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DOL Issues Long-Awaited New Rule Governing Retirement Investment Advisors

On April 6, 2016, the U. S. Department of Labor (DOL) released a long-awaited final rule expanding the definition of "fiduciary" under ERISA as well as the duties of investment advisors who qualify as fiduciaries thereunder....more

ACA Reporting Delayed

On Monday, December 28, 2015, the Internal Revenue Service announced in Notice 2016-4 that employers will have additional time to file annual reports required under the Patient Protection and Affordable Care Act ("ACA"). The...more

Congress Gives Commuters a Christmas Present

On Friday, December 18, 2015, when President Obama signed the Protecting Americans from Tax Hikes (PATH) Act into law, one of the provisions included in the law made the monthly limit on qualified transportation benefits for...more

Undoing Form 5500 Extensions

Over this past summer, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the "Surface Transportation Act") included a provision that extended by a month the automatic extension that is...more

New York City Transit Benefit Requirement Fast Approaching

As most New York City employers know by now, beginning January 1, 2016, the New York Mass Transit Benefits Law (the "ordinance") requires employers with twenty or more full-time employees working in New York City to offer...more

2016 Cost of Living Increases are Rare

On October 21, 2015, in Information Release 2015-118, the IRS announced cost-of-living adjustments to various dollar limitations under the Internal Revenue Code (the "Code") for pension plans and other related items for the...more

Extending Form 5500 Deadlines

On July 31, 2015, President Obama signed the "Surface Transportation and Veterans Health Care Choice Improvement Act of 2015" (P.L. 114-41) (the "Act"). The Act primarily served to extend the Highway Trust Fund and various...more

Labor Department Proposes Fiduciary Conflict of Interest Rules — Again

On April 14, 2015, the U.S. Department of Labor (DOL) reissued the long-awaited re-proposal of its regulation expanding the definition of "fiduciary" under the Employee Retirement Security Act of 1974, as amended (ERISA), and...more

Upcoming New Rules for New Category of PEO

The Tax Increase Prevention Act of 2014 ("TIPA") was signed into law by President Obama in December of last year. One of the changes made by the Act (Section 206) was a change in the Internal Revenue Code to create – and to...more

Employer Errors in Dealing with Additional Medicare Tax

The IRS has modified two of its "frequently asked questions" (FAQs) relating to the additional 0.9 percent "high-earner" Medicare tax that is required to be withheld starting this year. The modifications address how to deal...more

IRS Provides Protection against Upcoming Change in Rollover Rules

Today, in Announcement 2014-32 (the "Announcement"), the Internal Revenue Service clarified the rules that will apply going forward when an owner of an individual retirement arrangement (IRA) seeks to roll over a distribution...more

IRS Announces 2015 Cost-of-Living Increases to Benefit Plan Limits

On October 23, 2014, the Internal Revenue Service announced cost of living adjustments affecting the limitations applicable to pension and other retirement plans, in IR 2014-99. Some of the limitations remain unchanged...more

Business Associate Agreements May Require Amendment

The Omnibus Final Rule (the "Omnibus Rule") under the Health Insurance Portability and Accountability Act of 1996 ("HIPAA"), was issued in January, 2013 effective March 26, 2013, but with a general compliance deadline of...more

When is a Retirement Account not a Retirement Account?

Q: When is a retirement account not a retirement account? A: When it's an inherited IRA and the owner is bankrupt. That's what the Supreme Court said last week in a case involving the Bankruptcy Code's exemption...more

Many Employers Will Owe Increased Unemployment Tax

Executive Summary: Employers in 15 states (and the Virgin Islands) may not be eligible to claim the maximum amount of credit for state unemployment contributions on their 2014 federal unemployment tax (FUTA) return (Form 940)...more

Supreme Court Decides Severance Not Exempt From FICA

Executive Summary: On March 25, 2014, the United States Supreme Court unanimously held that certain severance payments (described as "supplemental unemployment compensation benefits" or "SUBs") constituted taxable wages for...more

IRS Answers Some Outstanding Questions For Same Sex Spouses

Since the Supreme Court's decision in United States v. Windsor holding the Defense of Marriage Act ("DOMA") to be unconstitutional, and the related guidance issued thereafter by the Internal Revenue Service certain questions...more

Mid-Year Changes To Safe-Harbor Plans

On November 14, 2013, the Internal Revenue Service issued final regulations modifying some of the conditions for making mid-year changes to employer matching or nonelective contributions under plans that utilize the...more

IRS Modifies "Use It Or Lose It" Rule For Health Flexible Spending Arrangements

Summary: On October 31, 2013, the Internal Revenue Service (IRS) issued Notice 2013 -71 (the "Notice"), which made two significant changes affecting the administration of cafeteria plans under section 125 of the Internal...more

The Windsor FICA Fix

As promised, the Internal Revenue Service has prescribed special procedures that employers may use in order to retroactively correct FICA withholding and payment following the Supreme Court's decision earlier this year in...more

Labor Department Signs On To State-Of-Celebration Rule For Same-Sex Marriages

On September 18, 2013, the Department of Labor's Employee Benefits Security Administration (EBSA) issued Technical Release 2013-04 (the "Release"), adopting the treatment of same-sex marriages for purposes of ERISA (and for...more

9/20/2013

Legal Alert: IRS Answers Residence Question For Same-Sex Spouses

On August 29, 2013, the Internal Revenue Service issued Revenue Ruling 2013-17, under which same-sex couples will be treated as married for all federal tax purposes, including income and gift and estate taxes, if their...more

Legal Alert: Correcting 2012 Withholding Errors

One of the changes made by the American Taxpayer Relief Act ("ATRA") was to restore the $240 monthly limit on employer-provided transit passes or commuting transportation, which had reverted to $125 as of January 1, 2012. ...more

Legal Alert: The Fiscal-Cliff Tax Relief Affected Benefits, Too

As most everyone knows by now, Congress adopted, and President Obama signed, legislation – the American Taxpayer Relief Act (the "Act") – that resolves many elements of the so-called "fiscal cliff," i.e., the various tax...more

Legal Alert: IRS Provides Temporary Waiver Of Certain Eligibility Requirements For The Voluntary Classification Settlement Program

In Announcements 2012-45 and 2012-46, the IRS has temporarily eased the eligibility requirements for employers to participate in the employment-tax Voluntary Classification Settlement Program ("VCSP") that was begun last...more

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