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USA - November 26 2012
In welcome news for private equity (“PE”) funds, a recent district court opinion determined that two PE funds and their bankrupt portfolio company were not a “controlled group” and thus the PE funds were not responsible for pension liabilities at the portfolio company.
USA - November 9 2012
By December 31, 2012, all deferred compensation arrangements in which payment is contingent on employee action, such as execution of a release of claims, must either include payment-timing restrictions that comport to IRS Notice 2010-80 or satisfy an exemption from section 409A of the Internal Revenue Code (the “Code”).
USA - October 10 2011
On September 21, the Internal Revenue Service (IRS) issued Announcement 2011-64, describing a new “Voluntary Classification Settlement Program” (VCSP) that will allow employers to reclassify independent contractors as employees for employment tax purposes on a prospective basis.
USA - July 26 2010
Taxpayers who have been relying upon Section 530 to provide relief with respect to their classification of service providers as independent contractors rather than employees should take note of the fact that Section 530 is now under attack from Congress and the Obama Administration.
USA - October 15 2009
The Bankruptcy Court for the District of Delaware has issued a decision concluding that company-paid medical coverage offered as part of an employee severance package is a "retiree benefit" that cannot be unilaterally modified by the company in bankruptcy, except as provided under Section 1114 of the Bankruptcy Code.
