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To embed, copy and paste the code into your website or blog: The Employee Benefits Practice is pleased to present the Employee Benefits Developments Newsletter for the month of January 2021.   U.S. Department of Labor Issues Final Prohibited Transaction Exemption Regarding Compensation for Fiduciary Investment Advisers of Retirement Plans and IRAs Consolidated Appropriations Act, 2021 (CAA): Retirement Plan Relief DOL Issues Proxy Voting Regulations for Plan Fiduciaries Retirement Plan Electio...

House Small Business Development Committee Chairman Mike Cheokas (R-Americus) and his Committee and adopted its Committee Rules. This Committee will operate with four subcommittees: 1) Barriers to Regulation (chair is Representative Tim Barton (R-Calhoun)); 2) Retail Hospitality (chair is Representative Bill Yearta (R-Sylvester)); 3) Incentives and Education (chair is Representative Dale Washburn (R-Macon)); and 4) Agribusiness (chair is Representative Steven Meeks (R-Screven)). The Committee h...

On December 27, 2020, the President signed the Consolidated Appropriations Act of 2021 ("CAA") that included a number of COVID-related relief provisions for employee benefit plans.

To embed, copy and paste the code into your website or blog: On December 18, 2020, the Internal Revenue Service (“IRS”) and Treasury Department released final regulations (the “Final Regulations”) interpreting the Tax Cuts and Jobs Act’s (the “Act’s”) revisions to Section 162(m) of the Internal Revenue Code (the “Code”), which limits a publicly held corporation’s deductions for compensation paid to “covered employees” in excess of $1 million. The Final Regulations arri...

House Subcommittees Drop Hints on Amended FY21 Budget Moving quickly after last week’s budget hearings, the subcommittees of the House Appropriations Committee convened in sequence this morning to sign off on their assigned agency budgets. While actual tracking sheets were not released to the public, subcommittee chairs shared some highlights and hints about what we are likely to see in the full Appropriations Committee tomorrow: Public Safety The Public Safety Subcommittee of the House Appro...

Share On Dec. 21, 2020, Congress passed a COVID-19 relief bill (the Consolidated Appropriations Act, 2021), which President Trump signed into law on Dec. 27, 2020. The bill includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which provides much-anticipated extensions to critical alternative energy tax credits (including those for wind and solar projects) certain of which were on the brink of expiring. Generally, the bill provides for one- to two-year extensions depending on the...

INTRODUCTION On November 23, 2020, Treasury and the IRS issued final regulations governing tax-deferred exchanges of like-kind real property under Section 1031 of the Internal Revenue Code (the Code). These final regulations (T.D. 9935 ) address revisions to Code Section 1031 enacted as part of the Tax Cuts and Jobs Act (Pub. L. No. 115-97) of 2017 (the TCJA). As we acknowledged in our client alert at that time, the TCJA preserved tax-deferred exchanges of real property while eliminating person...

Canyon News MALIBU—On Friday, January 22, the Malibu City Council held a closed special council meeting session at 12:30 p.m. The agenda of the meeting were about anticipated litigation within city council and a job performance evaluation for City Manager Reva Feldman. Under California law, a closed meeting for a local or city government can occur only if there is significant exposure to litigation, which means counsel must be present to discuss a possible threat of lawsuit. In this case, ...

State Disclosures Partners In Health’s mission is to provide a preferential option for the poor in health care. Through its work in Haiti, Africa, Peru, Russia, Mexico, and Navajo Nation, Partners In Health, a nonprofit corporation, strives to bring the benefits of modern medical science to those most in need of them and to serve as an antidote to despair. Financial and other information about our charity’s purpose, programs and activities can be obtained by contacting Megan Carbone, Chief ...

To embed, copy and paste the code into your website or blog: The Democrats’ “sweep” of the White House and both chambers of Congress means that it is all but inevitable that tax legislation will be introduced in 2021, but the razor-thin nature of the Democrats’ majority in Congress could mean that only a few of President Biden’s proposals will ultimately be enacted this year. Because President Biden’s tax plan is unlikely to receive the support of the 60 senators needed to avoid a S...