New federal tip and overtime deductions effective in 2025 require employers to reassess payroll, reporting and compliance practices across jurisdictions. The OBBBA introduces new federal deductions for qualified tips and...more
OBBBA provisions require cross-functional coordination among payroll, benefits and finance teams, and employers should coordinate such efforts now to ensure that payroll and HRIS systems are ready for the transition before...more
President Biden recently signed two new laws that significantly reduce the ACA compliance burden for employers by streamlining Form 1095 reporting and minimizing penalties for failure to file and distribute Form 1095s to...more
Based on IRS guidance, the deferral is not mandatory.
Considering the minimal benefit that the deferral provides to employees, a cost/benefit assessment seems to weigh against offering deferrals.
On August 28, the IRS...more
On June 22, 2016, the Internal Revenue Service (IRS) published its long-awaited proposed regulations (the Proposed Regulations) under Section 457(f) of the Internal Revenue Code (the Code). Section 457(f) governs the taxation...more
8/10/2016
/ Death Benefits ,
Deferred Compensation ,
Employee Benefits ,
Forfeiture ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Section 409A ,
Section 457(f) ,
Severance Agreements ,
State and Local Government ,
Tax Exempt Entities ,
Vesting
On October 31, 2013, the Internal Revenue Service (“IRS”) issued guidance relaxing the Use-or-Lose Rule applicable to Health FSAs under employers’ cafeteria plans. Now an employer may amend its cafeteria plan to permit plan...more