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overview
Liam K. Healy focuses his practice on helping clients maintain compliance with the myriad of state and federal tax laws and regulations that govern individuals and businesses.
Practice Areas
Bio
He has a broad range of experience in business law and business tax matters including choice and formation of business entities, partnership and shareholder agreements, buy sell agreements, franchise agreements, mergers and acquisitions, business succession planning, real estate, tax free exchanges, non-profit organizations and tax audits. Liam has counseled business owner clients through every stage, from formation to the sale of the business.
A particular focus of Liam’s practice is in the area of employee benefits and ERISA. Liam specializes in designing pension and executive compensation plans to benefit business owners and executives. His practice in this area includes plan design strategies to achieve the maximum allowable contributions for the business owner clients, preparation of determination letter applications, audit representation in IRS and Department of Labor audits, drafting and filing correction applications to correct mistakes in retirement plan operation, drafting and reviewing deferred compensation agreements, severance agreements and non-compete agreements, representing employers in multi-employer plan collection and withdrawal liability matters, and advising clients in M&A transactions involving retirement plan compliance. Liam regularly writes and speaks on the practice of tax and employee benefits law.
He is deeply committed to his clients and enjoys longstanding relationships with them and their families spanning multiple generations. Liam’s clients describe him as loyal, committed, knowledgeable, technical, focused and highly responsive to their needs.
When Liam is not counseling clients or digging into the tax code, he enjoys cooking, reading, exercise, competing with his wife in local 5k events and watching Detroit Pistons and MSU basketball. Liam resides with his wife and daughter in Farmington, Michigan.
Articles
- The Ninth Circuit Questions the Sixth Circuit’s Understanding of “Actual Knowledge” in ERISA Statute of Limitations Decision – BenefitsLink Retirement Plans Newsletter (December, 2018)
- 401(k) Tax Notices Must be Updated for Tax Reform – Lexology (August, 2018)
- VCP Change Represents Opportunity for Larger Plans – Lexology (March, 2018)
- Recent Changes Affecting Your 401(k) and Profit Sharing Plan – Lexology (January, 2018)
- In Re Chilton and the Continuing Question of the Inherited IRA Bankruptcy Exemption in Michigan, Michigan Tax Lawyer, Volume XXXVII, Issue 3, Fall 2011
- Back to Basics: Applying Qualified Plan Limits to Non-Calendar Years, Michigan Tax Lawyer, Vol. XXXVI, Issue 1, Winter 2010
- Is it RIP for RAP in Michigan? Notes and Observation on the Michigan Personal Property Trust Perpetuities Act – Michigan Probate and Estate Planning Journal (Winter, 2008) (with Larry J. Ferguson)
- Powerless: The Problem of Maenhoudt and the Much Needed Michigan Uniform Power of Attorney Act – Michigan Probate and Estate Planning Journal (Summer, 2007)
Speaking Engagements
- ERISA Litigation Update – Oakland County Bar Association Employee Benefits Section (January, 2019)
- 401(a) Plan Submission and Correction Procedures: Overview and Update – Oakland County Bar Association Tax Section – (May, 2018)
- Choosing a Business Entity – Washtenaw County Bar Association Tax Section (April, 2017)
- ERISA Litigation Update – 28th Annual ICLE Tax Conference (May, 2015)
credentials
Affiliations
- Oakland County Bar Association – Chair of the Employee Benefits Committee
- Michigan State Bar Association
- American Bar Association
- Detroit Bar Association
- City of Farmington Board of Review
- International Society of Irish American Lawyers (ISIAL)
Bar and Court Admissions
- Michigan
- United States District Court for the Eastern District of Michigan
Education
- Detroit College of Law at Michigan State University, J.D.
- Georgetown University Law Center, LL.M
- Master of Taxation
- University of Michigan, B.A.
Insights & News
August 19, 2022
IRS Pilot Program Provides 401(k) Plans Rare Pre-Audit Notice and Correction Window
It is often too late to correct 401(k) plan document or operation errors once an audit letter is received without incurring significant penalties from the IRS. A new IRS pilot program provides advance notice of an audit to employers who sponsor 401(k) plans, and a 90-day window to correct any errors.
