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IRS announces extensions and new filing system for deferred vesteds

Hodgson Russ LLP
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USA
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July 29 2011

For many years, qualified retirement plans have been required to file a Form SSA with the plan's annual Form 5500 to report participants who have separated from service with deferred benefits, but who have not yet been paid out by the end of the plan year following the year of separation

Treasury, IRS seek public input and comment on health care reform shared responsibility provisions

Hodgson Russ LLP
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USA
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July 29 2011

Under health care reform, employers with 50 or more full-time employees that do not offer affordable health coverage to their full-time employees may be required to make a shared responsibility payment

Failure to update inactive plan leads to plan disqualification

Hodgson Russ LLP
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USA
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May 20 2011

For a second time in recent months, the Tax Court has ruled that a qualified retirement plan, in this case a profit sharing plan, may be disqualified and its tax-exempt status retroactively revoked for defects relating a failure to timely amend the plan document to reflect statutory changes

IRS issues important reminders for retirement plans

Hodgson Russ LLP
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USA
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April 15 2011

The Internal Revenue Service (IRS) recently issued three reminders addressing the new submission period for determination letter and other rulings, fee changes, and certain corrections through the IRS's Voluntary Correction Program (VCP

Full-time medical residents subject to FICA

Hodgson Russ LLP
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USA
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February 11 2011

The US Supreme Court recently affirmed a decision of the Court of Appeals for Eighth Circuit upholding the IRS's position that remuneration paid to medical residents working full-time is subject to FICA tax

IRS extends deadlines for adopting certain amendments

Hodgson Russ LLP
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USA
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February 11 2011

In IRS Notice 2010-77, the Internal Revenue Service (IRS) extended the deadline for adopting certain amendments to defined benefit plans until the last day of the first plan year that begins on or after January 1, 2011

IRS provides guidance on funding relief rules

Hodgson Russ LLP
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USA
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February 11 2011

The Preservation of Access to Care for Medicare Beneficiaries and Pension Act of 2010 provided much-requested funding relief for single and multiple employer defined benefit pension plans

More health care reform FAQs issued

Hodgson Russ LLP
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USA
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January 4 2011

Over the past several months DOL, HHS, and the IRS (collectively, the Agencies) have issued a series of frequently asked questions (FAQs) regarding the implementation of the Affordable Care Act

Reporting deadline for ISO or ESPP plans approaching

Hodgson Russ LLP
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USA
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January 4 2011

Employers that have incentive stock option (ISO) plans under Internal Revenue Code 422 or employee stock purchase plans (ESPP) under Code 423 are subject to new tax reporting obligations for 2010

New relief under 409a correction programs

Hodgson Russ LLP
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USA
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January 4 2011

The IRS recently issued new guidance for nonqualified deferred compensation plans, providing clarifications and additional relief for correcting inadvertent errors under 409A of the Internal Revenue Code (409A

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