On December 18, 2020, the Internal Revenue Service (IRS) released final regulations (the “Final Regulations”) under Section 162(m) of the Internal Revenue Code, as amended by the Tax Cuts and Jobs Act of 2017 (“TCJA”). Section 162(m) generally limits the deductibility of compensation paid in any tax year to “covered

Edward A. Razim III
Has Your Retirement Plan Experienced a Partial Plan Termination?
The economic uncertainty of the COVID-19 pandemic has forced many employers to furlough or layoff a significant percentage of their workforce. These workforce reductions may inadvertently cause a “partial termination” of the employer’s qualified retirement plan triggering a requirement that all affected participants become 100% vested in their plan accounts. …
Locke Lord QuickStudy: Initial Thoughts Regarding the IRS’ Employee Payroll Tax Deferral Guidance in IRS Notice 2020-65
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The New Carried Interest Proposed Regulations, Profits Interests, and Revenue Procedures 93-27 and 2001-43
On July 31, 2020, the Internal Revenue Service and the U.S. Treasury Department issued Proposed Treasury Regulations (the “Proposed Regs”) providing guidance under the “carried interest” rules of Section 1061 of the Internal Revenue Code of 1986, as amended (the “Code”). Please see our Quick Study “IRS Issues Carried…
Locke Lord QuickStudy: New ERISA Safe Harbor Expands Opportunities for Electronic Disclosure of Retirement Plan Information
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Governance Issues for Retirement Plan Sponsors Due to “Opt-Out” Amendments
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act”, into law. We discussed the employee benefit plan provisions included in the CARES Act in our Quick Study published last week, which can be found here. For sponsors of defined…
COVID-19 and Your Benefit Plans: What You Need to Know Now
In a matter of a few weeks, the COVID-19 pandemic has caused drastic changes to our businesses and personal lives. The effects are already substantial, from those personally affected by illness and shelter-in-place orders to companies seeing sharp declines in business activity. Although your to-do list may be long, we…
Overview of Proposed Regulations Under Code Section 162(m) — Who is a Covered Employee
Today’s installment of our overview of the Proposed Regulations under Code Section 162(m) highlights the expansion of who is a “covered employee.” As a reminder, Code Section 162(m) generally limits the compensatory deduction to the first $1 million of compensation paid by a publicly held corporation to each “covered employee.” …
Overview of Proposed Regulations under Code Section 162(m)
Series Installment: “publicly held corporation”
As we noted in our December 24, 2019 blog entry, on December 16, 2019, the Treasury Department released proposed regulations (the “Proposed Regulations”) addressing the amendments made to Internal Revenue Code Section 162(m) by the Tax Cuts and Jobs Act (the “Amendment”). …
Holiday Stocking Stuffer: IRS Issues Proposed Regulations Under Code Section 162(m)
On December 16, 2019, the Treasury Department released proposed regulations (the “Proposed Regulations”) to address the amendments made to Code Section 162(m) by the Tax Cuts and Jobs Act (the “Amendment”). As background, the Amendment eliminated the exclusion attributable to qualified performance-based compensation from the $1 million cap on the…