Legal Analysis of Current Regulatory, Legislative and Judicial Developments

Article Abstract:

Topics deemed significant include: regulations on backup withholding, multi-employer plan mergers, voluntary employee beneficiary associations (VEBA), elimination of two Internal Revenue Service (IRS) corporate model plans, individual retirement accounts (IRAs), finalization of IRS early termination regulations, Pension Benefit Guaranty Corporation (PBGC) regulation of interest rate on deficient payments, final regulations on common trust funds and increased limitations on guaranteed benefits. The greatest sum guaranteed in 1984 by the PBGC will be $1,602.27 per month in a life annuity benefit beginning at age sixty-five. A discussion is presented of the Employee Retirement Income Security Act (ERISA) final regulations regarding allocation of assets and benefit plan terminations. In a review of VEBAs, it is stressed that usually both contributions and benefits from a VEBA are not subject to social security as income tax withholding. An explanation of the current PBGC policies and the Multi-Employer Pension Plan Amendments Acts of 1980 is offered. Also a description of the impact of the Tax Equity and Fiscal Responsibility Act (TEFRA) mandatory withholding rule and recent changes alerts business professionals to be wary of trouble with backup withholding.

United States. Internal Revenue Service

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Legislative Process Restored

Article Abstract:

In 1983, a substantial abrogation of the legislative process occurred with regard to the Tax Equity and Fiscal Responsibility Act (TEFRA). The courts have supported the constitutionality of TEFRA, but in fact it resulted from the Senate Finance Committee and the House Ways and means Committee conferencing on a bill which had only been enacted by the Senate. From the conference committee arose new legislation, which in its inception, denied the public its due influence and input. TEFRA procedures awarded too much legislative power to select politicians, especially staff persons. Staff members' authority has expanded, staff control of technicalities may be necessary and preferable, but not staff control of policy. Congress appears to have recommitted itself to the constitutionally mandated legislative order with its handling of the Tax Record Act of 1983.

Interpretation and construction, Tax law, Politics, United States. Congress. Senate

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