Tag: IRS

Comment Deadline Approaches for SECURE 2.0 Catch-Up Contribution Rule

Last year, President Joe Biden signed into law far-reaching retirement plan legislation known as the SECURE 2.0 Act that includes many new rules for employers and their qualified requirement plans. In late August 2023, the IRS issued a notice delaying for two years the implementation of one of the Act’s rules—about deferrals known as catch-up […]

3 Things Employers Need to Know About FSAs and HSAs During Open Enrollment

This year’s open enrollment season just may be one of the most essential—and confusing—in recent history. The myriad legislative changes that were introduced for flexible spending accounts (FSAs) and health savings accounts (HSAs) in 2020 due to COVID-19 were designed to give employers and employees more flexibility and protection. While these changes were critically important […]

Best Practices for Avoiding Worker Misclassification

Up to 30 percent of employers misclassify their employees as independent contractors, according to national estimates. Misclassification occurs when an employer improperly classifies a worker as an independent contractor instead of an employee. Unfortunately, the consequences can be severe. Some businesses intentionally misclassify workers to try to save on taxes or avoid other costs associated […]

student loan

Contributions Now Tax-Free, Student Loan Debt Repayment Programs Gain Traction

A growing number of organizations are adding student loan repayment solutions to their benefits lineup. While expanded tax benefits for both employers and employees are a big part of the allure, HR leaders also understand the broader implications. The tax advantages are one thing. But instituting these programs can also help correct the productivity drain […]

changes

COVID-19 Layoffs Can Cause Partial Retirement Plan Termination

The COVID-19 pandemic has led to “shelter-at-home” proclamations from state and local governments, causing many nonessential businesses to shut down temporarily. Employers have handled the crisis in varying ways, some by temporarily paying employees to stay home, others by laying off or furloughing workers. In such instances, employers need to be aware of the qualified […]

Comment

IRS Seeking Comments on Paperwork Burden of COBRA’s Notice Rules

Have you noticed how much notice issues regarding federal continuation coverage seem to be cropping up everywhere—such as in the news, the courts, and the administrative agencies? Well, the latest matter involves part of the regular evaluation of paperwork requirements conducted by the Internal Revenue Service (IRS).

changes

Meeting the Challenge of Tracking Changing Operational Requirements

Among the many challenges a plan sponsor faces is keeping plan operations current with operational requirements. Some requirements are mandatory for all plans, and others are required as a result of discretionary changes made by an individual employer plan to take advantage of legislative and regulatory changes.

liability

Advantages of W-2 Employees

In some recent posts, we’ve been talking about the classification of workers in organizations. In general, it’s pretty clear cut whether a worker is an employee or an independent contractor and the IRS explains some criteria for distinguishing between the two.