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Comparison of Current Tax Rates, Trump Proposed Rates and Republican Blueprint Proposed Rates

While there is considerable uncertainty among wealth planners and tax professionals regarding how the incoming administration will impact the federal tax code, nearly everyone agrees that change is imminent. With that in mind, we have assembled this chart, which compares current tax rates with President-elect Donald Trump’s proposed tax plan, and the House Republicans’ Blueprint plan (released in June, 2016).  Click here.

Employers & Health Coverage Providers: You Have More Time in 2017 to Provide Information Forms to Covered Individuals

December 8, 2016

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The IRS extended the 2017 due date for employers and coverage providers to furnish information statements to individuals. The due dates to file those returns with the IRS are not extended. This chart can help you understand the upcoming deadlines.

Action 2017 Reporting Due Dates for… Applicable Large Employers – Including Those That Are Self-Insured Self-insured Employers That Are Not Applicable Large Employers Coverage Providers  – other than Self-Insured Applicable Large Employers*  Provide 1095-B to responsible individuals

  Not Applicable** Mar. 2 Mar. 2 File 1094-B and  1095-B with the IRS Not Applicable** Paper: Feb. 28E-file: Mar. 31* Paper: Feb. 28E-file: Mar. 31* Provide 1095-C to full-time employees Mar. 2 Not Applicable Not Applicable File 1095-C and 1094-C with the IRS Paper: Feb. 28E-file: Mar. 31* Not Applicable Not Applicable

* If you file 250 or more Forms 1095-B or Forms 1095-C, you must electronically file them with the IRS. Electronically

Private Foundations and Impact Investing

November 30, 2016

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Bryan Cave recently organized a half-day symposium examining the opportunities and legal considerations related to responsible and impact investing strategies. The Responsible and Impact Investing Symposium, held on November 10, was co-presented by Fordham University’s Gabelli School of Business and featured leaders in this growing field who discussed opportunities and legal considerations for investors, private foundations, financial advisers and for-profit entities, from start-ups to established ventures. More than 135 guests attended the event.  With respect to private foundations, we focused our discussion on the use of program related investments and what we hope is a growing trend to use these tax-advantaged tools to make a difference in our communities.   Below are the foundation slides from the event.  Special thanks to my co-speakers, John Oddy from Foundation Source and Dana Bezerra from the Heron Foundation.

For a complete list of speakers and the program agenda, please click here

For additional

TE/GE Announces New Information Document Request Management Process

November 22, 2016

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The Tax Exempt and Government Entities Division of the Internal Revenue Service has issued new internal guidance for its agents on issuing information document requests (IDRs). The IRS issues IDRs to gather information during an examination. The new process will go into effect on April 1, 2017. Prior to its implementation, TE/GE will provide training to its agents on the new process.

Under the new process:

  • Taxpayers will be involved in the IDR process.
  • Examiners will discuss the issue being examined and the information needed with the taxpayer prior to issuing an IDR.
  • Examiners will ensure that the IDR clearly states the issue and the relevant information they are requesting.
  • If the taxpayer does not timely provide the information requested in the IDR by the agreed upon date, including extensions, the examiner will issue a delinquency notice.
  • If the taxpayer fails to respond to the delinquency notice or provides an
  • 2017 Qualified Plan Limits Released

    October 31, 2016

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    2017 Qualified Plan Limits Released

    October 31, 2016

    Authored by: Julie Wagner

    The IRS recently released updated limits for retirement plans.  Our summary of those limits (along with the limits from the last few years) is below.

    Type of Limitation 2017 2016 2015 2014 Elective Deferrals (401(k), 403(b), 457(b)(2) and 457(c)(1)) $18,000 $18,000 $18,000 $17,500 Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans (457(b)(3) and 402(g) provide separate catch-up rules to be considered as appropriate) $6,000 $6,000 $6,000 $5,500 SIMPLE 401(k) or regular SIMPLE plans, Catch-Up Deferrals $3,000 $3,000 $3,000 $2,500 415 limit for Defined Benefit Plans $215,000 $210,000 $210,000 $210,000 415 limit for Defined Contribution Plans $54,000 $53,000 $53,000 $52,000 Annual Compensation Limit $270,000 $265,000 $265,000 $260,000 Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993 $400,000 $395,000 $395,000 $385,000 Highly Compensated Employee 414(q)(1)(B) $120,000 $120,000 $120,000 $115,000 Key employee in top heavy plan (officer) $175,000 $170,000 $170,000

    Don’t forget to register for the free webcast about Clarifying the Universal Availability and Other 403(b) Retirement Plan Requirements

    October 25, 2016

    Categories

    When: October 27, 2016; 2 p.m. (Eastern)

    How: Register for this event. You will use the same link to attend the event.

    Learn about:

    • Hours of service
    • Changes in employee status
    • Student participation
    • Other 403(b) rules

    This hour long webcast will provide answers to many of the questions we received for the May 19, 2016, Understanding the Universal Availability Rules in a 403(b) Retirement Plan webcast. We encourage you to review the prior webcast before attending this one.

    Continuing education (CE) certificates of attendance will not be offered for this program.

    IRS Overhauls the Retirement Plan Correction Program

    October 21, 2016

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    With the looming end of the determination letter program as we know it, the IRS has issued an updated Revenue Procedure for the Employee Plans Compliance Resolutions System (EPCRS). Released on September 29, 2016, Rev. Proc. 2016-51 updates theEPCRS procedures, replaces Rev. Proc. 2013-12 and integrates the changes provided in Rev. Proc. 2015-27 and Rev. Proc. 2015-28. The updated revenue procedure is effective January 1, 2017 and its provisions cannot be used until that date. Rev. Proc. 2013-12, as modified by Rev. Proc. 2015-27 and Rev. Proc. 2015-28, should be used for any corrections under the EPCRS for the remainder of 2016. Highlights from the new revenue procedure are outlined below.

    Changes

    • Determination Letter Applications. Determination letter applications are no longer required to be submitted as part of corrections that include plan amendments. The new revenue procedure also clarifies that any compliance statement for a correction through plan amendment

    Register for IRS webinar: ACA Outreach for State and Local Governmental Employer Community

    October 10, 2016

    Categories

    October 20 at 2 p.m. (Eastern)

    Register for this event

    This is a live webinar presented by the ACA Office and TE/GE Counsel to address governmental entities’ concerns and needs as they relate to ACA information reporting requirements.

    Learn about:

    • Determining Applicable Large Employer (ALE) status
    • Identifying full-time employees
    • Defining hours of service
    • What is Minimum Essential Coverage?
    • E-Filing of information returns
    • 2016 filing season corrections and replacements
    • Penalties and relief
    • TIN solicitation
    • Changes to forms & instructions for Tax Year 2016
    • Questions and answers

    We will not be offering Continuing Education Credit for this event.

    Webcast about clarifying the universal availability and other 403(b) retirement plan requirements

    October 4, 2016

    Categories

    Watch this free webcast about Clarifying the Universal Availability and Other 403(b) Retirement Plan Requirements

    When: October 27, 2016; 2 p.m. (Eastern)

    How: Register for this event. You will use the same link to attend the event.

    Learn about:

    • Hours of service
    • Changes in employee status
    • Student participation
    • Other 403(b) rules

    This hour long webcast will provide answers to many of the questions we received for the May 19, 2016, Understanding the Universal Availability Rules in a 403(b) Retirement Plan webcast. We encourage you to review the prior webcast before attending this one.

    Continuing education (CE) certificates of attendance will not be offered for this program.

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