January 3, 2022
Liam Healy Named Member at Kerr Russell
Liam K. Healy was recently named a member (partner) at Kerr Russell. He was selected at the end of 2021 for the promotion effective January 1, 2022.
June 22, 2021
Challenge to IRS Notice does not violate Anti-Injunction Act
In a ruling with implications for retirement and tax planning generally, the U.S. Supreme Court has determined that, in certain circumstances, taxpayers can challenge reporting requirements before complying with the requirement – typically prohibited in tax collection cases by the Anti-Injunction Act.
June 22, 2021
Supreme Court Upholds Affordable Care Act
In California v. Texas, the U.S. Supreme Court has once again considered and rejected a challenge to the Patient Protection and Affordable Care Act (ACA or Act).
June 22, 2021
Employers Must Update 401(k) Documents for “Third” Cycle
COVID-19 has brought many changes to retirement plan laws. In addition, plan documents are still being updated for pre-COVID 19 laws such as the 2019 SECURE Act.
May 14, 2021
Mask or No Mask? CDC’s New Mask Guidance
On Thursday, May 13, 2021, the CDC issued a new mask guidance. Effective immediately, individuals who have been fully vaccinated may resume activities without wearing masks or physically distancing, except where required by federal, state, local, tribal, or territorial laws, rules and regulations, including local business and workplace guidance.
April 7, 2021
Latest COVID-19 Relief Includes COBRA Subsidy – Employer Action Required
The Michigan State Medical Society released an update by Liam Healy discussing the COBRA subsidy included in the latest round of COVID-19 relief.
January 15, 2021
Second Round of PPP Money Now Available
The SBA announced that it will re-open the Paycheck Protection Program (PPP) loan portal to all eligible lenders this coming Tuesday, January 19, 2021, for a second round PPP loan applications.
January 13, 2021
New COVID Act Includes Employee Benefit Changes
The Consolidated Appropriations Act of 2021 was signed into law on December 27, 2020. The Act contains multiple provisions relating to employer sponsored employee benefit plans. The Act provides an employer the ability to avoid plan termination resulting from workforce reduction and to provide flexibility and expanded tax benefits to employee participants during the pandemic period.
January 4, 2021
New Law Extends Paid Leave Tax Credits, Other Relief
The Consolidated Appropriations Act of 2021 (the Act) was signed into law on December 27, 2020. Among its many extenders, the Act provides employers the option to continue paid leave through March 31, 2021 and receive a tax credit for amounts paid.
September 28, 2020
COBRA Election Notices and Other Deadlines Remain Extended
The U.S. Department of Labor and U.S. Department of Treasury issued joint guidance extending certain COBRA election, premium payment and appeal deadlines during the COVID-19 outbreak.
July 30, 2020
401(k) Plans have until August 31 to Avoid Required Employer Contributions
Many 401(k) plans are “safe-harbor” plans, meaning that the plan sponsor employer commits to providing an annual match or 3% contribution for participants in exchange for avoiding annual non-discrimination testing and possible burdensome corrections.
June 29, 2020
Travel Recommendations for Summer 2020
Given that the previous few months have been filled with quarantine, shelter in place, and stay at home orders, the desire to travel over the upcoming summer months has perhaps never been greater.
June 3, 2020
Michigan Stay-At-Home Order Rescinded
On June 1, 2020, Governor Whitmer issued Executive Order 2020-110 (“Order”). The Order is effective immediately with certain provisions effective on June 4 and June 8. The Order rescinds Executive Order 2020-92, the latest version of the stay safe, stay at home order.
May 27, 2020
Employee Benefits Webinar: CARES Act and Other COVID-19 Legislation
In case you missed it, here is another chance to watch a recent webinar on Employee Benefits Amid COVID-19, by Liam Healy hosted by Corp! Magazine.
May 18, 2020
Opportunities and Obstacles for Contractors in a COVID-19 Economy
Kerr Russell attorneys hosted a webinar for the Southeastern Michigan Chapter of the National Electricians Association (NECA).
April 28, 2020
PPP Receives Additional Funding but Problems Persist
On April 24, 2020, the president signed into law the fourth in a series of bills to address the public health and economic crisis caused by COVID-19. The Paycheck Protection Program and Health Care Enhancement Act (PPPHCE Act) provides additional funding for the recently exhausted CARES Act Paycheck Protection Program.
