On December 15, 2020, the U.S. Department of Labor (DOL) released a final prohibited transaction class exemption for certain fiduciary investment advice actions. Issuance of the exemption is the latest in the tug of war of...more
On December 27, 2020, President Trump signed into effect the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the Act) as part of the COVID-19 stimulus bill. The Act provides for some welcome relief for health and...more
On August 8, President Trump issued a Memorandum directing the Treasury Department to permit employers to defer the withholding of employees’ social security and railroad retirement taxes through December 31, 2020. On August...more
On June 29, the U.S. Department of Labor (DOL) again waded into the financial services standard of care waters, only this time, it is staying in the shallow end. The DOL’s proposed prohibited transaction exemption (Proposed...more
7/17/2020
/ Best Interest Standard ,
Business Conduct Standards ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Reasonable Compensation ,
Recordkeeping Requirements ,
Retirement Plan
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides sponsors of 401(k) and other tax-qualified retirement plans with tools to give their employees who are affected by COVID-19 greater access to their...more
7/1/2020
/ 401k ,
CARES Act ,
Coronavirus/COVID-19 ,
Deferred Compensation ,
Distribution Rules ,
New Guidance ,
Pay Reductions ,
Plan Administrators ,
Qualified Retirement Plans ,
Repayment Options ,
Reporting Requirements ,
Section 409A ,
Tax Penalties
The impact of the COVID-19 pandemic on the business community is unprecedented. Every company and executive is questioning the effects the disease will have on their business, employees, customers, and local and global...more
IRS Notice 2020-29 gives employers new opportunities to help employees who participate in Section 125 plans deal with COVID-19. Under Notice 2020-29, employers can allow participants and eligible employees of their Section...more
Over recent days, the Internal Revenue Service has extended certain tax filing and payment deadlines and issued guidance on some provisions of the recently-enacted Coronavirus Aid, Relief, and Economic Security Act (the CARES...more
4/21/2020
/ CARES Act ,
Corporate Taxes ,
Employee Retention ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Net Operating Losses ,
New Guidance ,
Payroll Taxes ,
REMIC ,
Tax Relief
On March 27, the United States House of Representatives passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”), and the President signed it into law. This alert summarizes key tax and employee...more
On March 18, the U.S. Senate passed, and President Trump quickly signed, H.R. 6201–the Families First Coronavirus Response Act.
H.R. 6201 contains a number of provisions designed to address the coronavirus (COVID-19)...more
3/24/2020
/ Coronavirus/COVID-19 ,
EFMLA ,
EPSLA ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
New Legislation ,
Relief Measures ,
Sick Leave ,
Sick Pay ,
Tax Credits ,
Unemployment Insurance ,
Virus Testing
On March 11, 2020, the Internal Revenue Service (IRS) issued Notice 2020-15 to clear up concerns about whether high-deductible health plans (HDHP) could cover all costs for testing and treatment of 2019 Novel Coronavirus...more