News & Analysis as of

Wage and Hour Internal Revenue Code (IRC)

Jackson Lewis P.C.

Should We Submit Missing Participant Data to the DOL with the Plan’s Form 5500?

Jackson Lewis P.C. on

If the U.S. Department of Labor’s Notice of Proposed Information Collection Request, issued on April 15, 2024, becomes final, fiduciary retirement plan committees may be asked to evaluate the important question of whether the...more

Goodwin

Employment Status - A View From Both Sides of the Pond

Goodwin on

In recent years, employment status has been an evolving topic globally as various jurisdictions grapple with how to properly categorise increasingly flexible forms of working. A regulatory change in the United States by the...more

Amundsen Davis LLC

Employee or Independent Contractor? U.S. Department of Labor Changes the Standard

Amundsen Davis LLC on

On January 10, 2024, the U.S. Department of Labor (DOL) published its Final Rule on the standard for determining who is an employee or independent contractor under the Fair Labor Standards Act (FLSA). The Final Rule is set to...more

Woods Rogers

Federal Credit Unions Can Claim Employee Retention Tax Credits

Woods Rogers on

The IRS released new guidance for federal credit unions as to their ability to claim the Employee Retention Credit under Section 2301 of the CARES Act. According to the Office of Chief Counsel for the IRS, federal credit...more

Bricker Graydon LLP

Ohio General Assembly Modifies Tax Abatements for Renewable Projects

Bricker Graydon LLP on

The primary property tax abatement used by renewable energy projects in Ohio is the Qualified Energy Project (QEP). Originally passed in 2010 (128-SB-232), the QEP program enables qualifying projects to receive an abatement...more

Littler

Treasury Department’s Greenbook Discusses Tax Treatment of On-Demand Pay

Littler on

The U.S. Department of the Treasury has released a document to explain the revenue proposals included in President Biden’s FY 2023 proposed Budget.  For the second consecutive year, the General Explanations of the...more

Sheppard Mullin Richter & Hampton LLP

Inflation Reduction Act: Prevailing Wage and Apprenticeship Requirement FAQs and Key Takeaways from the Initial Guidance from the...

As previously discussed in our blog Inflation Reduction Act: Wage and Apprenticeship Requirements, the Inflation Reduction Act (the “IRA”) restructured the tax credit system associated with qualified clean energy projects...more

Orrick, Herrington & Sutcliffe LLP

IRA Update: What to Know About the New Guidance on Prevailing Wage and Apprenticeship Requirements

On November 30, 2022, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) published initial guidance clarifying certain questions surrounding the new prevailing wage and apprenticeship...more

ArentFox Schiff

“Help Me Get My Feet Back on the Ground”: IRS and Treasury Issue Initial Guidance on Prevailing Wage and Apprenticeship...

ArentFox Schiff on

On November 29, 2022, the Internal Revenue Service (IRS) and the Treasury issued a Notice of Initial Guidance (the Notice), which provides the first round of guidance with respect to the prevailing wage requirements and...more

Littler

Treasury Department Issues Guidance on the Inflation Reduction Act’s Prevailing Wage and Apprenticeship Requirements

Littler on

On November 30, 2022, the U.S. Treasury Department published in the Federal Register its guidance on the Inflation Reduction Act’s (IRA) new prevailing wage and apprenticeship requirements. Taxpayers seeking to qualify for...more

Sheppard Mullin Richter & Hampton LLP

Inflation Reduction Act: Wage and Apprenticeship Requirements

President Joe Biden signed into law the Inflation Reduction Act of 2022 (“HR 5376”) (the “IRA” or the “Act”), on August 16, 2022. There are numerous tax credits in the legislation that intend to facilitate access to...more

Littler

New Federal Tax Credits Require Compliance with New Prevailing Wage and Apprenticeship Mandates on Clean Energy Construction

Littler on

On August 16, 2022, President Biden signed into law the Inflation Reduction Act (IRA) of 2022. Among many other provisions, the IRA contains a new federal 30% tax credit for private construction, alteration or repair of...more

