Category: Employee Compensation & Benefits
Guidance for Required Minimum Distribution Waivers
Individuals must generally begin taking distributions from their qualified retirement accounts and IRAs beginning in the year they turn age 70½. Under a law passed in late 2008, the required minimum distribution (“RMD”) rules mandating distributions were suspended for 2009. The change was in response to the financial crisis. Under the change, taxpayers…
IRS Issues Series of Savings Incentive Rulings
The IRS has released seven new pieces of guidance for incentive rulings. The several revenue ruling and notices are intended as savings initiatives to make it easier and more automatic for employees to save. The guidance looks to encourage individuals to save more by: Providing guidance for employers to automatically enroll and increase the…
COBRA Compliance Mandates Seminar
Joseph M. Kempter, J.D., LLM, CPA presented on COBRA compliance mandates of the American Recovery and Reinvestment Act of 2009 (ARRA) to the Estate and Financial Planning Council of Southern New Jersey on May 1, 2009 in Mt. Laurel, New Jersey. The ARRA was enacted on February 17, 2009. It contains important new compliance mandates for…
Differential Pay for Active Military Duty
In Revenue Ruling 2009-11, the IRS ruled that the differential pay that employers pay to their employees while on active duty in the United States uniformed services for more than 30 days is subject to income tax withholding, but is not subject to Federal Insurance Contributions Act (“FICA”) or Federal Unemployment Tax Act…