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 »
Seizing the Opportunity with Qualified Opportunity Zones
The December 2017 tax legislation commonly referred to as the Tax Cuts and Jobs Act (the Act) provides significant tax incentives for taxpayers to invest in certain low-income communities designated as Qualified Opportunity Zones under Code Section 1400Z-1. Proposed regulations published by the U.S. Department of the Treasury in October 2018 provide additional guidance regarding Qualified Opportunity Zone investments (the Proposed Guidance). The following analysis is ... Keep Reading »
IRS Issues Interim Guidance on Certain 2017 Tax Act Changes Affecting Exempt Organizations: Excess Remuneration and Parachute Payments Excise Tax
The IRS issued Notice 2019-09, which provides interim guidance in a fairly lengthy Q&A format relating to Code Section 4960, enacted on December 22, 2017. Code Section 4960 imposes a 21 percent excise tax on the amount of compensation in excess of $1 million and any excess parachute payment paid by an applicable tax-exempt organization to a covered employee. The interim guidance is intended to assist taxpayers in applying Code Section 4960 while the Treasury ... Keep Reading »
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