The German carry taxation regime pursuant to Section 18, paragraph 1, number 4 in the German Income Tax Act (referred to hereafter as “Section 18”) provides for a beneficial tax treatment of carry income of German resident...more
In the late night hours of November 9, 2023, the City of Chicago passed the Chicago Paid Leave and Paid Sick and Safe Leave Ordinance, a first-of-its-kind piece of legislation requiring employers to provide up to 40 hours of...more
Under a bill introduced at the New York City Council meeting on June 22, 2023, New York City employers would be required to allow employees to accrue up to 80 hours of personal time off that can be used for any reason, in...more
On December 22, 2021, the New York State Department of Labor (“NYDOL”) issued the final rules (the “Rules”) implementing the New York State Sick Leave Law (“NYSSLL”), which has been in effect since September 30, 2020. In...more
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
As noted in our prior blog posts here and here, the Consolidated Appropriations Act of 2021 (the “Act”) includes several types of relief for flexible spending accounts (“FSAs”), impacting both health and dependent care FSAs. ...more
As noted in our prior blog posts here and here, Section 214 of the Consolidated Appropriations Act of 2021 (“Act”) permits employers to amend their flexible spending account (FSA) plans to help participants avoid forfeiting...more
The Consolidated Appropriations Act, 2021 (CAA) contained temporary relief measures aimed at addressing unused contributions to health flexible spending accounts (FSA) and dependent care assistance programs (DCAP). On...more
In Notice 2021-15, the IRS provides many answers to questions regarding the temporary special rules introduced as part of the Consolidated Appropriations Act, 2021 (CAA) for health flexible spending accounts (health FSAs) and...more
The Consolidated Appropriations Act, 2021 (the “Act”) was signed into law by the president on December 27, 2020. The Act, comprised of several pieces of legislation, contains a number of employee benefits-related provisions,...more
As the January 1, 2021, effective date of Maine’s Earned Paid Employee Leave Law approaches, the state Department of Labor (DOL) has promulgated the much-anticipated final regulations for implementing the statute...more
After more than a four-year delay, the City of Pittsburgh’s Paid Sick Days Act (“the Ordinance”) will go into effect on March 15, 2020. The city passed the Ordinance in August 2015, but its authority to pass such a law was...more
Earlier this month the San Antonio City Council approved major changes to the city’s paid sick and safe leave ordinance. San Antonio’s ordinance was scheduled to take effect August 1, 2019. The effective date was delayed...more
On October 15, 2019, the Bernalillo County, New Mexico Commissioners voted to amend their mandatory paid time off (PTO) ordinance, enacted only two months earlier. As we previously reported, the ordinance will require...more
On August 20, 2019, the Bernalillo County, New Mexico Commissioners enacted the "Employee Wellness Act," which, though originally styled as a paid sick leave law, as amended requires covered employers to provide paid time off...more
In last week’s Tax Tip our Henry Grix succinctly described the current lay of the land regarding estate tax repeal. This Tax Tip focuses on one narrow but very important aspect in anticipating such action, or possible...more
Although it is often said that nothing is certain except death and taxes, the one tax you may be able to avoid or minimize most through planning is the tax on capital gains. Here's what you need to know to do such planning...more