IRS Guidance Updates Determination Letter Procedures
The Internal Revenue Service (IRS) has released guidance on its advice provided by determination letters and private letter rulings reflecting several changes that took effect January 1.
Tag: IRS
IRS Limits Excludability of Fixed Indemnity Payments
Payments that an employer makes to an employee under a fixed indemnity health plan must be included in the employee’s taxable income, the Internal Revenue Service (IRS) recently indicated, if the plan premiums were paid by the employer or by salary reduction under a cafeteria plan.
IRS Proposal Qualifies Employer QMAC, QNEC Contributions at Allocation Stage Only
The Internal Revenue Service (IRS) has proposed to shift the definitions of qualified matching contributions (QMACs) and qualified nonelective contributions (QNECs) to employer-sponsored retirement plans to apply at account allocation, not at the initial plan contribution stage.
IRS Exempts Some SMBs from User Fee for Determination Letter Applications
Effective January 1, 2017, the Internal Revenue Service (IRS) is providing an exemption from a user fee for some small-employer benefit plans seeking a determination letter about their qualified status.
Ask the Expert: Are Employee Recognition ‘Gifts’ Taxable Income?
Question: If we create an employee recognition program that awards points to employees that can be used to purchase company-branded items from an online store, does the value of the items “purchased” by the employees have to be added to their gross income for tax purposes?
Year-End Reporting: Clarifying Tax Forms and ACA Requirements
Navigating the latest tax reporting changes and avoiding filing errors is not always straightforward and can present unique challenges to small and midsized businesses.
New Year, New IRS Business Mileage Rate: Tips to Manage Reimbursement
by Donna Koppensteiner, SVP at Runzheimer Now that the 2017 IRS business mileage rate is out, it’s time for companies to strategically evaluate their business vehicle reimbursement policies to ensure they are appropriately reimbursing business drivers while keeping expenses to a minimum.
IRS 2016 Required Amendments List Gives First Guidance on Changes Needed to Retain Qualification
by Jane Meacham The Internal Revenue Service (IRS), in its first “Required Amendments (RA) List” on December 13, 2016, informed individually designed employer-sponsored retirement plans about required amendments for 2016 that may be needed to reflect changes and ensure the plans keep their qualified status. In the release, IRS Notice 2016-80, the agency also said […]
IRS Notice Brings Resolution to Safe Harbor Plan Midyear Amendment Problem
by Todd Castleton of Proskauer Rose LLP When retirement plan sponsors adopt a “safe harbor” 401(k) plan design, they are deemed to be compliant with the actual deferral percentage (ADP) and actual contribution percentage (ACP) nondiscrimination testing provisions of the Internal Revenue Code (IRS)—the federal tax Code.
Employer Deadline Extended for ACA Reporting to Individuals
Employers and insurers were given an extra month to comply with the upcoming Affordable Care Act (ACA) requirements to furnish 1095-B and –C reports to individuals. The deadline is being moved back from January 31 to March 2, 2017, the Internal Revenue Service (IRS) announced in Notice 2016-70. In addition, the good-faith transition relief that […]