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The Delinquent Filer Voluntary Compliance Program now with EFAST2!

McGuireWoods LLP
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USA
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February 4 2013

The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) has recently announced various changes to its Delinquent Filer

Summer reading list: agreements containing release-of-claims provisions may require Section 409a amendments before year-end

McGuireWoods LLP
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USA
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July 10 2012

Section 409A of the Internal Revenue Code applies to employment, severance and other similar agreements that provide for post-termination severance or other compensation payments unless the agreement qualifies under one of a handful of limited exceptions

PBGC offers temporary relief for premium nonpayment

McGuireWoods LLP
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USA
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February 23 2012

As part of the Obama administration’s mandate that government agencies review existing regulations in an effort to make them more effective or less burdensome, the Pension Benefit Guaranty Corporation (PBGC) recently announced that it will provide a limited opportunity for administrators of defined benefit pension plans that have never paid required PBGC termination-insurance premiums to make up those payment deficiencies without penalty

Favorable IRS ruling on tax deductions for bonus pool arrangements

McGuireWoods LLP
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USA
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November 23 2011

In Revenue Ruling 2011-29 (the 2011 Ruling), the Internal Revenue Service addressed the deductibility of bonus payments when the amount of the bonus pool is determined by year-end but the individual amounts for employees are not then fixed

IRS announces benefit plan cost-of-living adjustments for 2012

McGuireWoods LLP
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USA
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October 28 2011

The Internal Revenue Service has announced a number of adjustments to employee benefit plan dollar limitations and thresholds for 2012 as a result of the increases in the applicable cost-of-living indexes

Another trap for the unwary: assets in forfeiture suspense accounts

McGuireWoods LLP
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USA
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August 18 2011

Defined contribution plans provide that forfeited employer contributions will be held in a forfeiture suspense account to be used for one or more of the following purposes: to pay plan expenses; to reduce future employer contribution obligations to the plan, or to be reallocated among the accounts of active plan participants

SEC delays some Dodd-Frank executive compensation rules

McGuireWoods LLP
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USA
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August 2 2011

On July 29, 2011, the Securities and Exchange Commission (SEC) delayed its schedule for adopting rules on the four principal remaining executive compensation rules to be issued under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act

Clarifications proposed to million dollar compensation deduction limit

McGuireWoods LLP
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USA
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July 6 2011

The IRS has proposed new regulations clarifying two aspects of the Code Section 162(m) performance-based compensation exemption from the $1 million deduction limit for compensation payable to certain executives of public companies

FBAR deadline extended for some 2009 and earlier filings

McGuireWoods LLP
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USA
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June 17 2011

If an employee benefit plan has a financial interest in or signature authority over a foreign financial account, such as a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act may require the plan to report the account annually to the IRS by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR