This article intends to help your payroll or finance departments prepare to take advantage of the employment tax credits provided by the Families First Coronavirus Response Act (FFCRA), signed into law on March 18, 2020....more
This article focuses on 401(k) and 403(b) plans that are in one of the following situations:
1. The plan failed ADP or ACP testing and must distribute excess amounts to its higher-ranking employees or make additional...more
2/5/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Distribution Rules ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Internal Revenue Code (IRC) ,
IRS ,
Nonprofits ,
Pass-Through Entities ,
Retirement Plan ,
Tax Deductions ,
Tax Planning
This article should interest employers that offer fringe benefits to employees in addition to regular pay. An updated IRS publication outlining how employers should tax certain fringe benefits (IRS Publication 15-B) was...more
On October 8, 2019, the U.S. Department of Treasury and the IRS released the 2019-2020 “Priority Guidance Plan” for the 12-month period running from July 1, 2019, through June 30, 2020. The plan sets out the agencies’...more
10/29/2019
/ 403(b) Plans ,
457(b) Plans ,
Audits ,
Employee Benefits ,
ESOP ,
Government Entities ,
IRS ,
New Guidance ,
Popular ,
Required Forms ,
Tax Exempt Entities ,
Tax Liability ,
Tax Planning ,
U.S. Treasury ,
UBTI
Retirement plan sponsors that implemented hardship distribution changes and other disaster relief in 2018 and 2019 probably have to amend their plan documents by the end of this year if they haven’t done so already. We...more
This alert focuses on Florida governmental entities that provide benefits to firefighters. Newly adopted Florida Statutes chapter 112.1816, scheduled to go into effect July 1, 2019, provides additional minimum benefits to...more
5/9/2019
/ Cancer ,
Compensation & Benefits ,
Employee Benefits ,
Employer Group Health Plans ,
Firemen ,
Florida ,
GASB ,
Government Entities ,
New Legislation ,
Retirement Plan ,
State and Local Government ,
Tax Planning
All entities, including governmental entities, are now potentially liable for penalties due to overpaying employees....more
6/27/2018
/ Bonuses ,
Compensation & Benefits ,
Deferred Compensation ,
Excise Tax ,
Government Entities ,
Retirement Plan ,
Risk Assessment ,
Severance Pay ,
Tax Exempt Entities ,
Tax Liability ,
Tax Planning ,
Wages
In the latest version of the Tax Cuts and Jobs Act that awaits the President’s signature, employers will be taxed on amounts spent after December 31, 2017 on employee parking. ...more