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Cancellation of Non-Qualified Plan Deferral Election Due to a Coronavirus-Related Distribution

In general, a participant must make a deferral election to a non-qualified deferred compensation plan before the beginning of the plan year and the election must remain in effect for the entire plan year. Participants made...more

IRS General Counsel Opinion on Deductibility of Health Insurance Premiums Paid for Family Members of S Corporation Shareholders

The IRS recently issued a Chief Counsel Memorandum clarifying when a family member of a 2% shareholder in an S corporation is entitled to a deduction under Section 162(l) of the Internal Revenue Code (the “Code”) for health...more

Determining Eligibility for the Employer Credit for Paid Family and Medical Leave

Section 45S of the Internal Revenue Code (“Code”), added to the Code by the Tax Cuts and Jobs Act of 2017, establishes a general business credit for an employer who provides paid family and medical leave to qualifying...more

Restrictions On 401(k) Plan Hardship Distributions Are Eased in Proposed Regulations

The IRS has issued proposed regulations affecting hardship distributions under 401(k) plans. The regulations would implement changes made by the Bipartisan Budget Act of 2018, and are updated for several earlier legislative...more

Section 409A Implications of Discounted Stock Options

Employers are generally aware that Section 409A of the Internal Revenue Code of 1986 (“Section 409A”) applies to deferred compensation but may not be aware that it can also apply to certain stock option programs, which could...more

Key Tax Changes in the American Health Care Act

The American Health Care Act ("AHCA"), passed by the House of Representatives on May 4, 2017, repeals many of the taxes added by the Affordable Care Act ("ACA") and makes changes to other tax rules. Some of the notable...more

Small Employer Standalone HRA Allowed by New Law

Effective January 1, 2017, small employers with fewer than 50 full-time employees will be allowed to offer employees a standalone health reimbursement account (“HRA”) without being subject to an excise tax under a law passed...more

ACA Tax Reporting Alert

- In Notice 2016-70, the IRS has extended the date on which to furnish copies of the 2016 Form 1095-B or Form 1095-C to employees to MARCH 2, 2017. - The IRS has also extended the "good faith" transition relief from...more

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