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IRS Finalizes Required Minimum Distribution Regulations

The IRS recently published its final regulations addressing changes to Tax Code Section 401(a)(9), relating to required minimum distributions (RMDs), under the Setting Every Community Up for Retirement Enhancement Act of 2019...more

Employers Must Remain Vigilant in Addressing IRS Letters 226J for Employer Shared Responsibility Payments

As we’ve previously discussed, the IRS started issuing Letters 226J in late 2017. It continues to send these letters to employers each year proposing that the employer owes an Employer Shared Responsibility Payment (ESRP) for...more

Revised and New Retirement Plan Distribution Withholding Forms

Earlier this year, the IRS issued a revised Form W-4P (Withholding Certificate for Pension or Annuity Payments) and a new Form W-4R (Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions), both...more

IRS Extends Physical Presence Requirement Relief to Retirement Plans

As we previously reported in 2020, the IRS granted temporary relief from the physical presence requirement under regulations governing participant elections and spousal consents for certain retirement plans. Generally, those...more

IRS Clarifies Taxation for Dependent Care Programs for 2021 and 2022

The IRS recently issued Notice 2021-26, which provides guidance related to certain pandemic relief provisions including carry-overs and extended grace periods which impact dependent care assistance programs (DCAPs) provided...more

New IRS Guidance Offers Employers Direction regarding COBRA Subsidy Obligations

As we previously reported, the recently enacted American Rescue Plan Act of 2021 (ARPA) includes a six-month COBRA premium subsidy whereby the federal government subsidizes 100% of the COBRA premium during the period of April...more

COVID-19 Relief Bill Will Have A Significant Impact On Employers And Employees

On December 27, 2020, the President signed a bill passed by Congress providing additional COVID-19 related relief and stimulus.  The key provisions impacting employers and current and former employees are summarized below,...more

IRS Issues Guidance on President Trump’s Payroll Tax Deferral Executive Order

On August 8, 2020, President Trump issued an Executive Order to the Secretary of Treasury directing the Department to defer the obligation of employers to withhold, deposit, and pay the employee share of Social Security...more

IRS Provides Temporary Relief to In-Person Consent Requirements for Retirement Plans

In IRS Notice 2020-42, and in light of current social distancing rules, the IRS recently granted temporary relief from the physical presence requirement under regulations governing participant elections. Generally, those...more

The IRS Gives New Meaning to an “Election Year” by Significantly Increasing Cafeteria Plan Mid-Year Election Change Options

The Internal Revenue Service (IRS) recently issued Notice 2020-29 and Notice 2020-33 to provide relief for employees participating in a Section 125 cafeteria plan.  Although temporary, the changes will provide employees...more

IRS Finalizes Hardship Distribution Regulations For Qualified Retirement Plans

Earlier this year, we summarized proposed Treasury regulations and the Bipartisan Budget Act of 2018, which made changes to the rules governing hardship distributions from 401(k) and 403(b) plans....more

IRS Finds Uncashed Retirement Plan Distribution Checks To Be Taxable

Retirement plan administrators can run into issues with uncashed distribution checks, most often when those distributions are mandated as required minimum distributions under the Tax Code. Last month, the IRS issued Revenue...more

Washington Working To Expand Multiple Employer Retirement Plan Options

The Department of Labor published final regulations on July 31, 2019, making it easier for multiple employers to band together to sponsor a single retirement plan (i.e., a multiple employer plan or MEP), thereby reducing the...more

IRS Expands Self-Correction Program For Qualified Retirement Plans

In its latest iteration of the Employee Plans Compliance Resolution System (“EPCRS”), in Revenue Procedure 2019-19, the IRS opened the self-correction window a bit wider by allowing qualified retirement plans that meet...more

IRS Shows How Difficult It Can Be To Exclude Business Meals From Income

The IRS recently issued a Technical Advice Memorandum (TAM) demonstrating the level of scrutiny that the IRS will apply in the case of the business meal exclusion....more

IRS Explains Safe Harbor For De Minimis Errors On Information Returns And Statements

Now that January 31st has passed, it is worth noting that the IRS recently issued proposed regulations providing for a de minimis error safe harbor exception to penalties for failing to provide accurate statements or...more

2/26/2019  /  1099s , IRS , Proposed Regulation , Safe Harbors , W-2

IRS Approves 401(k) Student Loan Repayment-Based Employer Contributions

Last month, the IRS issued a Private Letter Ruling in which it approved a company’s proposed program to condition employer contributions to a 401(k) plan on an employee making student loan payments....more

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