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Benefit Plan Sponsors › Tax Relief

Snell & Wilmer

IRS Extends Amendment Deadline for Certain Qualified Plan Amendments

Snell & Wilmer on

The IRS recently provided some welcome relief in the form of extended amendment deadlines for sponsors of qualified retirement plans (including collectively bargained plans)...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRS offers more partial termination guidance

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

The Internal Revenue Service (IRS) released some new guidance on the temporary partial plan termination rules thanks to COVID under the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the Act)....more

Davis Wright Tremaine LLP

American Rescue Plan Act Expands Dependent Care Benefit—But Only for 2021

Davis Wright Tremaine LLP on

The just-signed American Rescue Plan Act (ARPA) contains several provisions to help multiemployer and single employer plans fund retiree benefits. Two less-noticed provisions greatly increase the child care tax credit and...more

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

U.S. and Puerto Rico Issue Rules on Non-COVID-19 Disaster Relief for Retirement Plans

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

Last year, in response to the COVID-19 pandemic, the United States Congress and the Puerto Rico Department of Treasury (Hacienda) granted favorable tax treatment to coronavirus-related distributions (CRDs) and participant...more

Jackson Walker

Payroll Tax Relief and Latest Developments in Retirement Plans and Benefits

Jackson Walker on

Payroll Tax Relief Under CARES Act, FFCRA, and Executive Order - While the Coronavirus Aid, Relief, and Economic Security (CARES) Act permitted employers to defer depositing the portion of the FICA taxes the employer pays...more

Eversheds Sutherland (US) LLP

Social distancing: When states decouple from the federal CARES Act

Eversheds Sutherland (US) LLP on

The CARES Act provides for special federal tax treatment for “coronavirus-related distributions” from most types of tax-qualified retirement plans and IRAs. The distribution must be made between January 1, 2020 and December...more

Foley & Lardner LLP

Furloughs, Workforce Reductions, and Facility Closures Due to Coronavirus: Important Defined Benefit Plan Reporting Obligations

Foley & Lardner LLP on

Employers face unique legal and financial challenges in connection with the COVID-19 pandemic. One such challenge includes the impact of a potential furlough, workforce reduction, or facility closures on benefit plan...more

Flaster Greenberg PC

New Retirement Plan Hardship Distribution Rules: What You Need to Know

Flaster Greenberg PC on

The IRS recently amended the rules applicable to hardship distributions from 401(k) and 403(b) plans. The new hardship distribution regulation relaxes some of the restrictions on the availability of hardship distributions...more

BCLP

IRS Expands Determination Letter Program for Mergers of Qualified Plans Following Corporate Transactions

BCLP on

The IRS recently reversed course on the availability of the determination letter program for merged qualified retirement plans – thereby providing new alternatives for integrating qualified retirement plan benefits in the...more

McDermott Will & Emery

Tax Reform Results in Only Minor Changes for Retirement Plans

McDermott Will & Emery on

The Tax Cuts and Jobs Act made significant changes to the tax code and will have a significant impact on businesses and individual taxpayers. However, although initial proposals included potentially significant changes to...more

Shumaker, Loop & Kendrick, LLP

Client Alert: Congress Provides More Hurricane Relief for Employees and Employers

Shumaker, Loop & Kendrick, LLP on

On September 29, 2017, President Trump signed the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”). In addition to extending the funding for the Federal Aviation Administration, the Act contained...more

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