Assisting employees who are struggling with student loan debt is an emerging priority for many employers. Following the Internal Revenue Service’s release in August 2018 of a private letter ruling, widely thought to have been requested by Abbott Laboratories, that permits the employer to “match” student loan repayments in the company’s 401(k) plan, there have
Shipman & Goodwin attorney Richard Cohen will be a speaker at the “Employee Benefit Plans Conference” presented by the Connecticut Society of CPAs. He will present the session “Legal Issues facing Qualified Retirement Plans and Plan Sponsors in 2019.”
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Although Section 408(d)(8) has been part of the Internal Revenue Code (“IRC”) for more than 10 years, and provides for a popular benefit by enabling persons who are older than age 70 ½ to make charitable contributions (up to $100,000 for a taxable year) by directing that all or any portion of their required minimum
Connecticut is one of five states that, in recent years, has implemented an “auto-IRA” program, in which private employers automatically deduct a set amount from their employees’ paychecks and contribute that amount to an individual retirement account established through the state system. The Connecticut Retirement Security Exchange (the “Exchange”), along with similar programs in California,
When Connecticut enacted legislation in 2017 to become a mandatory withholding state, effective January 1, 2018, for Connecticut residents receiving pension, 401(k), IRA or annuity distributions, few would have imagined the difficulty residents and payers would have understanding the new rules, including how the exception from withholding would apply for rollover distributions. Nor would many
In 2016, the Connecticut General Assembly created the Connecticut Retirement Security Exchange, to facilitate the establishment and maintenance of an individual retirement account (“IRA”) program for Connecticut employees whose employers do not provide their own retirement plans. Under the program, private Connecticut employers, whether for profit or not-for-profit, who have five or more employees would
Shipman & Goodwin attorneys Alan Lieberman and Louis Schatz authored the article “2017 Survey of Connecticut Tax Law Developments” which was published in Connecticut Bar Journal. This survey summarizes Connecticut tax legislation enacted, court decisions rendered, and administrative guidance published by the DRS during 2017.
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Connecticut Tax Developments is published by the State and Local Tax Practice as a service to clients and friends. The contents are intended for informational purposes only, and the advice of a competent professional is required to address any specific situation. Reproduction or redistribution is permitted only with attribution to the source.
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Join Shipman & Goodwin tax attorneys for a four-part CLE webinar reviewing some of the more significant provisions of the Tax Cuts and Jobs Act.
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The Tax Cuts and Jobs Act (the “Act”) may take the Qualified Charitable Distribution (QCD), a planning technique authorized in IRC Section 408(d)(8) that allows charitable contributions to be made directly from an IRA, and turn it into a household name. Here is an explanation of why it will be so popular, and exactly how