Provisions in the current proposed Senate tax reform bill would likely reduce the effectiveness of retirement plan arrangements that regularly receive contributions of unused leave for former employees, commonly known as “accumulated leave” or “special pay” plans. As a result, affected entities and individuals would be subjected to greater employment taxation and more immediate income taxation. Continue reading on CarltonFields.com » ... Keep Reading »
Stop “Partnering” and Begin “Strategically Allying”
Tax exempt organizations often enter into relationships with other organizations that are collaborative in nature rather than merely quid pro quo. These relationships are frequently referred to as “partnerships” by tax exempt organizations because the connotation is one of teamwork and working toward a common goal. However, under state law, entering into a “partnership” can result in a host of liabilities that none of the “partnering” organizations intend. In addition, ... Keep Reading »
Executive Orders May Be Asking Too Much of Regulators
On October 12, President Trump signed Executive Order 13813, asking the Department of Labor (DOL) to consider allowing small employers to join together to self-insure or purchase insurance as a large group (creating “Association Health Plans”); asking the IRS, DOL, and HHS to expand the usability of Health Reimbursement Arrangements (HRAs); and asking to expand the use of short-term limited duration insurance (the latter of which is not the focus of this blog). On that ... Keep Reading »
Mergers & Acquisitions
For better or worse, the economy has caused an increase in the consolidation of tax exempt organizations as less robust organizations have sought refuge for their programs in larger, more recession-proof organizations and as organizations of similar size or financial status have joined together to weather the economic storm. Whatever the reason, tax exempt organizations are increasingly finding themselves in the relatively uncommon territory of mergers and acquisitions. ... Keep Reading »
An Update: Retirement Plans, Leave Donation Programs, and Loans for Relief During States of Emergencies
Following our September 18 article, “Retirement Plan and Leave Donation Programs During States of Emergencies,” the Internal Revenue Service (IRS) and Congress acted to provide additional relief and assistance opportunities to those affected by Hurricanes Harvey, Irma, and Maria. In an effort to increase donations to assist those in need, the IRS issued guidance to allow employers to set up programs that enable employees to elect to have unused leave converted to cash ... Keep Reading »
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