Blockchain is a revolutionary technological tool in the way it tracks and stores data, decentralizes information, establishes trust in electronic files, and dispenses of intermediaries. This technology powers virtual currencies, also known as cryptocurrency or virtual tokens. Companies are raising money using “initial coin offerings” (ICOs) and using tokens to compensate and incentivize founders, directors,
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Excessive Executive Compensation and the Tax Cuts and Jobs Act of 2017: Widening the Net of Negative Tax Consequences for For-Profit and Non-Profit Corporations
By Jackson Lewis P.C. on
With all the national press coverage about tax savings, tax cuts and company bonus payments associated with the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), it is easy to miss the changes in federal tax laws that impose substantial negative tax consequences on employers that pay certain executives an amount of compensation…
IRS Issues Guidance FAQs Regarding the Paid Family Leave Federal Tax Credit
By Jackson Lewis P.C. on
Posted in Disability, Tax Cuts and Jobs Act
This week, the Internal Revenue Service (IRS) issued FAQ guidance regarding the employer tax credit for paid family and medical leave. As a reminder, the Tax Cuts and Jobs Act of 2017 (the Act) provides a tax credit to employers that voluntarily offer paid family and/or medical leave to employees. The FAQs clarify some of…
Changes to ERISA’s Disability Claims Regulations Coming April 1
By Jackson Lewis P.C. on
Employers who offer short-term and long-term disability plans governed by the Employee Retirement Income Security Act (ERISA), and their plan administrators, need to prepare for the approaching April 1st deadline of the new claims handling regulations. Employer action items can be found in our article posted here. The ERISA regulations were effective January 2017,…
2018 Tax Reform Series: New Excise Tax on “Excess” Executive Compensation Paid by Tax-Exempt Employers
By Melissa Ostrower & Jackson Lewis P.C. on
Posted in Tax Cuts and Jobs Act
This is the fifth article in our series covering the various employee benefits-related changes contained in the Tax Cuts and Jobs Act signed by the President on December 22, 2017.
Some of the most fundamental changes under the Act in the employee benefits and executive compensation arena impact executive compensation paid by tax-exempt employers and…
2018 Tax Reform Series: Executive Compensation Changes for Publicly Held Entities
By Melissa Ostrower & Jackson Lewis P.C. on
Posted in Equity Awards, Tax Cuts and Jobs Act
This is the fourth article in our series covering the various employee benefits-related changes contained in the Tax Cuts and Jobs Act signed by the President on December 22, 2017.
In addition to the changes we have already discussed in this blog, the Act made significant changes to the taxation of executive compensation arrangements through…
Employers Rejoice – IRS Announces Filing Extension for Furnishing 2017 Forms 1095-B and 1095-C and Continued Good Faith Transition Relief
By Melissa Ostrower & Jackson Lewis P.C. on
In IRS Notice 2018-06, the IRS announced a 30-day automatic extension for the furnishing of 2017 IRS Forms 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage), from January 31, 2018 to March 2, 2018. This extension was made in response to requests by employers, insurers, and other providers of health insurance…
Major Changes to Executive Compensation Tax Rules Loom
By Melissa Ostrower & Jackson Lewis P.C. on
Posted in Tax law changes
On December 2, 2017, the U.S. Senate passed its version of the Tax Cuts and Jobs Act, which follows a prior passage on November 16, 2017, of a House version of the tax bill. The bills must now be reconciled by a joint committee of House and Senate members, but both bills would make significant …
The Proposed Tax Cuts and Jobs Act Would Make Sweeping Changes to Executive Compensation and Employee Benefits
By Melissa Ostrower & Jackson Lewis P.C. on
On November 2, 2017, the U.S. House of Representatives unveiled the Tax Cuts and Jobs Act (H.R. 1) (the “Bill”) as part of proposed tax reform legislation. The Bill is sweeping in scope and provides for significant changes to the U.S. Internal Revenue Code (the “Code”), including in the area of executive compensation and employee…
On-Site Clinics: What Effect on HDHPs and HSAs?
By Jackson Lewis P.C. on
As of October 2017, Health Care Still Uncertain.
We already know the state of health care in the United States continues to whipsaw, as an October 25th ruling demonstrates: a federal district court confirmed that the Trump Administration need not fund the Affordable Care Act (“ACA”) subsidies that offset insurance copays and deductibles for some…