Posts Categorized: Tax Issues

Final Tax Legislation – Provisions Affecting 401(k) Plans

in Qualified Plans, Retirement Plans, Tax Issues

By Sterling Perkinson and Harrison Taylor While tax reform proposals considered by Congress were rumored to include major changes like significantly lower limits on pre-tax contributions to 401(k) plans, the separate bills passed by the House and Senate included more modest changes for retirement plans. (See our prior blog posts on these bills here and here.) The final tax legislation passed under reconciliation rules left out most of these changes, but retained two provisions impacting 401(k) plans: Extended Rollover Periods for Plan Loan Offsets. The terms of 401(k) plan loans generally provide for the loan to come due in full… Continue Reading

Final Tax Bill Impacts Transportation Fringe Benefit Plans

in Tax Issues, Welfare Benefits

Late on December 15th, the House-Senate Conference Committee released the final tax bill.  The House and Senate molded the differences between the previous House and Senate versions, with most of the Final Tax Bill looking very similar to the prior Senate version.  The next step is for the House and Senate to each vote on the Final Tax Bill.  As of today, the House is scheduled to vote Tuesday, December 19th on the Final Tax Bill, and the Senate vote may be the same day or the next day.  If it is approved by both the House and Senate, the… Continue Reading

House Tax Bill Would Terminate Popular Welfare and Fringe Benefit Plans

in Tax Issues, Welfare Benefits, Wellness Programs

The Senate is back in session this week.  One of the most important items is the vote on the Senate’s version of 2017 tax reform.  As background, the House has already passed its 2017 tax reform bill.  The Senate’s version was approved by the Senate Finance Committee prior to Thanksgiving Break.  Now, it’s up to the full Senate to pass its tax reform bill, and if it does, then both the House and the Senate versions will be taken up by a joint House/Senate committee to craft a compromise bill that both the House and the Senate will vote on… Continue Reading