We noticed an uptick in employment tax issues, so thought a primer on employment taxation basics would be helpful. While this may be of general interest to in-house counsel and human resources professionals, it is probably more useful to payroll professionals (so feel free to forward this to your favorite payroll department employee!). Employment Taxes To be clear, when we reference "employment taxes," we refer to the taxes other than income taxes that an employer must ... Keep Reading »
New Florida Law: Assessing Benefit Plan Costs for New Cancer Benefits Owed to Florida’s Bravest
This alert focuses on Florida governmental entities that provide benefits to firefighters. Newly adopted Florida Statutes chapter 112.1816, scheduled to go into effect July 1, 2019, provides additional minimum benefits to certain firefighters diagnosed with certain cancers. Following are excerpts describing the new or additional benefits that must be provided, and our initial reaction on whether this will likely impact the cost of retirement plan benefits, group health ... Keep Reading »
Retiree Medical Not Restricted by Medicare Secondary Payer Rules
This article should interest employers who are offering or thinking about offering retiree medical coverage and should especially interest local governmental entities that are required to offer retiree medical coverage under state law. A federal court case decided on March 21, 2019, highlights the interplay between retiree medical requirements and the Medicare Secondary Payer Rules (MSPR). In River City Fraternal Order of Police Lodge 614, Inc. v. Kentucky Retirement ... Keep Reading »
Don’t Cry Over Spilled Milk! A “Plain English” Guide to Retirement Plan Correction Options
On April 19, 2019, the IRS updated its guidance on the official methods of correction that can be used by tax qualified[1] and 403(b) retirement plans (and, to a lesser extent, 457 plans). The IRS' summary of the changes can be found here, and will not be re-summarized in this alert. Instead, we provide a "Plain English" guide to understanding the general options a plan sponsor or administrator has when it discovers an error. Background Errors come in all shapes and ... Keep Reading »
Qualified Opportunity Zones vs. 1031
For years, Code § 1031 has been a popular way to defer taxation on the sale of capital gain assets. However, Code § 1031 has significant requirements, including complex timing and identification requirements and a requirement that the capital gain asset be exchanged with “like kind” property that, as of the enactment of the so-called Tax Cuts and Jobs Act in 2017, must be real property. With the enactment of Code §§ 1400Z-1 and 1400Z-2 in the Tax Cuts and Jobs Act, the ... Keep Reading »
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