April 27, 2020
Michigan Extends Stay Home Requirement - Some Activities Allowed to Resume
On April 24, 2020, Governor Whitmer issued Executive Order 2020-59 (“Order”). The Order is effective immediately with certain limited provisions effective on April 26. The Order continues through May 15, 2020 at 11:59 pm, unless modified. Executive Order 2020-60 was also issued and adds temporary safety measures for food-selling establishments and pharmacies
April 24, 2020
Upcoming Webinar on Employee Benefits Amid COVID-19
Employee Benefits attorney, Liam K. Healy will be presenting a webinar on May 14, 2020 from noon-1:00 PM EDT. The webinar hosted by Corp! Magazine and MichBusiness is on “Employee Benefits Update: CARES Act and Other COVID-19 Legislation.”
April 13, 2020
Business Insights for Michigan's Stay at Home Order Extension
On April 9, 2020, Governor Whitmer issued Executive Order 2020-42 (“Order”). The Order takes effect on that date at 11:59 pm and continues through April 30, 2020 at 11:59 pm, unless modified.
April 6, 2020
Unemployment Benefit Provision Under the CARES Act
Title II, Section A of the CARES Act modifies and expands unemployment benefits available in 2020 to provide relief to individuals who are affected by the COVID-19 epidemic.
April 1, 2020
Paid Leave Coverage Update
The US Department of Labor recently clarified that employees laid off or furloughed due to lack of work and “stay at home” orders are not entitled to receive paid leave benefits under the new Emergency Paid Leave Act or the Emergency Family Medical Leave Act Expansion.
March 30, 2020
CARES Act Establishes SBA Paycheck Protection Program
On March 27, 2020, President Trump signed into law, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) expanding the SBA 7(a) loan program (the “Paycheck Protection Program”) by allowing eligible businesses to receive forgivable loans of up to $10,000,000 for a maximum term of 2 years.
March 30, 2020
CARES Act: Summary of Key Business Tax Provisions
On March 27, 2020, President Trump signed into law, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). A summary of key business tax provisions follows.
March 30, 2020
CARES Act Relief for Individual Taxpayers
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law on March 27, 2020. The CARES Act provides critically needed stimulus and relief to businesses and individuals in the wake of the COVID-19 outbreak.
March 30, 2020
Executive Order 2020-26 Extends Michigan Tax Deadline
On March 27, 2020, Governor Whitmer issued Executive Order 2020-26 extending the filing and payment deadline for 2019 State of Michigan income taxes. The order contains additional relief.
March 27, 2020
COVID-19 Employer Guidance: How to Navigate the Most Common Challenges
Kerr Russell attorneys and Qualified Staffing hosted a webinar discussing the impact of COVID-19 0n employers. The webinar, which can be heard HERE, focused on employment law policies directly relating to COVID-19.
March 24, 2020
How the Stay Home, Stay Safe Order May Affect Your Business
On March 23, 2020, Governor Whitmer issued Executive Order 2020-21 (“Order”). The Order took effect March 24, at 12:01 am and continues through April 13, 2020 at 11:59 pm. It requires residents to stay in their homes other than for exempted activities. These exemptions include work under very limited circumstances.
March 20, 2020
IRS ExtendsTax Filing Deadline
In an effort to offer COVID-19 relief, the IRS is providing an extension to the tax filing deadline. The new deadline is July 15, 2020. This is in addition to the extension to file and pay 2019 and estimated taxes.
March 18, 2020
Paid Leave under the Families First Coronavirus Response Act
As previously discussed, the federal Family and Medical Leave Act (FMLA) provides up to twelve weeks unpaid leave in a twelve-month period and the guarantee of continued employment following leave. However, FMLA does not provide paid leave and Michigan currently has no paid leave statute.
March 18, 2020
Michigan Employment Security Act EO Amendment
First tangible benefit issued to employees in Michigan. Michigan's Governor expands entitlement of employees to collect unemployment benefits by suspending the Voluntary Leave disqualification provisions of the Unemployment Act and extending the period of benefit coverage.
March 17, 2020
Coronavirus/COVID-19 Business Continuity: A Message to Our Community, Clients and Friends
Kerr Russell is committed to its community, clients and people. As the world navigates through the impact of COVID-19 (coronavirus), we want to assure you that Kerr Russell is committed to supporting our community, clients and people as effectively as we have through every other crisis our Nation has encountered over our firm’s nearly 150-year history.
