In March 2020, Congress passed the CARES Act in response to the COVID-19 pandemic. Among its many provisions, the law granted some contribution and benefit restriction relief for single-employer defined … Continued
In a recent ruling, the IRS provided a blueprint where it concluded that employees may allocate employer contributions between a health reimbursement arrangement (HRA) and a profit sharing plan without … Continued
On July 21, 2020, the Internal Revenue Service (IRS) issued Revenue Procedure 2020-36 that provides revised health plan contribution affordability percentages as applicable under the Affordable Care Act (ACA). Under … Continued
The Internal Revenue Service (IRS) issued new guidance concerning the Families First Coronavirus Response Act (FFCRA) on July 8, 2020. Under this guidance, employers are required to report the amount … Continued
On June 10, 2020, the Internal Revenue Service (IRS) issued proposed regulations concerning payments made to direct primary care arrangements, health care sharing ministries, and certain other medical care arrangements … Continued
On April 9, 2020, the IRS issued Notice 2020-23 to extend key tax deadlines for individuals and businesses in response to the ongoing COVID-19 pandemic. This new tax relief is … Continued
Many employers sponsor non-qualified deferred compensation plans that provide for benefits in excess of those under tax-qualified plans. There are strict requirements in operating these plans and failure to follow … Continued
Small and midsize employers may begin using two new refundable payroll tax credits to obtain reimbursement for the costs of providing coronavirus related leave to their employees, the U.S. Department … Continued
On February 21, 2020, the Internal Revenue Service (IRS) Office of Chief Counsel released a memorandum that eliminated the statute of limitations on pay-or-play penalty (a.k.a. the employer mandate) assessments … Continued
2020 has arrived and as we work to catch up from the holidays, it is important to remember that some very important compliance deadlines are fast approaching. The 2019 Affordable … Continued