On October 26, 2020 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. Some of the limits shown below have increased from last year while others remained...more
On August 8, 2020, President Donald Trump issued an executive order titled “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” The order directed the Secretary of the Treasury to use...more
9/3/2020
/ Coronavirus/COVID-19 ,
Income Taxes ,
IRS ,
New Guidance ,
Payroll Taxes ,
Presidential Memorandum ,
Social Security Taxes ,
Tax Liability ,
Trump Administration ,
U.S. Treasury ,
Wage and Hour
Way back in March, as the pandemic began to set in, Congress quickly passed the Families First Coronavirus Response Act (the Act) as part of a barrage of legislation aimed at providing relief to American workers. The Act...more
7/10/2020
/ Employer Liability Issues ,
Employment Policies ,
Infectious Diseases ,
IRS ,
New Guidance ,
Paid Leave ,
Popular ,
Reporting Requirements ,
Self-Employment Tax ,
Sick Leave ,
Tax Credits ,
Wage and Hour
Over the weekend, the Department of Treasury issued an update to their PPP FAQs. Question #40 clarifies that an employer’s forgiveness amount under PPP will not be impacted if the employer attempts to rehire a previously laid...more
Last night, March 16, the House amended versions of a COVID-19 Coronavirus bill we reported on yesterday. Again, this alert will focus only on the two provisions regarding paid leave for employees. The Senate is expected to...more
Late Friday, the House passed the Families First Coronavirus Response Act (“FFCRA”) which provides COVID-19 relief to Americans in several areas. This alert will focus only on the two provisions regarding paid leave for...more
If it seems like the IRS just announced the 2018 limits, you are not mistaken. Just over a month ago the IRS declared a do over for the 2018 limits, see The IRS Says Never Mind - You Can Have Your Higher HSA Limit! With the...more
It is unusual for the IRS to implement a retroactive change to a previously announced limit (whether it be qualified plan limits or HSA limits). Especially when the change is a reduction in the amount that taxpayers can...more
Originally published on Badger Common'Tater - November 2017
Workplace retirement programs play an important role in attracting and retaining employees, helping workers (and owners!) save, and provide significant tax...more
The Internal Revenue Service has announced the cost-of-living adjustments for the various qualified retirement plan limits. A few of the limits shown below remain unchanged from last year, but others have increased....more
10/23/2017
/ 401k ,
403(b) Plans ,
Compensation & Benefits ,
Cost-of-Living Adjustment (COLA) ,
Department of Health and Human Services (HHS) ,
Employee Contributions ,
Individual Retirement Account (IRA) ,
IRS ,
Qualified Benefit Plans ,
Qualified Retirement Plans ,
Retirement Plan ,
Social Security Taxes ,
Wage and Hour