162(m)

President Biden Signs 1.9 Trillion Dollar COVID Relief Legislation

Topics: 162(m), COVID, EIDL, Employee benefits, MEPs, PPP, small Business

On Thursday afternoon, President Biden officially signed the American Rescue Act, a 1.9 trillion-dollar relief package aimed at getting the country through the hopefully final stages of the pandemic as vaccinations ramp up. Much of the big-ticket items have been well reported since their introduction by the President back in January. In addition to the…

IRS Issues New 162(m) Rules Related to Grandfathered Benefits under Deferred Compensation Plans.

Topics: 162(m), COLI/BOLI, Congress, NQDC, Tax reform

Changes to 162(m) made by the Tax Act expand the $1 million deduction limit for covered employees at public companies. NQDC amounts accrued as of November 2, 2017 can escape these expanded deduction limits if the NQDC amounts meet certain grandfather requirements to remain covered by the pre-Tax Act 162(m) rules (“old 162(m)”). The Notice…