Posts from May 2019.

Congress enacted the Opportunity Zone (“OZ”) investment incentives in late 2017 as part of the Tax Cuts and Jobs Act.  Since then many investors, fund managers, and community development professionals have devoted significant time and resources to locating and underwriting investment opportunities.  The legislation left many unanswered questions – largely limiting investments to obvious qualifying businesses.  The first set of proposed regulations, released October 29, 2018, provided further guidance but not enough to answer many remaining questions.

The 50% Gross ...

Posted in: Federal Tax

On April 29, 2019, the United States Department of Labor (the “DOL”) released a policy statement providing transitional relief from the potential adverse consequences arising from a District Court’s vacating portions of the DOL’s regulations on the alternative test of the definition of “employer” for Association Health Plan (“AHP”) purposes.

By way of background, on June 21, 2018, the DOL published regulations which established an alternative test that described in prior DOL guidance as to who can sponsor an ERISA-covered AHP as an “employer” (the ...

The Internal Revenue Service (IRS) issued Revenue Procedure 2019-19 on April 19, 2019, updating the Employee Plans Compliance Resolution System (EPCRS) to expand the types of plan errors that can be corrected under EPCRS.  EPCRS is available to correct plan document errors, plan operational errors, demographic errors and employer eligibility errors for qualified plans, 403(b) plans, SEPs and Simple IRAs.  All of these errors put the plan at risk of tax disqualification.  By utilizing EPCRS, a plan sponsor is able to put errors in the past and move forward from them knowing the ...

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