COVID-19 has made traditional notarization, where the notary is in the same physical location as the signatory, a potentially hazardous and often undesirable requirement. Many states have reacted to this by permitting remote...more
The Internal Revenue Service (“IRS”) recently issued Notice 2020-29 and Notice 2020-33 which allow employers to provide various new types of relief to employees participating in Section 125 cafeteria plans (including flexible...more
On April 28, 2020, the Employee Benefits Security Administration, the Department of Labor, the Internal Revenue Service, and the Department of the Treasury (the “Agencies”) signed a joint notification of relief, which was...more
Over the past few weeks, the Internal Revenue Service (“IRS”) has provided relief to taxpayers impacted by the COVID-19 pandemic, by extending the deadline for payment and filing of individual income tax returns from April...more
Effective January 1, 2021, the majority of workers in New York will receive paid sick leave. On April 2, 2020, as part of New York’s budget approval process, the New York legislature and Governor Cuomo enacted a permanent...more
The Coronavirus Aid, Relief, and Economic Security Act (H.R. 748), known as the CARES Act, was enacted today. This legislation contains several important provisions for employers and plan administrators regarding their...more
The Coronavirus Aid, Relief, and Economic Security Act (H.R. 748), known as the CARES Act, became law on March 27, 2020. This summary is the second part of our discussion of certain of the provisions of the CARES Act that can...more
On December 20, 2019, the Further Consolidated Appropriations Act, 2020 (the “FCAA”) was signed by the President after passing both houses of Congress. Within the FCAA, which was primarily a budget and spending law, a...more
On September 23, 2019, the Department of Treasury published the final regulations relating to changes to the hardship distribution rules that apply to qualified retirement plans and 403(b) plans, that were enacted under the...more
The Departments of Labor, Health and Human Services and Treasury (the “Agencies”) recently released final regulations1 that create new opportunities for employers to provide health reimbursement arrangements (“HRAs”) to...more
In late April, the Department of Labor (“DOL”) released FAB 2018-01 addressing and clarifying previous guidance concerning economically targeted investments (“ETIs”), shareholder engagement and proxy voting.
The general...more
After several rounds of additional review and a three-month delay in the effective date, the final regulations originally issued by the U.S. Department of Labor (the “DOL”) in December 2016, which established new requirements...more
The tax reform bill (H.R. 1) approved by the House and Senate this week, and expected to be signed by the President, eliminates the deduction available to employers for the provision of qualified transportation fringe (“QTF”)...more
12/22/2017
/ 501(c)(3) ,
Commuter Tax Benefits ,
Compensation & Benefits ,
Corporate Taxes ,
Employee Benefits ,
Executive Compensation ,
Fringe Benefits ,
Income Taxes ,
New Legislation ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
UBIT
On September 29, 2017, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”)1 was signed into law to provide aid to victims who are recovering from the recent hurricanes in August and September...more
10/25/2017
/ 401k ,
403(b) Plans ,
Distribution Rules ,
Employee Benefits ,
Hardship Distributions ,
Hurricane Harvey ,
Hurricane Irma ,
Hurricane Maria ,
Natural Disasters ,
Puerto Rico ,
Retirement Plan
The IRS announced (through the two announcements 2017-11 and 2017-13) relief for victims of Hurricane Harvey, which struck Texas and surrounding areas in August 2017, and victims of Hurricane Irma, which struck Florida and...more
9/27/2017
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Employee Benefits ,
Form 5500 ,
Hardship Distributions ,
Hurricane Harvey ,
Hurricane Irma ,
IRS ,
Natural Disasters ,
Retirement Plan ,
Tax Extensions ,
Tax Returns
Many tax exempt employers sponsor Section 403(b) retirement plans to help their employees save money for retirement. A 403(b) plan offers the ability for an employee to make pre-tax contributions to the plan (similar to the...more
In January 2017, the IRS published Revenue Procedure 2017-18 which set March 31, 2020 as the last day to take advantage of the remedial amendment period under Revenue Procedure 2013-22 to retroactively fix defects in 403(b)...more
The Internal Revenue Service recently released long anticipated proposed regulations (the “Proposed Regulations”) governing deferred compensation arrangements maintained by tax-exempt organizations and governmental entities...more
7/29/2016
/ 457(b) Plans ,
Death Benefits ,
Deferred Compensation ,
Employee Benefits ,
IRS ,
Non-Compete Agreements ,
Proposed Regulation ,
Risk Forfeiture ,
Section 409A ,
Section 457(f) ,
Severance Pay ,
Tax Exempt Entities