On May 18, 2021, the IRS issued the long- awaited guidance on the COBRA subsidy and premium assistance credit available under the American Rescue Plan Act of 2021 through eighty-six questions and answers....more
5/21/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
COBRA ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Health and Welfare Plans ,
Health Insurance ,
Infectious Diseases ,
IRS ,
New Legislation ,
Premium Subsidies ,
Relief Measures ,
Tax Credits
IRS guidance, Notice 2020-29 and 2020-33, issued on May 12, 2020 addresses unanticipated changes in health and dependent care expenses because of the 2019 Novel Coronavirus (COVID-19) pandemic by providing for increased...more
Not all 401(K) and other qualified plans allow hardship withdrawals, but if your plan does allow hardship withdrawals, make sure it is compliant with the new rules finalized in September. All of the changes are optional for...more
10/17/2019
/ 401k ,
Employee Benefits ,
FEMA ,
Hardship Distributions ,
IRS ,
Natural Disasters ,
Plan Administrators ,
QMAC ,
QNEC ,
Qualified Disaster Relief Payments ,
Retirement Plan
On February 9, 2018, the Bipartisan Budget Act (the “Act”) was signed into law. The Act directed the IRS to revise regulations governing hardship withdrawal provisions in qualified plans. ...more
12/28/2018
/ 401k ,
Bipartisan Budget Act ,
Employee Benefits ,
Hardship Distributions ,
IRS ,
New Regulations ,
QMAC ,
QNEC ,
Retirement Plan ,
Tax Penalties ,
Tax Planning ,
Taxation