Retirement Benefits
Treatment of Goodwill Upon the Sale of a Business: Asset of the Owner v. Asset of the Company
In 1980, Larry E. Howard, D.D.S. incorporated his dental practice and entered into an employment agreement and covenant not to compete with the corporation. In 2002, Dr. Howard retired and negotiated the sale of his practice to a corporate buyer for approximately $613,000, most of which was allocated to intangible assets. Dr. Howard reported over… Read More »
IRS Issues Guidance on Correction of Certain Failures under Code Section 409A (Notice 2010-6)
The IRS has issued guidance for taxpayers with nonqualified deferred compensation plans on correcting certain failures to comply with the document requirements of IRC Section 409A. Taxpayers may rely on this guidance for tax years beginning on or after January 1, 2009. Unless specific requirements are met, amounts deferred under a nonqualified deferred compensation plan… Read More »
Minimum Required Distributions Not “Required” for 2009.
On December 23, 2008 the “Worker, Retiree, and Employer Recovery Act of 2008″ was signed into law by President Bush. One key provision of the Act temporarily suspends the requirement for taxpayers age 70 ½ and older (and their beneficiaries) to make annual minimum required distributions (MRDs) from their retirement plan accounts. The Internal Revenue… Read More »
Attention Pension Plan Fiduciaries:Larue v. DeWolff, Boberg & Associates
The Supreme Court of the United States recently issued a decision in the case of Larue v. DeWolff, Boberg & Associates that could have a drastic impact on fiduciaries of qualified retirement plans subject to the Employee Retirement Income Security Act (ERISA). The case centered around a claim by the plaintiff, James Larue, who… Read More »
IRS reviews in retirement plans
The IRS is presently focusing on some of the following in reviewing retirement plans: 1. Transactions used to avoid limits on IRA contributions. 2. Transactions that should be reported but are not. 3. Prohibited transactions. 4. Plan structures used to avoid or get around the various limits on contributions. © 2009 Parsonage Vandenack Williams LLC For… Read More »
