IRS Voluntary Classification Settlement Program – Watch Your Step!
The Internal Revenue Service has announced its Voluntary Classification Settlement Program (“VCSP”) offering relief to certain employers from unpaid employment taxes, penalties and interest that may...
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Leave Sharing Programs and Other Steps Employers Can Take to Assist Employees...
Events like Hurricane Sandy often leave companies and employers scrambling for ways to assist those affected by the storm, including the company’s employees and their families. Below are some of the...
View ArticleIRS Extends Deadline to Amend Certain Defined Pension Plans
The IRS has extended the deadline for amending many defined benefits pension plans under Internal Revenue Code Section 436. Section 436 was added by the Pension Protection Act of 2006 (“PPA”) and...
View ArticleIRS Updates Correction Procedures for Employer-Sponsored Retirement Plans
The Internal Revenue Service issued updated correction procedures for employer-sponsored retirement plans on New Years’ Eve. Revenue Procedure 2013-12 updates the Employee Plans Compliance Resolution...
View ArticleIRS Rules: All Legal Same-Sex Marriages Will Be Recognized for Federal Tax...
The Internal Revenue Service issued Revenue Ruling 2013-17 answering some, but not all, questions for employers in the wake of the US Supreme Court’s opinion that invalidated the federal law that...
View ArticleAffordable Care Act Employer Penalties – Another Reason to Make Sure Workers...
Beginning next year, an applicable large employer that does not offer affordable minimum value group health coverage to its fulltime employees (and their children up to age 26) will be vulnerable to...
View ArticleEmployee Relief Charities – The Unbenefit That Keeps On Giving
Especially during the holidays, but also throughout the year, both employers and employees often seek a means of financially assisting distressed coworkers and their families. The various methods of...
View ArticleOutsourcing Payroll? IRS Guidance Helps Employers Understand Their Rights and...
Many employers decide to outsource their payroll administration to third-party vendors. Many employers who decide to hire a third-party vendor anticipate that the vendor understands how to fill out the...
View ArticleEmployers Take Note! IRS Improves Certain Retirement Plan Correction Procedures
The Internal Revenue Service encourages employers and other retirement plan sponsors to voluntarily and timely correct plan failures to help ensure the plans’ ongoing tax-qualified status (and...
View ArticleTHE RETROACTIVE AMENDMENT FIX FOR PLAN OPERATIONAL FAILURES
Frequently a plan sponsor’s operational failure to follow the terms of its 401(k) or other qualified plan can be corrected under the IRS’s Employee Plans Compliance Resolution System (“EPCRS”)...
View ArticleWill Your Forfeiture Account Disqualify Your 401(k) Plan?
In the last six months, several clients called me regarding substantial balances in a so-called “forfeiture account” in their 401(k) plans. A few of these clients have forfeiture accounts that violate...
View ArticleEmployers Wonder How to Respond to Marketplace Notices
Many employers have begun receiving Health Insurance Marketplace notices – letters stating that a particular employee reported that he or she wasn’t offered affordable minimum value coverage for one or...
View ArticleIRS Publishes Guidance Allowing Taxpayers to Self-Certify An Excuse from the...
If you ask, plan administrators will tell you that for every deadline or specified time limit that is imposed by law upon plan participants for taking action with respect to an employee benefit plan,...
View ArticleYour Not So Kind (or Welcome) Early Holiday Gift from the IRS: Letter 226j
On more than one occasion since passing the Affordable Care Act (“ACA”), the IRS has given some type of early holiday “gift” to alleviate pending compliance concerns for employers. One of the most...
View ArticleYou’ve Discovered A Mistake in Your Plan Administration – Now What?
Occasionally qualified plan administrators discover that their plans have incurred an operational error. The Internal Revenue Service (“IRS”) recognizes that it needs the help of plan administrators...
View ArticleThe IRS Doesn’t Disappoint
As anticipated by plan sponsors of closed defined benefit pension plans, the IRS issued Notice 2018-69, the fourth extension for an additional year of the temporary nondiscrimination relief for...
View ArticleIRS CORRECTION PROGRAM, NOW MORE EFFICIENT
In 2008, the IRS established a voluntary correction program aimed at plan sponsors and administrators to encourage resolution of plan document or operational failures as soon as they are discovered....
View ArticleTHEY’RE HEEEEERRRREE!! But Have No Fear – Long Awaited Changes to EPCRS Are...
Long on the wish list of practitioners and plan sponsors alike, self-correction of certain common plan document issues and loan failures is finally an option under the Internal Revenue Service’s...
View ArticleIs Your Employer Worksite Medical Clinic a Group Health Plan?
Worksite medical clinics, some offering round-the-clock access to medical providers via telemedicine, seem to be growing in popularity. Promoters tout cost savings resulting from what would otherwise...
View ArticleThe IRS Reopens the Determination Letter Program for Merged Plans and Cash...
On May 1, 2019, the IRS issued Revenue Procedure 2019-20, which reopens the determination letter program in a limited manner for individually designed plans that are merged plans or statutory hybrid...
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