code Section 4960, so we will simply reference tax-exempt employers for these purposes.)

Click to read more ...

Tuesday
Mar262019

Form 1094 and Form 1095 Reporting for Expatriate Employees

Every IRS Form 1094/1095 filing season (roughly January and February of each year), we receive questions on reporting for expatriate employees.  The most common questions: do we need to furnish a Form to expat employees working in the U.S. (sometimes called “inpats”) who are covered under a regular or expat plan, and if so which Form?  The rule is fairly straightforward: in general any employee who works in the U.S. at least 30 hours per week or is covered by self-funded minimum essential coverage should receive a Form 1095-C, regardless of whether he or she is an expat or covered by an expat plan.  But like any rule under the ACA, the general answer is complicated by exceptions and differences in employer size and plan type.

Filing Requirement for Applicable Large Employers

Click to read more ...

Tuesday
Feb192019

ERISA Preemption of State Slayer Statutes: Does it Matter?

Over the last decade, courts around the country have been asked to decide whether ERISA preempts state slayer statutes – state laws that prohibit a murderer from collecting benefits as the beneficiary of the victim’s estate or as the surviving spouse of the victim under an insurance policy or benefit plan.  Courts have come down on both sides of the issue – some finding that ERISA preempts the state law, others holding that the state law governs.

And some courts have decided that the question is moot because, even if the state’s slayer statute is preempted, federal common law prohibits a killer from being rewarded for his or her crime as a beneficiary so the outcome is the same.  This post will review the current state of the law regarding slayer states as they relate to ERISA plans, and offer some comfort to employers who find themselves having to deal with the issue.

Click to read more ...

Tuesday
Jan082019

Times are Changing: Verrill Dana Hosts Full-Day Conference, 2019 Annual Employment Law Update

After a year full of changes in law for employers, and the election of a new governor in Maine, Verrill Dana attorneys will offer insights on recent legal developments in labor and employment law and what the new year might bring during our 2019 Annual Employment Law Update. The full-day conference will take place on Thursday, January 31 at The Westin Harborview Hotel in Portland.

The all-day event will begin with a panel discussion of a 2018 labor and employment year in review and expectations for 2019. Then, there will be a variety of breakout sessions with topics on workforce development, implicit bias, USERRA and veteran recruiting, discrimination and harassment investigations, HR 101, sexual harassment, "I-9s", e-discovery workers' compensation, arbitration agreements in employee contracts, and wage & hour. Breakout sessions will include HR 101, employee benefits, OSHA, and a sexual harassment CLE for attorneys. Verrill Dana employee benefit attorneys discuss the employee benefit requirements of USERRA and Chris Lockman, Sam Baldwin, and Suzanne Meeker will discuss how to manage fiduciary liability risk in reitirement plans. 

Click to read more ...