Our attorneys are frequent presenters to both trade and bar associations. In addition, we often offer our own webcasts that our clients find practical, timely and informative.
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This is Part Two of our Town Hall for School Districts. We continue to focus on items that School Districts should be thinking about for the 2021-2022 school year.
Deferred compensation plans have long been used to retain and reward executives and management personnel. If properly designed, they can also be used as a means of compensating a business owner for transitioning the ownership of the business to its key employees, while allowing the owner to avoid paying the bulk of FICA tax on compensation received from the plan. Tax law imposes strict requirements on the design of these arrangements, and careful advanced planning is required in order to avoid the high tax penalties imposed if a plan does not meet the strict requirements of the tax code.
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