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Diving Into SECURE 2.0: New DOL Lost and Found, Updates to EPCRS, and Delayed Implementation of Roth Catch-up Requirement

The SECURE 2.0 Act of 2022 (SECURE 2.0) significantly changes the legal and administrative compliance landscape for U.S. retirement plans. Foley & Lardner LLP is authoring a series of articles that take a “deep dive” into key...more

IRS Clarifies Ability to Reimburse Certain Programs Under HSAs, FSAs and HRAs

On March 17, 2023, the Internal Revenue Service (IRS) released updated guidance on whether certain costs related to substance abuse programs, exercise programs, wellness and general health qualify as medical expenses under...more

COVID-19 Public Health Emergency Ending May 11, 2023: Actions You Should Consider for Your Employee Benefit Plans

On January 30th, President Biden announced his intention to end both the COVID-19 national emergency and the COVID-19 public health emergency (together, the “Emergency Declarations”) effective May 11, 2023. The Emergency...more

401(k) Compliance Check #10: Magic Words – Best Practices for 401(k) Plan SPDs

To help employers properly administer their 401(k) plans, in 2022, Foley & Lardner LLP is authoring a series of monthly “401(k) Compliance Check” newsletters. This article includes some tips for drafting a best-in- class...more

Key Considerations When Offering Abortion Coverage Under a Group Health Plan

Not surprisingly, leading up to and in the wake of the U.S. Supreme Court’s decision in Dobbs v. Jackson Women’s Health Organization, our employee benefits team has been spending a lot of time helping our clients wade through...more

401(k) Compliance Check #4: Required Participant Notices

In last month’s 401(k) Compliance Check, we discussed what to do if you inadvertently failed to enroll someone in your 401(k) plan. In this month’s Compliance Check, we focus on the variety of typical notices that are...more

IRS and DOL Clarify Extended Deadlines for Benefit Plans and Encourage Employer Notices

Last year, the Internal Revenue Service (IRS) and the Department of Labor (DOL) issued two notices that extended certain benefit plan deadlines for both employees/plan participants and for plan administrators as a result of...more

Get Ready Employer Health Plans – Vaccines are Coming!

By the time this article goes to print, it is likely that COVID-19 vaccine distribution and administration will be underway in the United States. In late October, the Trump Administration released an interim final regulation...more

Post-COVID M&A Transactions Guidebook

The COVID-19 pandemic has had far-reaching effects to date, including economic uncertainty and widespread business interruptions. This environment may raise unique considerations for parties contemplating an M&A transaction....more

IRS Provides Additional Guidance for CARES Act Retirement Plan Loans and Distributions

On June 19, 2020, the IRS issued Notice 2020-50 (the “Notice”), which provides additional guidance regarding coronavirus distributions and loans from qualified retirement plans under the Coronavirus Aid, Relief, and Economic...more

Do We Need a Plan Amendment for That? Top FAQs to Decide

Since the start of the COVID-19 pandemic, we have gotten daily calls and emails from our clients asking how furloughs, layoffs, the CARES Act, and a host of other pandemic-related changes affect the benefit plans that they...more

IRS Provides New Flexiblity for Cafeteria Plan Elections

The IRS issued two notices on May 12, 2020, Notice 2020-29 and Notice 2020-33. These Notices provide a number of options that employers could choose to offer their employees with respect to their 2020 cafeteria plan benefits...more

Final Regulations on Hardship Distributions: Not Much New News is Good News

If your company sponsors a 401(k) or 403(b) plan that allows participants to take hardship distributions, you probably had a conversation with your plan recordkeeper last year about changes to the rules on hardship...more

A New Way to Use Your 401(k) Plan to Attract and Retain Recent Graduates

According to a recent report, the average student loan debt for a Class of 2016 graduate is $37,172. As recent graduates enter the work force, they often choose not to contribute to their employers’ 401(k) plans and lose out...more

Watch Your Mail: IRS Begins Collection of Employer Mandate Penalties

It’s official. The IRS has finally begun the process of collecting penalties under the Affordable Care Act’s (“ACA”) employer shared responsibility provisions, better known as the “employer mandate.” The IRS has started...more

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