By: Sterling Perkinson and Harrison Taylor
The Department of Labor (DOL) finalized the Fiduciary Rule’s transition period extension from January 1, 2018 to July 1, 2019, as it had previously announced in August. (See our prior blog posts here and here). The DOL reported that it has not yet completed the reexamination of the Fiduciary Rule and its economic impacts as directed by the President on February 3, 2017, and would not be able to complete this in time to make any necessary changes...Continue Reading
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...Continue Reading
As you may have heard, the House and Senate are currently considering separate tax reform bills. If these separate bills are approved by the House and Senate, they will then go to a conference committee, whereby a single, unified bill will be drafted, and the House and Senate will vote again to approve the unified bill.
The current version of the House bill, which was approved today on a vote of 227 to 205, contains drastic welfare plan changes, including the elimination of dependent care...Continue Reading
By: Mark Stember and Todd Castleton
On November 10, 2017, the Senate released a document entitled “Description of the Chairman’s Mark of the ‘Tax Cuts and Jobs Act’” prepared by the Joint Committee on Tax summarizing the proposals expected to appear in the Senate tax reform bill scheduled for mark up today, November 13, 2017. The description provides background and summaries of the proposed tax code changes expected to appear in the legislation, although the text of the bill...Continue Reading
By: Todd Castleton
One week ago the Republicans’ Tax Bill H.R. 1, the “Tax Relief and Jobs Act,” was released. Section 3801 of that bill proposed to significantly curtail deferred compensation arrangements by replacing Internal Revenue Code section 409A with section 409B for all services performed on or after January 1, 2018. It would have also required all deferred compensation deferred before 2018 under current section 409A to be included in income no later than 2025.
On November 9,...Continue Reading