Dunlap Bennett & Ludwig PLLC

How to Attract and Retain Employees During the Great Resignation: Part 2 – Restricted Stock

The “Great Resignation” of 2021 and the low unemployment rates in the first half of 2022 have caused businesses to increase their focus on employee retention. What options do companies have to attract and retain employees in...more

Sheppard Mullin Richter & Hampton LLP

Treasury Department Proposes Non-Loan Status for Earned Wage Access

In March, U.S. Department of Treasury issued its annual General Explanations of the Administration’s Revenue Proposals, commonly known as the “Green Book.”  Among other revenue proposals, the Treasury addressed the treatment...more

Jackson Lewis P.C.

American Rescue Plan Act Extensions, Changes To Select Tax Credit, Compensation Deduction Provisions

Jackson Lewis P.C. on

The American Rescue Plan Act of 2021 expands upon some popular tax credit provisions and makes other changes to a key tax provision regarding compensation deduction limitations. These changes are summarized below...more

Jackson Lewis P.C.

Consolidated Appropriations Act, 2021: Employer-Sponsored Retirement Plans

Jackson Lewis P.C. on

The Consolidated Appropriations Act, 2021 generally provides the annual funding for the federal government and also contains several important rules giving further COVID-19 relief. The comprehensive relief package funds...more

Akin Gump Strauss Hauer & Feld LLP

2020 Year-End Key Executive Compensation and Employee Benefits Considerations

COVID-19 has, among other things, had an impact on executive compensation and employee benefits, and given rise to a number of new issues and considerations. These compensation issues present challenges for companies seeking...more

Foster Garvey PC

Potential Payroll Tax Deferral Is Available – Employers Must Understand the Program and Use Extreme Caution Before Blindly Jumping...

Foster Garvey PC on

On August 8, 2020, President Trump issued an executive order, directing the U.S. Treasury to grant employers the ability to defer the withholding, deposit and payment of certain payroll taxes as further COVID-19 tax relief....more

Davis Wright Tremaine LLP

IRS Uses Few Words to Implement Proposed Payroll Tax Deferral, but Leaves Many Questions Unanswered

Background - The Internal Revenue Code (the "Code") provides the Secretary of the Treasury with the authority to delay tax deadlines in times of national emergency....more

Partridge Snow & Hahn LLP

Employers Have Little Incentive to Implement Social Security Tax Deferral Under New IRS Released Guidance

On Friday August 28th the IRS issued limited guidance on the payroll tax deferral that was part of President Trump’s August 8th executive order. Under IRS Notice 2020-65 (the “Notice”), employers are not required to withhold...more

Farella Braun + Martel LLP

Guidance on Directive to Defer Payroll Tax Obligations Leaves Unanswered Questions

On August 8, 2020, the President directed the Secretary of the Treasury to authorize the deferment of certain payroll tax withholding, depositing, and payment obligations otherwise incurred on wages and compensation paid...more

Morgan Lewis

IRS Releases Guidance on Charitable Leave-Based Donation Programs

Morgan Lewis on

Charitable leave-based donation programs provide employees the option of donating leave that can be converted into cash contributions to charities assisting the victims of the novel coronavirus (COVID-19) pandemic....more

Foster Garvey PC

The Worlds of Sports and Tax Law Intersect During the COVID-19 Pandemic

Foster Garvey PC on

During these trying times, especially with stay-at-home orders still in effect in most states, it is difficult not to over-focus on the uncertainty that lies ahead. Hopefully, we can find healthy distractions to refocus our...more

Lewitt Hackman

Tax-Free Payments Allowed to Employees Because of COVID-19 Pandemic

Lewitt Hackman on

On March 13th, President Donald J. Trump issued an emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (the “Stafford Act”) in response to the ongoing COVID-19 pandemic....more

Littler

Ye Olde Holiday Crossword — With Clues for Solving the Office Party Puzzle

Littler on

As the end of the year approaches, many employers are preparing for the annual office holiday party. This occasion presents an opportunity for employers to express appreciation for the hard work performed by staff all year....more

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