IRS reminds employers that implementing certain optional retirement plan provisions of SECURE 2.0 affect Form W‑2 and Form 1099‑R reporting starting in 2023 - The IRS recently issued Fact Sheet 2024‑18 to highlight how...more
El 4/8/24, el IRS continuó actualizando la lista de la Docena Sucia para 2024, incluyendo cómo el asesoramiento fiscal en redes sociales puede causar problemas a los contribuyentes a medida que circulan información fiscal...more
On 4/8/24, the IRS continued updating the Dirty Dozen list for 2024 including how social media tax advice can lead taxpayers to trouble as inaccurate or misleading tax information is circulating. IRS is re-issuing a warning,...more
With tax day quickly approaching on April 15, 2024, employers in Pennsylvania may want to take note of a December 2023 state tax law that might have flown under the radar. The law made employee contributions to...more
La planificación fiscal le aplica a todos. El 1/22/24, el IRS le recordó a todos los contribuyentes que comenzaran a prepararse para presentar su declaración de impuestos federales sobre la renta. Planificar con anticipación...more
Tax planning applies to everyone. On 1/22/24, IRS reminded all taxpayers to start getting ready to file their federal income tax return. Planning ahead can help taxpayers file an accurate return and avoid delays that can slow...more
Seyfarth Synopsis: Under Section 604 of Secure 2.0, sponsors of 401(k), 403(b) and governmental plans may allow employees to designate employer match (including match on student loan repayments) or nonelective contributions...more
Year-end and the beginning of the New Year are good times to check in on your family law matters. Myriad events might be triggered as the calendar switches over. A little pre-planning can avoid unpleasant surprises or...more
Changes are coming soon to Nevada’s solar workforce. This could have a seismic impact on Nevada solar companies, as Nevada leads the nation in solar industry jobs on a per capita basis. Under current law, independent...more
Last week, the National Labor Relations Board (NLRB) issued final rules broadening the definition of joint employers under federal labor law. A joint employer is a company that is not the employee’s direct W-2 employer, but...more
The employee benefits 2024 open enrollment season is quickly approaching and, with newly released IRS guidance, employers should be careful to ensure the health plan they offer employees is considered affordable. According to...more
By all measures, 2021 was a banner year for hiring, but 2022 and 2023 have been the opposite. According to one media source, more than 121,000 jobs in the technology sector alone — think Google LLC, Amazon.com Inc.,...more
On 3/20/23, the IRS launched its 2023 “Dirty Dozen” list with new warnings each day about common scams taxpayers (individuals and business) should avoid. Some items on the Dirty Dozen list are new, and some make a return...more
The California Civil Rights Department (CRD) released amended FAQs providing guidance on compliance with the new pay data reporting requirements. PDR FAQs – 2022 Reporting Year | CRD (ca.gov) As previously reported here and...more
This year’s deadline for filing individual tax returns is April 18. Malicious actors routinely target human resources professionals, certified public accountants, and individual employees with social engineering attacks...more
Landmark TWISM Ruling Curbs State Agency Power to Interpret the Law - On December 29, 2022, in a 4-3 opinion authored by Justice Pat DeWine, the Ohio Supreme Court held in TWISM Ents., L.L.C. v. State Bd. of Registration...more
The arrival of a new year marks the time to begin preparing annual 1095-C filings with the IRS and select state governments. Fortunately for employers, there aren’t any new 1095-C codes for the 2022 tax year. Still, with...more
“Component 2” pay data reporting. What a long strange trip it’s been. The recently released report of the National Academies of Sciences, Engineering, and Medicine’s Committee on National Statistics (NAS) – Collecting...more
Long term incentive plans offered by an entity that is taxed as a partnership present an additional problem compared to their corporate A-side counterparts. If an employee is given an equity interest in the partnership, the...more
Tax Litigation: The Week of June 13th, 2022, through June 17th, 2022 Phillips v. Comm’r, T.C. Memo. 2022-58 | June 13, 2022 | Lauber, J. | Dkt. No. 18553-21L Chavis v. Comm’r, 158 T.C. No. 8 | June 15, 2022 | Lauber, J. |...more
In last month’s Compliance Check, we discussed how to handle a situation where the 401(k) plan administrator is unable to reach a plan participant, i.e., a “missing participant.” In this month’s Compliance Check, we focus on...more
While many employers use the term "1099 employee" as a means to distinguish independent contractors from the company's W-2 employees, no such term exists from a legal standpoint. In fact, in addition to being inaccurate,...more
Some taxpayers are receiving automatically generated IRS notices of underpayments and penalties with respect to Form W-2 income tax and FICA withholdings, unemployment taxes, and backup withholding, as well as other year-end...more
Under present law, most Americans’ taxable income is reported by both the payor and the payee. Wage income is reported by the employer on a form W-2 and by the employee on an annual tax return. Independent contractor income...more
The Social Security Administration (SSA) has stated that it has discontinued mailing No-Match letters (also known as EDCOR notifications) to employers. SSA stated that it plans to focus instead on making it easier for...more