The recent federal district court decision in Faulk Company, Inc. v. Xavier Becerra, et al., No. 24-cv-00609-P (N.D. Tex. 2025) significantly alters the primary mechanism used by the U.S. Department of Health and Human...more
6/23/2025
/ Affordable Care Act ,
Appeals ,
Compensation & Benefits ,
Corporate Counsel ,
Department of Health and Human Services (HHS) ,
Employee Benefits ,
Employer Liability Issues ,
Enforcement ,
Health Insurance ,
IRS ,
Judicial Authority ,
Regulatory Requirements ,
Shared Responsibility Rule ,
Statutory Interpretation ,
Tax Liability
The IRS has announced the 2026 cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements...more
5/9/2025
/ Affordable Care Act ,
Compensation & Benefits ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
HDHP ,
Health Insurance ,
Healthcare ,
HRA ,
HSA ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Revenue Procedures ,
Taxation
Since 2002, employers have been able to make catch-up salary deferrals to their employees in their 401(k), 403(b), and governmental 457(b) plans beginning in the calendar year in which they turn 50 (the “Age 50 Catch-up”)....more
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2024. Many...more
2/12/2024
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Tax Planning
On December 20, 2023, the Internal Revenue Service (IRS) issued Notice 2024-2 to “provide guidance on discreet issues” concerning the implementation of specific provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0)....more
1/12/2024
/ 403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
IRS ,
Qualified Retirement Plans ,
Regulatory Requirements ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning
Since 1998 the Internal Revenue Services (the “IRS”) has had a comprehensive employees plans correction program with three components: self-correction (SCP), voluntary correction with IRS approval including related user fee...more
Section 457(b) Plans provided by Tax-Exempt employers for their highly compensated employees and/or a select group of management employees (“Tax-Exempt 457(b) Plans”) are subject to required minimum distribution rules under...more
12/2/2022
/ 457(b) Plans ,
Charter Schools ,
Compensation & Benefits ,
Deadlines ,
Employee Benefits ,
Highly Compensated Employees ,
Internal Revenue Code (IRC) ,
IRS ,
Private Schools ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act ,
Tax Exempt Entities
Section 457(b) Plans provided by Tax-Exempt employers for their highly compensated employees and/or a select group of management employees (“Tax-Exempt 457(b) Plans”) are subject to required minimum distribution rules under...more
Retirement plans and individual retirement accounts (IRAs) are subject to required minimum distribution rules under Internal Revenue Codes Section 401(a)(9). The SECURE Act amended the required minimum distribution rules...more
The IRS Issue Snapshot-Third Party Loans from Plans dated August 23, 2022 is a short advice document for examiners to use when auditing tax-qualified retirement plans that invest in mortgages or other third party loans. IRS...more
8/31/2022
/ Audits ,
Employee Benefits ,
Fiduciary Duty ,
Internal Revenue Code (IRC) ,
Investment Portfolios ,
IRS ,
Loans ,
Mortgages ,
New Guidance ,
Retirement Plan ,
Third-Party
IRS Notice 2022-33, released August 3, 2022, extends deadlines for amending a retirement plan or individual retirement arrangement (IRA) to reflect certain provisions of the legislation generally referred to as the SECURE...more
The Internal Revenue Service recently announced a new pilot pre-examination retirement plan compliance program initiated in June. If you are a plan sponsor, do not play ostrich should you receive an IRS Pre-Examination...more
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2022. Many...more
4/14/2022
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Highly Compensated Employees ,
IRS ,
New Guidance ,
Regulatory Standards ,
Retirement Plan ,
Social Security Administration (SSA) ,
Social Security Income
Do you remember the scene in the Wizard of Oz when Dorothy, the Scarecrow and Tin Man were walking into the forest chanting “lions and tigers and bears, oh my”? I could not help but mutter “oh my” under my breath when I...more
12/9/2020
/ Annual Reports ,
Delinquency Status ,
Department of Labor (DOL) ,
Employee Benefits ,
Filing Deadlines ,
Filing Requirements ,
IRS ,
Plan Administrators ,
Retirement Plan ,
SECURE Act ,
Tax Penalties
The title’s question is triggered by a Presidential Memorandum issued on August 8, 2020 (the “Memo”) directing the Secretary of the Treasury to defer Social Security taxes for certain employees....more
8/31/2020
/ Coronavirus/COVID-19 ,
Infectious Diseases ,
IRS ,
Payroll Taxes ,
Presidential Memorandum ,
Relief Measures ,
Social Security Taxes ,
Tax Deferral ,
Tax Relief ,
Trump Administration ,
U.S. Treasury
On May 4, 2020, the IRS issued new questions and answers regarding coronavirus-related relief for participants in retirement plans and IRAs (the “FAQs”)....more
On April 28, 2020, the Employee Benefits Security Administration (“EBSA”) issued three documents related to COVID-19 relief: (i) EBSA Disaster Relief Notice 2020-20 (EBSA Notice 2020-01); (ii) the text of a final rule...more
5/6/2020
/ Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Disaster Aid ,
Disclosure Requirements ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Form 5500 ,
Form M-1 ,
IRS ,
Regulatory Requirements ,
Retirement Plan ,
Sales & Distribution Agreements
The simple and safe answer to the question posed is “April 15, 2020.” Contributions to traditional and Roth Individual Retirement Accounts (“IRAs”) and Health Savings Accounts (“HSAs”) must be made no later than “the time...more
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2020. Many...more
12/19/2019
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
FICA Taxes ,
Highly Compensated Employees ,
IRS ,
Popular ,
Qualified Benefit Plans ,
Qualified Retirement Plans ,
Retirement Plan ,
Social Security ,
Tax Planning
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2018. Many...more
One major area of confusion and annoyance created by the Affordable Care Act (the “ACA”) has finally been put to rest with the enactment of the 21st Century Cures Act on December 13, 2016 (the “Cures Act”). Many small...more
With the Affordable Care Act (“ACA”) nearly fully implemented and agency enforcement now underway, employers must be clear which provisions of the ACA apply to them. Any employer that sponsors a health plan for employees is...more
The IRS has extended the deadlines for furnishing to employees the new Forms 1095 and filing these Forms with the IRS. The Forms are designed to confirm compliance with the employer and individual health insurance mandates...more
Some employers – particularly smaller ones – have assisted their employees to obtain health insurance by reimbursing them for the cost of insurance they purchase in the individual market. Does this practice satisfy the...more
The U.S. Departments of Labor, the Internal Revenue Service and the Department of Health and Human Services recently issued guidance clearly stating that employers may not, without incurring penalties, reimburse employees who...more