Todd Solomon
Subscribe to Todd Solomon's PostsTodd A. Solomon focuses his practice on designing, amending and administering pension, profit sharing, 401(k), employee stock ownership and 403(b) plans, as well as nonqualified deferred compensation arrangements. He also counsels privately and publicly held corporations and tax-exempt entities regarding fiduciary issues under the Employee Retirement Income Security Act (ERISA), employee benefits issues involved in corporate transactions, executive compensation matters and the implementation of benefit programs for domestic partners of employees.Read Todd A. Solomon's full bio.
IRS Releases Final Instruction for Form W-8BEN-E
By Andrew Liazos, Patrick Ryan, Ruth Wimer and Todd Solomon on Jun 27, 2014
Posted In Retirement Plans
In March 2013, the Internal Revenue Service (IRS) issued the final version of Form W-8BEN-E Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting. This form allows certain non-U.S. retirement plans to claim exemption from the reporting and withholding requirement of the Foreign Account Tax Compliance Act (FATCA). However, the...
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June 30 Deadline Approaches for Mandatory E-File FBAR Reporting
By Diane Morgenthaler, Ruth Wimer and Todd Solomon on Jun 25, 2014
Posted In Fiduciary and Investment Issues
2014 presents particular challenges with respect to FBAR, the Report of Foreign Bank and Financial Accounts, for certain U.S. persons with interests in or signature authority over assets exceeding $10,000 held outside the U.S. in foreign accounts. The deadline for calendar year 2013 reporting obligations is June 30, 2014, and by then all taxpayers must e-file...
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New IRS Program for Delinquent Form 5500 Filers of Non-ERISA Plans
By Jeffrey Holdvogt, Patrick Ryan and Todd Solomon on Jun 17, 2014
Posted In Retirement Plans
The Internal Revenue Service recently established a one-year pilot program that provides plan administrators and plan sponsors of certain non-ERISA and foreign plans subject to the annual Form 5500 reporting requirements relief from penalties under the Internal Revenue Code. The penalty relief is temporary and expires on June 2, 2015. Read the full article.
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Non-U.S. Retirement Plans Must Comply with or Claim Exemption from FATCA by July 1
By Andrew Liazos and Todd Solomon on Jun 13, 2014
Posted In Retirement Plans
In January 2013, the Internal Revenue Service (IRS) published final regulations under the Foreign Account Tax Compliance Act (FATCA). FATCA is intended to make it more difficult for U.S. taxpayers to conceal assets held in offshore accounts. In order to obtain information about offshore accounts, FATCA imposes significant reporting obligations on both non-U.S. foreign financial...
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IRS Guidance Clarifies Retroactive Retirement Plan Impact of Supreme Court’s Windsor Ruling
By Brian Tiemann and Todd Solomon on Apr 15, 2014
Posted In Retirement Plans
The Internal Revenue Service issued Notice 2014-19 and a set of Frequently Asked Questions on April 4, 2014, clarifying certain retroactive retirement plan implications of the Supreme Court’s Windsor ruling. The guidance requires plans to be administered to reflect the Windsorruling effective as of June 26, 2013, but does not require plans to retroactively recognize same-sex spouses prior...
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HHS Guidance Clarifies that Insurance Companies Must Make Available Health Insurance Coverage for Same-Sex Spouses
By Brian Tiemann, Jacob Mattinson and Todd Solomon on Apr 1, 2014
Posted In Health and Welfare Plans
On March 14, 2014, the Department of Health and Human Services (HHS) Centers for Medicare & Medicaid Services (CMS) released guidance clarifying the final regulations implementing Section 2702 of the Public Health Service Act (PHSA). PHSA Section 2702 addresses guaranteed availability of coverage. Pursuant to that section, health insurance issuers offering non-grandfathered health insurance coverage in the group or...
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District Court Strikes Down Rental Allowance Tax Exemption for Ministers
By Anthony A. Bongiorno, Joseph K. Urwitz, Mary K. Samsa, Ralph E. DeJong and Todd Solomon on Jan 16, 2014
Posted In Employment
A federal court recently declared unconstitutional Internal Revenue Code Section 107(2), which excludes from gross income a rental allowance paid to a “minister of the gospel” as part of his or her compensation, on the grounds that it violates the Establishment Clause of the U.S. Constitution. Religious institutions offering such allowances should closely monitor further...
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New California Law Affects State Taxation of Employer Tax Gross-Ups for Domestic Partners
By Brian Tiemann, Jacob Mattinson and Todd Solomon on Nov 7, 2013
Posted In Employment, Health and Welfare Plans, Retirement Plans
The California state legislature recently enacted a law that may affect the taxation of benefits an employer provides to same-sex domestic partners in the state. California AB 362 excludes from gross income for California state income tax purposes the amount of any tax gross-ups paid by an employer to an employee for benefits for that...
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IRS Guidance on Employment and Income Tax Refunds on Same-Sex Spouse Benefits
By Brian Tiemann, Ruth Wimer and Todd Solomon on Oct 22, 2013
Posted In Employment, Health and Welfare Plans, Retirement Plans
Employers extending benefit coverage to employees’ same-sex spouses and partners should review their payroll procedures to ensure that such coverages are properly taxed for federal income and FICA tax purposes. Employers also should review the options in Notice 2013-61 and consider filing claims for refunds or adjustments of FICA overpayments. To read the full article,...
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View From McDermott: Dollars and Cents, the Cost of Benefit Coverage
By Brian Tiemann and Todd Solomon on Oct 10, 2013
Posted In Employment, Health and Welfare Plans
Many employers have begun the process of evaluating their options and obligations with respect to extending benefit coverage under employer-sponsored benefit plans to same-sex spouses in light of the U.S. Supreme Court’s recent ruling on Section 3 of the Defense of Marriage Act. Section 3 of DOMA provided that for all purposes of federal law...
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