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Tax's excessive expectations
trueAs part of their presidential nomination campaigns, Bernie Sanders and Martin O'Malley both have proposed a financial transaction tax, designed to tap a lucrative source of revenue and target trading abuses on Wall Street.
IRS issues 2016 mortality tables
trueNew mortality tables for calculating defined benefit plan funding targets in 2016 were released by the IRS on July 31.
IRS deepens focus on lifetime income with lump-sum ban
trueThe Internal Revenue Service's unexpected decision July 9 to ban lump-sum payments to retirees has plan sponsors keeping one eye open for further regulation but still considering those payouts for other plan participants.
IRS moves to raise tax rate on private equity management fees
truePrivate equity firms will no longer be able to convert income from management fees into capital gains, which are taxed at a lower rate, under a proposed rule by the IRS published in the Federal Register Thursday.
Dodd-Frank five years later
trueIt's been five years since President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, a far-reaching law enacted in the wake of the 2008 financial crisis that aimed to stave off future economic meltdowns.
IRS closes lump-sum window for retirees already receiving benefits
trueDefined benefit plan sponsors can no longer replace annuity payments with lump-sum distributions to retirees and their beneficiaries, the IRS said Thursday.
IRS ends hedge funds' basket options
trueBasket options used by hedge funds to convert short-term capital gains to long-term ones no longer will be allowed, the IRS said.
IRS to halt issuing certain determination letters
trueThe IRS' plan to stop issuing some determination letters, necessary proof for companies that their retirement plans are tax qualified, puts plan executives into the hot seat.
Global hunt for offshore tax cheats
trueToday, many financial institution executives and foreign governments might soon start feeling much the same way about the rising tide of FATCA — the U.S. Foreign Account Tax Compliance Act — which is finally reaching their shores after its initial enactment in 2010.
Treasury Department, IRS release guidance to correct auto-enrollment errors
trueThe Treasury Department and the IRS on Thursday announced new guidance to defined contribution plans offering auto-enrollment features that will make it easier for the plans “to easily correct administrative errors without risking the plan’s tax qualification and without having to obtain IRS ...
IRS to seek input on multiemployer suspensions
trueThe IRS will seek public input on how to handle benefit reductions now allowed for troubled multiemployer pension funds.
Multiemployer plans untangle reforms
trueSome multiemployer pension fund executives are trying to figure out whether to take advantage of a controversial new reform law that allows potential benefit cuts for participants and retirees. Others are hoping for further reforms to allow for alternative plan designs.
Obama tax proposals may be DOA
truePresident Barack Obama's State of the Union speech Jan. 20 mentioned only broadly his vision for helping middle-class workers save more for retirement, but he's poised to submit proposals to Congress on Feb. 2 as part of his fiscal 2016 budget.
IRS hybrid plan transition rules criticized
trueSponsors of cash balance plans and other hybrid retirement plans welcomed final rules in September from the IRS but are now criticizing the agency’s proposed transition rules on market rates of return.
Dignity Health allowed to appeal church plan ruling
trueA federal judge is allowing Dignity Health to challenge his ruling that the church-affiliated defined benefit plan sponsor is covered by the Employee Retirement Income Security Act.