Podcast: Tax Reform and Its Impact on Exempt Organizations, One Year In
Podcast - New Unrelated Business Taxable Income Liability for Providing Certain Fringe Benefits
The first few months of 2025 brought the potential for many changes. On January 20, 2025, one of the Executive Orders pulled back all proposed regulations that had been issued in the last 60 days, including proposed...more
In January, the Department of the Treasury (“Treasury”) and Internal Revenue Service (IRS) issued proposed regulations on the catch-up contribution provisions under the SECURE 2.0 Act of 2022 (“SECURE 2.0”). While the...more
Enacted in 2022, the Maryland Family and Medical Leave Insurance (FAMLI) program covers all employers with Maryland employees and will eventually provide most of those employees with up to twelve weeks of paid family and...more
The IRS issued Proposed Regulations last month which provide helpful clarity for employers on how to implement and comply with two new SECURE 2.0 provisions relating to catch-up contributions....more
Starting July 1, 2026, Maryland’s Family and Medical Leave Insurance (FAMLI) law will provide up to twelve weeks of paid family and medical leave, with the possibility of an additional twelve weeks of paid parental leave,...more
In response to taxpayer and state government requests, including a 2024 letter from governors of nine states imploring the Internal Revenue Service (IRS) to clarify the federal tax treatment of premiums and benefits under...more
Minnesota is one of a dozen states that have enacted a statewide program providing compensation to employees during family and medical leaves. Minnesota’s law provides job protection and payment of benefits through a...more
Multiemployer benefit plans generally require contributing employers to submit “remittance reports” that identify the employees that performed covered work, the type of work performed, and the amount of time worked. Plans...more
Maryland’s Family and Medical Leave Insurance (FAMLI) law will provide up to twelve weeks of paid family and medical leave, with the possibility of an additional twelve weeks of paid parental leave, through a state-run...more
The IRS this past Friday issued proposed regulations regarding mandatory Roth catch-up contributions. SECURE 2.0 amended the catch-up contribution provisions of the Code....more
Happy Holidays! Employee benefits limits for 2025 have been promulgated by the government. Click the link below to view 2024-2025 comparisons of important employee benefits limits....more
Canada’s federal government announced it intends to remove the “30 percent rule” for investments by domestic pension funds in Canadian entities. The change is part of the Fall Economic Statement that was released on December...more
The SECURE 2.0 Act of 2022 (the “SECURE 2.0”) made significant changes to retirement plans and how they operate. Many of the changes have already been implemented by service providers, but some sponsors will need to plan for...more
Are you above the age of 50? Do you and/or your spouse have a 401(k)? Are you interested in reducing the amount you will have to pay in 2025 income taxes while increasing the amount of money you receive after retirement?...more
With 2024 winding down, New York employers should be aware of the updates to the New York State Paid Family Leave (PFL) program that take effect in 2025....more
Our Employee Benefits & Executive Compensation Group reminds plan sponsors to get ready for 2024 IRS year-end amendments and offers year-end action items....more
The Internal Revenue Service (IRS) issued interim guidance on the SECURE 2.0 Act provision permitting employers to make matching contributions based on employees’ qualified student loan repayments (“QSLP”) under 401(k),...more
Each year, the New York State Department of Financial Services announces changes to the employee contribution rate and benefit amounts under the New York Paid Family Leave Law (NY PFL) effective the next year. It has...more
Employees increasingly request (and expect) choice in their benefits. The Internal Revenue Service (IRS) recently released Private Letter Ruling 202434006 (PLR), which approved an employer's program allowing employees to...more
Until recently, employer matching contributions under qualified plans were required to be conditioned solely upon employee contributions made to the plan. However, one of the many changes enacted by the Consolidated...more
On August 19, 2024, the Internal Revenue Service (“IRS”) issued Notice 2024-63 (the “Notice”) for retirement plan sponsors that provide, or may wish to provide, matching contributions based on qualified student loan payments...more
IRS Notice 2024-63, published Aug. 19, 2024, provides interim guidance for plan sponsors on the SECURE 2.0 Act provision permitting employers to offer matching contributions to their retirement plans — including 401(k) and...more
The US Internal Revenue Service (IRS) recently issued final regulations concerning “minimum present value requirements” for tax-qualified defined benefit plans (DB plans). There are three primary changes for sponsors of DB...more
One of the most basic duties of a defined contribution plan sponsor is to ensure that that there is no delay and participants’ salary deferral elections are correctly and timely deposited into the retirement plan. Not only is...more
No matter the size of your organization, at some point in time employees leave. As we noted previously, it behooves human resources and other departments to provide departing employees with an exit letter that includes...more