News & Analysis as of

W-2 Employee Benefits

Davis Wright Tremaine LLP

How SECURE 2.0 Options Impact Form W-2 and Form 1099-R Reporting

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

Seyfarth Shaw LLP

“SECURE-ing” the Answers to Outstanding Questions on the Rothification of Employer Contributions

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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

Schwabe, Williamson & Wyatt PC

‎2024 Healthcare Affordability Percentage Makes Benefits More Expensive for Employers‎

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

McDermott Will & Emery

Weekly IRS Roundup December 7 – December 11, 2020

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 7 – December 11, 2020... December 7, 2020: The IRS released TD 9937 related to...more

Jackson Lewis P.C.

IRS Provides Guidance On Employer Leave-Based Donation Programs That Aid Victims Of The COVID-19 Pandemic

Jackson Lewis P.C. on

IRS Notice 2020-46 addresses the tax treatment of employees who elect to have their employers donate sick, vacation or personal leave as cash payments to charitable organizations that provide relief to victims of the COVID-19...more

Conn Kavanaugh

Understanding Your W-2

Conn Kavanaugh on

Employers must issue Form W-2, Wage and Tax Statement, to employees by January 31st, so you should have received yours by now. But have you ever actually stopped to look at your W-2? And do you know what it all means? Your...more

Seyfarth Shaw LLP

Massachusetts PFML Quarterly Returns and Contributions Due By January 31, 2020

Seyfarth Shaw LLP on

Seyfarth Synopsis: Yesterday, the Department of Family and Medical Leave (DFML) reported on guidance it received from the Department of Revenue regarding how employers participating in the Commonwealth’s Paid Family and...more

Morgan Lewis - ML Benefits

Hot Topics In Employee Benefits: What we're seeing

As we look forward to 2020, we bring you a few key takeaways on the hot topics and trends that individuals operating in the employee benefits space are watching in health and welfare, plan sponsor considerations, executive...more

Clark Hill PLC

Important Employer Considerations With Respect to Health Plan Opt-Out Benefits

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Many employers offer employees the option to use the employer’s cafeteria plan to opt-out of group health plan coverage and receive taxable cash payments. As open enrollment gears up this fall, it is important for employers...more

Akerman LLP

Retirement Plan And Other HR Compliance Reminders

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Governmental agencies have been issuing a variety of guidance in the past 24 months that have changed certain reporting and disclosure requirements applicable to employee benefit plans, as well as providing for certain new...more

Rosenberg Martin Greenberg LLP

Final Section 199A Regulations: Interpretation of W-2 Wages and UBIA Thresholds May Significantly Limit the QBI Deduction

When it was announced that the Tax Cuts and Jobs Act included a new 20% deduction for qualified business income (“QBI”) of pass-through businesses, many business owners started planning for huge tax savings. Hopefully, their...more

Foley & Lardner LLP

How Do I Report Non-Qualified Plan or Severance Payments to a Former Employee? Hint: You Should Probably Use a W-2, Not a 1099!

Foley & Lardner LLP on

Employers commonly make payments to former employees for a number of reasons. Two of the more routine payments are those from a non-qualified deferred compensation plan (such as payments from a supplemental executive...more

Steptoe & Johnson PLLC

Tax Reform Could Increase Employer Relocation Costs

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The costs associated with employee relocation reimbursements may increase as a result of the Tax Cuts and Jobs Act (“Act”). This change affects both for-profit and nonprofit employers...more

Snell & Wilmer

A Time to Remember that Employer-Provider Data Breach Benefits are not Taxable

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Hardly a week goes by without another announcement of a high-profile data security breach. The list of data breaches impacting high-profile employers and their employees just in 2017 is long...more

Burr & Forman

Employee or independent contractor? Right to control is key

Burr & Forman on

A continuing point of contention in employment law revolves around who is an employee versus who is an independent contractor. The issue seems to come up often in wage and hour cases and workers’ compensation or unemployment...more

Proskauer - Law and the Workplace

Guidance Issued on Taxability of Contributions and Benefits under New York Paid Family Leave Law

The New York State Department of Taxation and Finance has issued official guidance on several taxability issues relating to the New York Paid Family Leave Law (“PFLL”), which goes into effect on January 1, 2018. Among other...more

Sullivan & Worcester

Employment and Benefits Advisory: 2017 Reminders and Developments

Sullivan & Worcester on

New Relief for Small Employer Health Reimbursement Arrangements - As mentioned in prior advisories, the Departments of Labor, Health and Human Services and Treasury have taken the position that employers cannot reimburse...more

Jackson Walker

Employee Benefits Legislation Proposed (But Not Passed) by the Obama Administration

Jackson Walker on

In February of 2015, the Department of Treasury issued a reported entitled “General Explanation of the Administration’s Fiscal Year 2016 Revenue Proposals” (the “General Explanation”). The General Explanation is several...more

Stinson - Benefits Notes Blog

Some Wellness Benefits are Taxable

My colleagues blogged on recent wellness guidance from the Equal Employment Opportunity Commission (EEOC) and the three agencies charged with enforcing the Affordable Care Act (ACA), the Department of Treasury, the Department...more

Goodwin

IRS Releases FAQs on Cafeteria Plan Benefits for Same-Sex Spouses Post-DOMA

Goodwin on

The Internal Revenue Service has released a series of FAQs to answer several outstanding questions following the U.S. Supreme Court’s ruling in Windsor, which struck down Section 3 of the Defense of Marriage Act. The most...more

Akerman LLP

Employee Benefits Update: 2013 Year End Plan Tasks

Akerman LLP on

As we approach the end of the year, employers and plan sponsors of qualified retirement plans and health and welfare plans should take time to meet various upcoming deadlines. Failure to comply with the deadlines may result...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Guidance to Implement Retroactive Increase in 2012 Mass Transit Benefit Limits—January 31 Deadline

On January 16 the Internal Revenue Service (IRS) issued guidance on the application of the retroactive increase in excludible transit benefits, as enacted under the American Taxpayer Relief Act of 2012 (ATRA). IRS Notice...more

King & Spalding

2013 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

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Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties and excise taxes. To...more

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