Under Internal Revenue Code section 404(c), plan sponsors have fiduciary responsibilities to protect the interests of the participants. Among these responsibilities is an obligation to ensure that fees charged to participants’ accounts are reasonable. This includes fees charged by investment managers, auditors, attorneys, advisors, and others. In recent years, high-profile lawsuits were filed against plan…
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Limit on Deductions for Executive Compensation at Public Companies
By Stephen Kirkland This article was published y NACVA in QuickRead on July 11, 2019. The Tax Cuts and Jobs Act (TCJA) made important changes to Section 162(m) of the Internal Revenue Code. That section limits a publicly held corporation’s tax deduction for compensation paid to each covered employee to a maximum of $1,000,000 per year.…
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10 Tips for Choosing the Best Expert Witness
This is reproduced from the CEBblog™, 10 Tips for Choosing the Best Expert Witness, (http://blog.ceb.com/2010/08/02/10-tips-for-choosing-the-best-expert-witness/) copyright 2010 by the Regents of the University of California. Reproduced with permission of Continuing Education of the Bar - California. (For information about CEB publications, telephone toll free 1-800-CEB-3444 or visit our Web site, CEB.com). By Julie Brook, Esq.…
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Shareholder Disputes at Closely Held Businesses
Over the last twenty years, an increasing number of attorneys have contacted me about litigation among shareholders of closely held businesses. Shareholders of closely held businesses in various parts of the United States are embroiled in litigation with each other over the amount of compensation that one or more of the shareholder-officers received. These lawsuits…
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