The New IRS Form 990: What Does It Mean For Your ... - Venable LLP

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EMPLOYEE BENEFITS AND EXECUTIVE COMPENSATION ALERT OCTOBER 2007 2 ‣ "Good reason" termination clauses in employment agreements can be adjusted before December 31, 2008, but only if the current good reason condition constitutes a substantial risk of forfeiture. ‣ Information reporting of amounts deferred in 2007 is not required. ‣ Amounts includible in income for 2007 under Section 409A must be reported on Form W-2 or 1099 (as applicable) and, in the case of an employee, are subject to income tax withholding. The IRS also reiterated its intent to issue guidance in the near future establishing a limited voluntary compliance program for some unintentional operational Section 409A failures. Details have not been provided, but the IRS anticipates that such failures could be corrected in the same taxable year in which they occur or result in only limited amounts being subject to income inclusion and penalties under Section 409A. As described in other Alerts, Section 409A casts a wide net, applying to every organization— large or small, private or public, for-profit or tax-exempt—and to all employees, not just top executives, on all sorts of plans, programs, agreements and policies that are now considered "deferred compensation" even though historically no one has ever thought of them as such. If you have not already begun the Section 409A compliance review for your organization, now is the time to begin, as the extended deadlines provide a fresh opportunity to inventory, analyze and restructure (as necessary) all of your arrangements that are considered "deferred compensation" under Section 409A. We welcome and look forward to working with you in this effort. For more information about Section 409A, or other employee benefits matters, please contact any member of the Employee Benefits and Executive Compensation Group: Harry Atlas (410) 528-2848 Andrea O'Brien (301) 217-5655; (202) 344-4328 hiatlas@venable.com aiobrien@venable.com Jennifer Berman (410) 244-7756 Barbara Schlaff (410) 244-7494 jsberman@venable.com beschlaff@venable.com Kenneth Hoffman (202) 344-4810; (410) 244-7771 Serena Simons (202) 344-4599 krhoffman@venable.com sgsimons@venable.com Meredith Horton (202) 344-8290 Lisa Tavares (202) 344-4075 mphorton@venable.com latavares@venable.com Thora Johnson (410) 244-7747 Martha Jo Wagner (202) 344-4002 tajohnson@venable.com mjwagner@venable.com Jason Levine (202) 344-4629 John Wilhelm (703) 760-1917 jelevine@venable.com jawilhelm@venable.com Patricia McDermott (202) 344-8061 pmcdermott@venable.com ©2007 Venable LLP. www.venable.com 1-888-VENABLE. This alert is published by the Employee Benefits and Executive Compensation Practice Group of the law firm Venable LLP. It is not intended to provide legal advice or opinion. Such advice may only be given when related to specific fact situations that Venable has accepted an engagement as counsel to address. VALUE ADDED, VALUES DRIVEN. SM
Employee Benefits Alert AUGUST 14, 2007 IMPORTANT DEVELOPMENTS AFFECTING HEALTH PLANS: HIPAA Nondiscrimination Regulations Finalized, New TRICARE Rules Issued, Mental Health Parity Regulations Extended, New Cafeteria Plan Regulations Proposed, and Massachusetts Health Care Reform Law Enacted As the summer starts to wane and your attention shifts to open enrollment season for your health plans for 2008, we wanted to provide you with a brief synopsis of several new developments to keep in mind. ‣ Final HIPAA Nondiscrimination and Wellness Program Regulations Issued: The Federal government issued final regulations regarding the nondiscrimination rules that apply to health plans and their wellness programs under the Health Insurance Portability and Accountability Act of 1996 (HIPAA). The regulations, which are effective January 1, 2008 for calendar year plans, do not differ substantially from the interim regulations issued in 2001. However, they do include important additional guidance to health plans regarding source-of-injury exclusions, what it means to be “actively at work,” and how the nondiscrimination rules apply to wellness programs. ‣ New TRICARE Rules Prohibit Incentives Not To Participate in Employer- Sponsored Group Health Plans: TRICARE is the medical plan for United States military personnel and their dependents. Effective January 1, 2008, employers who have employees eligible for TRICARE will be prohibited from providing financial or other incentives to those employees not to enroll, or to terminate their enrollment in, an employer group health plan that would otherwise be the primary payor for their health claims. These rules are similar to the Medicare secondary payor rules. Despite the new rules, the Department of Defense has indicated that an employer may be able to continue to offer a cash-out option under its cafeteria plan to all employees, including those eligible for TRICARE, who do not elect coverage under the employer’s group health plan. In contrast, it may be problematic for an employer to offer medical plans which supplement or “wrap” around TRICARE under these new rules. The Department of Defense is expected to release interim final rules on these issues in the near future. ‣ Regulations under the Mental Health Parity Act Extended: Interim final regulations under the Mental Health Parity Act (MHPA) have been extended to December 31, 2007. The MHPA prohibits a group health plan from having lower annual or aggregate lifetime dollar limits for mental health benefits than it has for medical and surgical benefits. This past year, Federal legislation was also introduced to further expand the requirements of the MHPA, and we will be sure to keep you updated if those changes become law. ‣ New Regulations Proposed For Cafeteria Plans Enacted: The Internal Revenue Service recently issued new proposed regulations that apply to cafeteria and flexible benefits plans. These proposed regulations update and consolidate prior regulations and other guidance that the IRS has issued in recent years. For example, the proposed regulations provide helpful clarification in a number of areas, including plan document requirements, grace periods, debit cards, and contributions to health savings accounts. It is proposed that these regulations generally be effective for plan years beginning on or after January 1, 2009. Employers may rely on them now until final regulations are issued and should begin to review their plans in light of these regulations. VALUE ADDED, VALUES DRIVEN. ®
Page 1 and 2: VALUE ADDED, VALUES DRIVEN ® . The
Page 3 and 4: Articles The 2008 Form 990: Putting
