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Littler

IRS Publishes Draft Revised Form W-2 in Response to No Tax on Tips and No Tax on Overtime Reporting Requirements

Littler on

On July 4, 2025, President Trump signed into law the so-called “One Big Beautiful Bill Act.” The Act established new above-the-line tax deductions for “qualified tips” and “qualified overtime compensation.” To facilitate...more

Seyfarth Shaw LLP

“SECURE-ing” the Answers to Outstanding Questions on the Rothification of Employer Contributions

Seyfarth Shaw LLP on

Seyfarth Synopsis: Under Section 604 of Secure 2.0, sponsors of 401(k), 403(b) and governmental plans may allow employees to designate employer match (including match on student loan repayments) or nonelective contributions...more

Amundsen Davis LLC

Time For Employers That Were Subject To FFCRA Leave To Send Corrected W-2s?

Amundsen Davis LLC on

2020 was certainly a unique year for employers and employees. This includes complications with wage reporting. Most employers have issued wage reports to their employees by the January 31st deadline and prior to the...more

Morgan Lewis - ML Benefits

IRS Authorizes Employers to Use Truncated Social Security Numbers on Employee W-2s in 2021

Morgan Lewis - ML Benefits on

In final regulations set to take effect for 2020 Forms W-2, the IRS gives employers the option of using truncated Social Security numbers (SSNs) on employee Forms W-2 issued after December 31, 2020. The new rules are an...more

Brooks Pierce

Of Course I Meant to Send the Email, But Not to the Criminal - Court Rules that Companies Have a Duty to Train Employees on...

Brooks Pierce on

With the April 17 tax deadline fast approaching, businesses need to remain vigilant for employee reports (or more likely questions) about fraudulent tax returns being filed in their names. Multiple employee reports of...more

Jackson Lewis P.C.

Virginia Responds to W-2 Phishing Scams with First of Its Kind Notification Requirement

Jackson Lewis P.C. on

As previously highlighted, in early February, the IRS issued a warning to all employers regarding the resurgence of a W-2 based cyber scam. Since the IRS warning, this type of scam has taken numerous victims. On February 15,...more

Clark Hill PLC

IRS Clarification Causes Many Partnerships to Change Compensation Reporting for Partners

Clark Hill PLC on

A federal tax issue frequently arises when key employees of an operating business are given the opportunity to become equity holders. Despite the well-established rule that partners of a partnership are not permitted to be...more

Troutman Pepper Locke

Be Careful in Granting Profits Interests to Your Key Employees; New IRS Regulations Suggest the IRS is Keen on Form K-1 Filing

Troutman Pepper Locke on

On May 5, 2016, the Department of Treasury and the Internal Revenue Service published final and temporary regulations amending Treasury Regulations §301.7701-2 under Section 7701 of the Internal Revenue Code of 1986, as...more

McDermott Will & Emery

Affordable Care Act Reporting Penalties Significantly Increased

McDermott Will & Emery on

On June 29, 2015, President Barack Obama signed the Trade Preferences Extension Act (the Act) into law. In addition to containing several revenue offsets, the Act significantly increased penalties for incorrect information...more

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