Comments on Temporary Regulations on Withholding from Pensions, Annuities and Other Deferred Income
Article Abstract:
The comments included focus on taxpayers' analysis of current temporary Internal Revenue Service regulations concerning withholding from pensions, annuities, and other deferred income. The purpose is to guide practitioners and advisers regarding the impact of withholding rules under the Tax Equity and Financial Responsibility Act (TEFRA). Topics are: complexity of determining taxable amounts, problems, recommendations, reasonable estimates permitted versus required, payor definitions, multiple payors, plan distributions of life insurance, and endowment contracts. Other problems include: notice and election requirements for non periodic distributions, reporting and recordkeeping, lump sum distributions, and company stock. It is contended that the temporary regulations fail to give payors ample time to implement an election not to withhold tax from a nonperiodic distribution or to revoke this type of election.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1984
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IRS' New Proposed J&S Regulations May Help Defined Contribution Plans Adapt to Norris
Article Abstract:
The Internal Revenue Service (IRS) has printed the pending amendments related to its acquiescence in the Third Circuit decision in BBS Associates v. Comr. That decision held that various elements of the IRS qualified joint and survivor annuity regulations were too broad a reading of Section 401(a)(11) of the Internal Revenue Code (IRC). The amendment will have a presumption of a qualified joint and survivor annuity as unattached unless participant election of regular retirement benefits in life annuity form occurs. Prior to this amendment, the presumption attached if the life annuity plan was offerred. This amendment is expected to acquire greater significance as to defined contribution plans in accordance with the Supreme Court decision in Arizona v. Norris. Topping up, as it applies to straight life annuity plans, is analyzed.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1983
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Comments on Proposed Regulations on Benefit Reductions in Terminated Single-Employer Pension Plans and Recoupment of Benefit Overpayments
Article Abstract:
Comments on proposed legislation on benefit reductions in terminated single-employer pension plans and recoupment of benefit overpayments are designed to educate the practitioner. Topics for review are: procedure for estimating Title 4 benefits should be mandatory, benefits should be reduced to estimated level of Pension Benefit Guaranty Corporation (PBGC) guarantees immediately, recoupment of overpayments, and proposed legislation unjustifiably reduces guaranteed benefits and should be withdrawn. It is proposed that the regulations under consideration be withdrawn.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1984
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