Employers know that wages are generally subject to the Federal Insurance Contributions Act (“FICA”), and that both employers and employees are liable for a portion of FICA on those wages. In most circumstances, the employee and...
Read MoreAccording to statements made by the acting director of exempt organizations at the IRS, churches and other religious organizations will soon start to receive questions from the IRS about potential liabilities under the...
Read MoreThe IRS has updated its “safe harbor explanations” for eligible rollover distributions to reflect recent statutory changes and IRS guidance. Employers should review this latest guidance and update their explanations accordingly....
Read MoreMany recent college graduates find it difficult to make contributions to their employer’s 401(k) plan as they have significant student loan repayments which take precedence in their budget. By failing to make 401(k)...
Read MoreFor many years, plan sponsors could regularly get a determination letter from the IRS to ensure that their individually-designed qualified retirement plan met all of the requirements for favorable tax treatment. However, in 2017...
Read MoreIn the past, employers have been able to deduct expenses related to “qualified transportation fringe benefits” (“QTFBs”) such as qualified parking, transit passes, transportation in commuter highway vehicles, or qualified...
Read MoreBy: Eric W. Gregory The Internal Revenue Service has increased its level of scrutiny on the limitations imposed on participant loans from defined contribution retirement plans. Internal Revenue Code Section 72(p) generally...
Read MoreBy Eric Gregory Many employers provide incentives and rewards to employees to encourage participation in wellness programs: programs designed to improve employee health. In a recent IRS Chief Counsel Memorandum (CCM 201622031),...
Read MoreBy Eric Gregory Some of the tax provisions of the Affordable Care Act apply only to employers with fewer than 50 full-time or full-time equivalent employees.Employers with fewer than 50 employees should take note of these tax...
Read MoreBy Eric W. GregoryThe IRS’s Employee Plans Compliance Resolution System (“EPCRS”) is a program that allows sponsors of certain retirement plans to correct common plan failures to satisfy the Internal Revenue Code qualification...
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