Our firm is fully operational: We have made sure that our lawyers and staff are able to safely and effectively serve our clients’ needs and continue operations on an uninterrupted basis. Most of our people
March 17, 2020
Employer Obligations Arising from COVID-19 (Part 2)
As of March 17, 2020, Michigan has announced 54 presumptive positive cases of COVID-19. There are more than 30 test results pending, and almost 400 individuals are being monitored for assessment purposes.
March 16, 2020
Families First Coronavirus Response Act
Affected Employers may qualify for certain benefits. On the morning of Saturday, March 14, 2020, the United States House of Representatives passed H.R. 6201: Families First Coronavirus Response Act, an emergency rescue package designed to respond to the economic impact of the coronavirus epidemic.
March 16, 2020
COVID-19 Outbreak Prompts Flexibility in Unemployment Insurance Benefits
The U.S. Department of Labor on Friday, March 12, 2020 issued a guideline outlining the potential ways that states can administer their unemployment insurance programs to provide the greatest assistance to those Americans who have been affected by the COVID-19 outbreak.
March 16, 2020
IRS Relaxes Health Plan Rules to Combat COVID 19
The IRS is taking steps to respond to the COVID 19 virus. Additional steps and guidance are expected.
March 13, 2020
Responding to Employee Concerns About Coronavirus/COVID-19 (Part 1)
On March 10, 2020 the Michigan Department of Health and Human Services announced the first positive tests for coronavirus disease 2019 (COVID-19) in the State of Michigan. Unfortunately, due to the contagious nature of COVID-19, it is likely that the virus will spread to others within the State and begin to affect Michigan workplaces.
March 2, 2020
What Do Employers Need to Know About the SECURE Act?
Kerr Russell attorney Liam K. Healy answers this question for DBusiness Magazine.
January 16, 2020
Employers Sponsoring 401(k) Plans Must be Diligent with Plan Documents
Labor and Employment attorney Liam Healy summarizes recent changes from the IRS. On December 13, 2019, the IRS Office of Chief Counsel issued a General Legal Advice Memorandum (“Memo”) stating the IRS’ position that employers sponsoring 401(k) plans must sign and keep plan documents or risk disqualification.
January 16, 2020
IRS Allows Employer Debt as Tax-Deductible Pension Plan Contribution
Attorney Liam Healy summarizes IRS rulings from late 2019. In a private letter ruling issued November 8, 2019, the IRS has allowed a company ("Employer") that is the sponsor of a defined benefit pension plan to contribute an employer promissory note as a tax-deductible contribution to the plan.
January 15, 2020
The SECURE Act is effective January 1, 2020
Attorney Liam Healy explains the details of the “Setting Every Community Up for Retirement Enhancement Act of 2019” (SECURE Act). The SECURE Act was signed into law on December 20, 2019 and went into effect January 1, 2020. The Act makes significant changes to the rules relating to 401(k) plans and IRAs.
October 22, 2019
Hardship Distributions from 401(k), 403(b) Plans Need Changes
Legal Alert
401(k) and 403(b) Retirement Plans that Allow for Hardship Distributions will need to be Amended for 2019 Final Regulations
August 22, 2019
Liam Healy Presents on Resolving the Tax and Health Insurance Conundrum for Small Business
Employee benefits attorney, Liam Healy, presented to the Michigan Association of CPAs, on tax and health insurance matters for small businesses.
June 27, 2019
Royalty Income is Subject to Self-Employment Tax
Tax Court Rules Royalty Income from Popular Author’s “Brand” is Subject to Self-Employment Tax
June 11, 2019
Collective Bargaining and Employment Benefits
Michigan Supreme Court Says Collective Bargaining Agreement Does Not Provide Lifetime Health Care Benefits to Macomb County Retirees.
Representative Matters
Successful representation of physician practice in IRS pension plan audit
Successful representation of international private foundation in IRS challenge to tax exempt status
Successful representation of claimant in multi-million dollar probate litigation matter resulting in summary disposition at probate court level and settlement at court of appeals
Successful representation of claimant in real estate tax litigation resulting in reduction from $9,000,000 to $3,000,000 taxable value