The Consolidated Omnibus Budget Reconciliation Act (“COBRA”) requires group health plans to allow qualified beneficiaries who would otherwise lose coverage due to certain events to elect to continue coverage under the plans...more
The great majority of 401(k) plans allow participants to borrow against their plan benefits. These loans are secured by the borrowing participant’s plan account and are typically repaid by withholding amounts from the...more
In a Memorandum to the Secretary of the Treasury, President Trump directed that the Secretary use his authority to defer the withholding and payment of the employee’s share of certain Social Security taxes for the period...more
The Covid-19 pandemic and its shock to the country’s economy have been felt particularly hard by small employers, who are also likely to face a number of looming problems with their 401(k) plans. This article discusses three...more
In a recent announcement (Notice 2020-46), the Internal Revenue Service (“IRS”) provided guidance to employers for how to exchange employee elections to forego vacation, sick, or personal leave for cash payments that the...more
On May 4, 2020, as part of a broader set of extensions intended to provide relief during the pandemic, the Department of Labor (“DOL”) and the Internal Revenue Service (“IRS”) moved back deadlines applicable to the election...more
Recently enacted legislation related to COVID-19 allows an eligible employer to claim tax credits if the employer is required to pay certain sick or family leave wages to employees who are unable to work due to circumstances...more
On March 27, 2020, the Federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) in the wake of the coronavirus (“COVID-19”) pandemic. The CARES Act, in part, provides relief to...more
3/31/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Financial Stimulus ,
Income Taxes ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
Now that it has become clear that the Covid-19 health crisis will result in significant economic disruption, including furloughs and job losses, employers should expect to confront challenges related to their 401(k) plans....more
In order to make tax-deductible contributions to a health savings account, an individual must be covered under a high deductible health plan and have no disqualifying health coverage....more