Page 5 and 6: earned and the year paid — has be
Page 7 and 8: Articles Association Trends Telling
Page 9 and 10: OLD AND NEW IRS FORM 990 - COMPARIS
Page 11 and 12: "OLD" FORM 990 "NEW" FORM 990 Whose
Page 13: Employee Benefits and Executive Com
Page 17 and 18: Employee Benefits Alert JULY 24, 20
Page 19 and 20: experience brings broad perspective
Page 21 and 22: Foundation Board of Trustees, the G
Page 23 and 24: Patricia M. McDermott Partner 202.3
Page 25 and 26: George E. Constantine Partner 202.3
Page 27 and 28: ASSOCIATION & NONPROFIT PRACTICE GR
Page 29 and 30: OUR EXPERIENCE Venable brings to ea
Page 31 and 32: Below are highlights of some of the
Page 33 and 34: development of a new professional c
Page 35 and 36: egulatory practice is filled with s
Page 37 and 38: CONCLUSION Widely regarded as havin
Page 39 and 40: modifying them to conform to change
Page 41 and 42: that our clients achieve their busi
Page 43 and 44: efficient and practical manner. Our
Page 45 and 46: 1 The New IRS Form 990: What Does I
Page 47 and 48: 3 THE CORE FORM 990 Thora Johnson V
Page 49 and 50: 5 THE SUMMARY ‣ New to the Form 9
Page 51 and 52: 7 SNAPSHOT OF REVENUE ‣ Total con
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Page 57 and 58: 13 OTHER IRS FILINGS AND TAX COMPLI
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21 DISCLOSURE ‣ Make its Form 102
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23 REMAINING SECTIONS OF CORE FORM
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25 FORM 990 REPORTING: EXECUTIVE CO
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27 EXECUTIVE COMPENSATION - FORM 99
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29 COMPENSATION REPORTING - PURPOSE
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31 2008 FORM - GENERAL STRUCTURE FO
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33 CHANGES MADE BY DISCUSSION DRAFT
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35 THRESHOLDS FOR SCHEDULE J REPORT
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37 ADDITIONAL SCHEDULE J QUESTIONS
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39 PREPARING FOR IMPLEMENTATION ‣
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41 OVERVIEW OF THE SCHEDULES ‣ 16
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43 SCHEDULE A ‣ Change now allows
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45 SCHEDULE B ‣ No changes - requ
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47 Schedule D ‣ Supplemental Fina
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49 Schedule F ‣ Activities outsid
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51 Schedule F ‣ Requires grantmak
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53 Schedule G ‣ Describe relation
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55 Schedule I ‣ Grants and Other
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57 Schedule K ‣ Supplemental Info
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59 Schedule M ‣ Non-Cash Contribu
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61 Schedule N ‣ Liquidation, Term
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63 Schedule R ‣ Related Organizat
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65 Summary ‣ Significant new info
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Form 990 (2008) Part III Statement
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Form 990 (2008) Part IV 28 a 32 33
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Form 990 (2008) Part VI Governance,
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Form 990 (2008) Part VII Continued
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Form 990 (2008) Page 10 Part IX Sta
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SCHEDULE A (Form 990 or 990-EZ) Dep
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Schedule A (Form 990 or 990-EZ) 200
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Schedule B (Form 990, 990-EZ, or 99
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SCHEDULE C (Form 990 or 990-EZ) Dep
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Schedule C (Form 990 or 990-EZ) 200
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SCHEDULE D (Form 990) Department of
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Schedule D (Form 990) 2008 Part VII
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Schedule D (Form 990) 2008 Part XIV
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Schedule F (Form 990) Department of
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Schedule F (Form 990) 2008 Page 3 P
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SCHEDULE F-1 (Form 990) Department
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Schedule F-1 (Form 990) 2008 Page 3
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Schedule G (Form 990 or 990-EZ) 200
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SCHEDULE H (Form 990) Department of
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Schedule H (Form 990) 2008 Part VIV
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SCHEDULE I (Form 990) Department of
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SCHEDULE I-1 (Form 990) Department
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SCHEDULE J (Form 990) Department of
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Schedule J (Form 990) 2008 Page 3 P
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SCHEDULE J-2 (Form 990) Department
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Schedule K (Form 990) 2008 Page 2 P
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SCHEDULE M (Form 990) Department of
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SCHEDULE N (Form 990) Department of
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Schedule N (Form 990) 2008 Part III
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Schedule N-1 (Form 990) 2008 Part I
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Schedule O (Form 990) 2008 Name of
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Schedule R (Form 990) 2008 Page 2 P
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Schedule R (Form 990) 2008 Page 4 P
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Schedule R-1 (Form 990) 2008 Page 2
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Schedule R-1 (Form 990) 2008 Part I
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Schedule R-1 (Form 990) 2008 Part V
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The New IRS Form 990: What Does It Mean For Your ... - Venable LLP

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