Legal Analysis of Current Regulatory, Legislative and Judicial Developments

Article Abstract:

Current developments include: use of flexible spending accounts, excise tax regulations, individual retirement accounts (IRAs), simplified employee pension plans (SEPs), qualified voluntary employee contributions (QVECs), pension plan termination rules, limited partnership investment, disqualified plan rollover treatment, non-qualified conpensation awards, and class year profit-sharing plans. Flexible spending accounts allow workers to lessen current compensation and obtain reimbursement for numerous nontaxable expenditures. The Internal Revenue Service (IRS) treats them like wages subject to withholding and income tax fees. A detailed discussion of changes in IRA rules is presented. It is followed by clarification of SEPs and QVECs. Tax-payers are reminded that distribution of Series EE United States Treasury savings bonds are not taxable to employees of class year profit-sharing plans.

Study and teaching, Individual retirement accounts

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Legal Analysis of Current Regulatory, Legislative and Judical Developments

Article Abstract:

In a discussion of Caplin vs United States, Wood vs United States, and Masterson vs United States, the topic of profits-sharing distribution to disabled employees is reviewed. Usually distributions from retirement plans are taxed as ordinary income. In Caplin vs United States, the court denied a tax exclusion to a disabled participant. Grounds for the denial included the fact that the plan was not an accident or health plan. Requirements for making a profit-sharing plan qualify as a health plan are delineated. The Tax Court recently upheld Code regulations under 501 (C) (9) which prevent a trust from providing pension or annuity benefits. Coward vs Colgate-Palmolive Company caused the court to lessen the area of plans subject to regulation. The Internal Revenue Service (IRS) has issued a form entitled W-4P to provide for election out of withholding for periodic and lump sum payments.

Analysis, Laws, regulations and rules, Pensions, Retirement pensions

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