Tax reform

In This Week’s Tax News – 18.10.05

Topics: Congress, Tax reform

Friday, 05 October 2018 With government funding secured through December 7th, the House is in campaign mode through the midterms with control of the chamber at stake. The Senate remains in Washington, D.C. working through the contentious nomination of Judge Brett Kavanaugh to the Supreme Court. A vote is expected tomorrow or Sunday. The Senate…

In This Week’s Tax News – 18.9.28

Topics: Congress, Tax reform

Friday, 28 September 2018 On Thursday, the House passed two parts of the Tax Reform 2.0 efforts. The Family Savings Act of 2018 (H.R. 6757), which includes a number of provisions that encourage retirement savings, passed 240-177—including 10 Democratic votes. House Ways and Means Chairman Kevin Brady added an annuity safe harbor provision to this...

In This Week’s Tax News – 18.09.21

Topics: Congress, Tax reform

Friday, 21 September 2018 The Senate continued advancing government funding legislation this week, passing spending bills for four more departments. The House is expected to vote on the package next week, which also includes a Continuing Resolution (CR) through December 7th. Provided that vote is successful, Congress will have passed 9 of 12 spending bills…

In This Week’s Tax News – 18.09.14

Topics: Congress, Tax reform

Friday, 14 September 2018 House and Senate negotiators reached a deal on three more appropriations bills for FY 2019. The fiscal year for 2018 ends September 30th. Appropriators are working to fund as much of government as they can and planning a continuing resolution till December 7th to complete any remaining spending bills. President Trump…

IRS Issues New 162(m) Rules Related to Grandfathered Benefits under Deferred Compensation Plans.

Topics: 162(m), COLI/BOLI, Congress, NQDC, Tax reform

Changes to 162(m) made by the Tax Act expand the $1 million deduction limit for covered employees at public companies. NQDC amounts accrued as of November 2, 2017 can escape these expanded deduction limits if the NQDC amounts meet certain grandfather requirements to remain covered by the pre-Tax Act 162(m) rules (“old 162(m)”). The Notice…

In This Week’s Tax News – 18.08.31

Topics: Retirement security, Tax reform

Friday, 31 August 2018 While the House remained on recess this week, the Senate continued accomplishing the essentials of government. They passed a number of key Appropriations bills and voted to confirm over a dozen of President Trump’s judicial nominations after party leaders struck a deal to allow Senators to return to their districts. Yesterday,…

In This Week’s Tax News – 18.08.24

Topics: Tax reform

Friday, 24 August 2018 The Senate, legislating through August for the first time in living memory, continued to make bipartisan progress on the nuts and bolts of government. Yesterday, they passed a bill to fund major parts of the federal government including the Departments of Defense and Health. The Senate Banking Committee advanced nominations for…

In This Week’s Tax News – 18.08.17

Topics: Tax reform

Friday, 17 August 2018 As we reported last week, the Treasury Department released proposed regulations concerning the 199A deduction for pass-through business owners created last year by the Tax Cuts and Jobs Act (TCJA). While media outlets continue to report on the meaning of the guidance—including whether life insurance and financial services businesses will qualify…

Recent Trends in Litigation over Director Compensation Highlight Risks and Suggest Actions to Mitigate those Risks

Topics: COLI/BOLI, Congress, NQDC, Tax reform

Decisions about levels of director compensation often do not receive the protection of the business judgment rule because directors are usually interested in decisions about their own compensation levels. Under Delaware case law, however, stockholders face significant legal barriers in challenging these director compensation decisions if the stockholders previously approved the director compensation levels. These…