Earlier this week, the IRS issued long-awaited proposed regulations under Section 162(m) of the Internal Revenue Code.  Our colleagues at Covington’s Tax Reporting & Withholding Blog published a comprehensive summary and analysis of the proposed regulations.  As you will see, the proposed regulations fell short of proposing workable solutions for public companies wrestling with the changes brought about by the Tax Cuts and Jobs Act, and would pull in new categories of companies that were not previously subject to the Section 162(m) limitation on deductible executive compensation.  Please visit the Tax Reporting & Withholding Blog for more information.

Tags: 162(m), deductible, deduction, executive compensation, public companies, public debt, tax deduction
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Photo of William Woolston William Woolston

Will Woolston helps employers solve tough employee benefits and executive compensation problems. Will is a partner in the firm’s Washington office whose practice focuses on all aspects of global employee benefits and executive compensation for companies of all sizes in a variety of…

Will Woolston helps employers solve tough employee benefits and executive compensation problems. Will is a partner in the firm’s Washington office whose practice focuses on all aspects of global employee benefits and executive compensation for companies of all sizes in a variety of industries, including specialty chemicals and performance materials, disruptive technology, defense and aerospace, gaming and entertainment, and sports.

Will offers a practical approach to employers facing challenging decisions and transactions that impact their officers, executives, employees, and retirees. His approach and perspective developed over many years of close, day-to-day relationships with counsel and staff at major multinationals. In addition, Will provides an insider’s view and appreciation of the challenges facing in-house counsel, having once served as seconded corporate counsel to one of the largest U.S. defense contractors.

Although best described as a generalist in the employee benefits and executive compensation space, Will’s practice focuses significantly on the following areas:

  • Tax-qualified retirement plans, with a particular emphasis on cash balance and pension equity plans
  • Domestic U.S. and global equity incentive programs.
  • Corporate transactions and post-closing workforce integration
  • Executive employment agreements, retention and bonus agreements, and other similar incentives

Will was named a 2020 Law360 Rising Star in Employee Benefits.

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