A Legislative Approach? In April of 2023, the United States Department of Labor (DOL) committed to move forward with a regulation to clearly detail “adequate consideration” in section 408(e) of the Employee Retirement Income Security Act of 1974 (ERISA). For decades the DOL has utilized litigation versus heeding Congress’s edict to enact regulations regarding adequate consideration and it seems as though ac ...
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(Part I of III) This article about excess compensation is comprised of three-parts. Part one summarizes the facts regarding Clary Hood, Inc. v. Commissioner and the U.S. Tax Court’s holding. Part two of this series describes the Tax Court’s analysis and conclusions regarding the reasonableness of compensation issues. Part three describes the Tax Court’s analysis and conclusions regarding Section 6662 penalt ...
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An Army veteran and former air traffic controller who recently was still piloting his own plane to work, Richard Salmen has become the CFP Board's new chairman. With his choice, the board has returned a working financial planner to lead the nation's largest and most powerful planning nonprofit. To read the full article in FinancialPlanning, click: High-Flying Army Vet Becomes CFP Board Chairman. ...
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The future of the fiduciary rule is up for grabs, again, and clients, advisers, and firms are jumping in to make their voices heard at a crucial moment. Via a public commentary board, the Department of Labor is hearing feedback on whether it should make changes to the fiduciary rule and delay the regulation's second stage of implementation. Scroll through to see some of the most passionate and insightful ...
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Analysis of Unaudited Financial Statements—Who and How? There has been much discussion within the ESOP community about the “settlement” and its reverberations. As readers are likely aware, the settlement in question refers to the 2014 settlement agreement between GreatBanc Trust Company and the United States Department of Labor (DOL). The terms of the settlement include, among other things, an agreement con ...
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