Employers face a constant struggle to attract and retain quality employees. This is especially true in a strong economy where jobs are plentiful and the demand for well-qualified workers is high. Historically, employer contributions to 401(k) plans have been viewed as an effective and efficient recruitment and retention tool. Unfortunately, many employers are finding this inadequate in today’s market because some employees, especially younger employees, prioritize other financial needs ahead of saving for retirement. For many young employees, student loan debt is a ...
Many employers began to receive notices from the IRS in 2018 proposing the assessment of a payment against the employer for the tax years 2015 and 2016 under Section 4980H of the Internal Revenue Code. The issuance of these notices by the IRS has now increased through 2019 to-date, and where employers may have received an initial notice in 2018 for the 2015 tax year, and now a second and additional notice proposing the assessment of a payment under Section 4980H for the 2016 tax year. Additional IRS notices for 2017 are certainly to follow.
Section 4980H(a) imposes an “assessable ...
Many people are aware of the federal gift tax and the federal estate tax (sometimes referred to as the ‘death tax’). These are the transfer taxes which are imposed on transfers during life, by gift, or at death. In 2019, a U.S. Citizen may transfer assets valued of up to $11,400,000 during their lifetime or, to the extent not used during lifetime, upon their death without paying a gift or estate tax. The third federal transfer tax, the Generation-skipping Transfer Tax (“GST”), is often overlooked but may be of significant importance. The applicable exclusion amount for GST ...
On March 27, 2019, the Senate Finance Committee launched an investigation into the abuse of syndicated conservation easement transactions. The transactions being investigated involve promoters selling interests in tracts of land to taxpayers looking for large tax deductions. The taxpayers get allegedly inflated appraisals of those tracts of land and grant conservation easements on that land. The resulting charitable deductions are then split among the taxpayers.
Fourteen separate letters were sent to individuals who appear to be associated with the promotion of syndicated ...