From the 2010 outset of its project to extend ERISA fiduciary status broadly to financial intermediaries, including insurance agents, the US Department of Labor (DOL) has consistently relied on the evolution of the private...more
On February 21, 2024, the IRS announced a new initiative to audit large corporate taxpayer use of corporate jets, as part of a larger initiative focused on tax compliance of large corporations and high-income taxpayers. The...more
With 2023 drawing to a close, it is a good time for employers to consider any actions needed before year-end with respect to their benefit plans. We made a list, and we encourage plan sponsors to check it twice....more
The IRS has announced a two-year “administrative transition period” for plan sponsors to implement the SECURE 2.0 Act provision requiring higher-income employees to make retirement plan catch-up contributions as Roth...more
8/29/2023
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Comment Period ,
Employee Benefits ,
Employee Contributions ,
Individual Retirement Account (IRA) ,
IRS ,
Relief Measures ,
Retirement Plan ,
Roth IRA ,
SECURE Act
On February 24, 2023, the IRS issued proposed regulations simplifying the use of forfeitures in qualified retirement plans, providing that forfeitures in defined contribution plans must be used by the end of the plan year...more
The IRS issued Notice 2022-53 on October 7, providing relief under the required minimum distribution (RMD) rules of Section 401(a)(9) of the Internal Revenue Code (Code). The Notice provides that excise taxes and tax...more
The IRS has extended the deadline for plan sponsors of qualified retirement plans and IRAs to make amendments under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Taxpayer Certainty and...more
9/27/2022
/ 403(b) Plans ,
457(b) Plans ,
Benefit Plan Sponsors ,
CARES Act ,
Individual Retirement Account (IRA) ,
IRS ,
New Guidance ,
Plan Documents ,
Qualified Retirement Plans ,
Relief Measures ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act ,
Time Extensions
The IRS has extended the deadline for adopting qualified retirement plan and IRA amendments to reflect changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Bipartisan...more
Just in time for the Olympics, the Internal Revenue Service (IRS) is attempting to take a medal in the category of “long-form voluntary compliance programs”. The IRS issued Revenue Procedure 2021-30 (Rev. Proc. 2021-30),...more
The American Rescue Plan Act (the Act) included certain temporary COBRA subsidy provisions that allow “Assistance Eligible Individuals” (AEIs) to receive COBRA subsidies from April 1, 2021 to September 30, 2021 (the...more
6/24/2021
/ American Rescue Plan Act of 2021 ,
COBRA ,
Employee Benefits ,
Employer Group Health Plans ,
Flexible Savings Accounts (FSAs) ,
HRA ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Premium Subsidies ,
Tax Credits
On December 18, 2020, the Internal Revenue Service and Treasury Department issued final regulations under section 162(m) of the Internal Revenue Code, following proposed regulations issued in December 2019. The final...more
1/22/2021
/ Clawbacks ,
Covered Employees ,
Executive Compensation ,
Foreign Private Issuers ,
Grandfathered Status ,
Internal Revenue Code (IRC) ,
IRS ,
Publicly-Traded Companies ,
Section 162(m) ,
Tax Cuts and Jobs Act ,
U.S. Treasury
The Internal Revenue Service (IRS) recently issued a Revenue Ruling, a Revenue Procedure and a series of frequently asked questions (FAQs) posted on the IRS website addressing open questions regarding Paycheck Protection...more
On August 28, the IRS issued Notice 2020-65 on the deferral of employee payroll tax obligations, as originally described in the Trump Administration’s Executive Memorandum dated August 8. The brief guidance provides employers...more
COVID-19 has disrupted many aspects of work and play, leaving employees with canceled vacations and hesitance to schedule additional travel. As a result, employers are grappling with an unusual dilemma - managing ever-growing...more
On June 19, 2020, the Internal Revenue Service provided additional guidance for plan sponsors implementing the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) retirement plan relief. Notice 2020-50 expands the...more
As the COVID-19 global pandemic continues to impact employers, the IRS has been looking for ways to provide some additional flexibility to employer-sponsored benefit plans. In the past week, the IRS released two notices aimed...more
On December 16, 2019, the Department of the Treasury (Treasury Department) and Internal Revenue Service (IRS) released long-awaited proposed regulations under Section 162(m) of the Internal Revenue Code implementing changes...more
12/23/2019
/ Corporate Officers ,
Covered Employees ,
Executive Compensation ,
GAAP ,
Grandfathered Status ,
Interim Guidance ,
IRS ,
Proposed Regulation ,
Publicly-Traded Companies ,
Section 162(m) ,
Securities Exchange Act ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
U.S. Treasury
In Rev. Rul. 2019-19, which was issued on August 14, the Internal Revenue Service (IRS) took another small step in its undertaking to address tax issues raised by missing or unresponsive retirement plan participants. The...more
On April 19, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-19, which updates its Employee Plans Compliance Resolution System (EPCRS). The new EPCRS significantly expands the use of retroactive plan...more
On March 6, 2019, the Internal Revenue Service (IRS) issued Notice 2019-18 (Notice), announcing that it is retracting its previous position that prohibited pension plan sponsors from offering lump-sum cashouts to retirees who...more
On December 31, 2018, the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) issued Notice 2019-09 (Notice) providing comprehensive interim guidance under section 4960 of the Internal...more
1/21/2019
/ Comment Period ,
Excise Tax ,
Executive Compensation ,
Golden Parachutes ,
Interim Guidance ,
Internal Revenue Code (IRC) ,
IRS ,
Remuneration ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exempt Entities ,
U.S. Treasury
On October 3, the Internal Revenue Service (IRS) issued Notice 2018-76 (the Notice) to address the deductibility of business meals under section 274(a) of the Internal Revenue Code. The Tax Cuts and Jobs Act (the TCJA) made...more
On March 5, 2018, the Internal Revenue Service (IRS) released Rev. Proc. 2018-18, which changes the family limit on annual contributions to Health Savings Accounts (HSAs). The Revenue Procedure announced that the HSA limit...more
In an internal memorandum to its examination agents dated February 23, 2017, the Internal Revenue Service (IRS) issued guidance regarding the types of documentation that agents should request in verifying hardship withdrawals...more
On June 21, the Treasury Department and the Internal Revenue Service (IRS) issued proposed Internal Revenue Code (Code) section 409A regulations, modifying existing proposed and final section 409A regulations regarding...more