News & Analysis as of

Fringe Benefits Internal Revenue Service

Eversheds Sutherland (US) LLP

One not-so-big summary of the compensation and benefits law changes in the One Big Beautiful Bill Act

The One Big Beautiful Bill Act (Act), signed into law on July 4th, contains a number of provisions that will impact employee compensation and benefits. Employers and service providers should start considering the following...more

Gray Reed

Giving Season: Tax Edition

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With the holiday season officially upon us, the Dollars and Sense team wants to make sure you maximize your giving and gifting! For so many businesses, and business owners, this time of year also means employer festivities,...more

Dickinson Wright

Employer-Provided Gifts: Taxable or Not?

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As we approach the holiday season, many employers consider giving employees a gift as a token of appreciation. What employers may not consider is whether those gifts create taxable income to employees....more

Seyfarth Shaw LLP

Agencies Release 2026 Out-of-Pocket Limits and 2025 Limits for Health FSAs

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Recently HHS issued a memorandum announcing the maximum annual limitation on cost sharing (a/k/a out-of-pocket maximum) for 2026 and the IRS issued Rev. Proc. 2024-40 announcing the cost-of-living adjustments to certain...more

Verrill

Student Loans and Code Section 127 Educational Assistance Programs: A Reminder from the IRS, FAQs, and a Sample Plan Document

Verrill on

On August 28, the IRS issued IR-2024-227, reminding employers of the following key aspects of educational assistance programs under Internal Revenue Code Section 127: -They can be used to help reimburse the costs of or...more

Quarles & Brady LLP

Employer Provided Work-Life Referral Programs Considered Nontaxable Fringe Benefit

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In recent guidance published by the Internal Revenue Service (IRS) on April 16, 2024, the IRS has taken the position that work-life referral plans provided by employers are excludable from employee compensation and not...more

Groom Law Group, Chartered

IRS Issues FAQs on the Tax Treatment of Employer-Provided Work-Life Referral Services

On April 16, 2024, the IRS issued Fact Sheet 2024-13, which includes FAQs addressing the tax treatment of employer-provided work-life referral services. The FAQs generally provide that the value of these services can be...more

Proskauer - Employee Benefits & Executive...

IRS Releases Annual Increases to Health FSA and Transportation Fringe Benefit Limits for 2024

On November 9th, the IRS announced additional inflation adjustments for 2024, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified...more

Harris Beach Murtha PLLC

Employers’ Educational Assistance Programs Can Help Pay Employees’ Student Loans Until December 31, 2025

The IRS recently issued a “Tax Tip” reminding that employers that offer IRC Section 127 educational assistance programs can use those programs until December 31, 2025, to pay principal or interest on any “qualified education...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Illinois Employers Required to Provide Public Transit Benefits in 2024

Many employers with at least fifty employees in the six-county Chicago area will have to provide their full-time employees with pre-tax public transit benefits starting January 1, 2024, under a new Illinois law....more

Foley Hoag LLP

Labor Impacts of IRS’ Initial Guidance on Prevailing Wage and Apprenticeship Requirements for Energy Projects

Foley Hoag LLP on

On November 30, 2022, the Internal Revenue Service (IRS) published Notice 2022-61 (the Notice), providing initial guidance on the prevailing wage and apprenticeship requirements applicable to certain provisions of the...more

Verrill

When Cash is not King: Holiday Gifts as “De Minimis” Fringe Benefits

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To celebrate the holiday season, this post highlights the tax consequences of employer-sponsored holiday perks such as gift cards, turkeys, hams and gift baskets. Under the current tax rules, employers may give infrequent low...more

McDermott Will & Emery

IRS Releases 2023 Annual Inflation Adjustments

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On October 18, 2022, the Internal Revenue Service (IRS) announced the annual inflation adjustments for 2023 related to more than 60 tax provisions, with some increasing, some maintaining and some new additions to the list...more

Stinson LLP

IRS Increases Standard Mileage Rates Starting July 1, 2022

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The Internal Revenue Service Announcement 2022-13, published on June 10, 2022, increases the standard mileage rates for deductible business travel, medical and moving expenses for the second half of 2022, in accordance with...more

Freeman Law

Tax Court in Brief | Mihalik v. Commissioner | “De Minimus” Fringe Benefit Under Sec. 132

Freeman Law on

Tax Litigation: The Week of April 11th, 2022, through April 15th, 2022 The REDI Foundation, Inc. v. Comm’r, T.C. Memo. 2022-34 |April 11, 2022 |Nega, J. | Dkt. No. 23715-18 Pediatric Impressions Home Health, Inc. v. Comm’r,...more

Littler

IRS Releases 2022 Inflation Adjustments to Various Tax Limitations on Employer-Provided Benefits

Littler on

On November 10, 2021, the IRS released Revenue Procedure 2021-45, which contains its annual inflation adjustments for over 60 tax provisions, including not only individual income tax rates and deductions, but also many...more

BCLP

EO Update: e-News for Charities & Nonprofits

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Update on mandatory electronic filing for Form 990-T - The Taxpayer First Act requires certain exempt organizations to file information and tax returns electronically for tax years beginning after July 1, 2019....more

Fisher Phillips

Overview Of Employee Benefit Provisions In The Consolidated Appropriations Act

Fisher Phillips on

The Consolidated Appropriation Act of 2021 was signed into law on December 27, 2020 and is an impressive 5,593 pages. According to the Senate Historical Office, the Act is the longest bill ever passed by Congress. Buried...more

Mintz - Employment Viewpoints

The Impact of the Consolidated Appropriations Act on Flexible Spending Arrangements

In a previous post we summarized the provisions of the Consolidated Appropriations Act, 2021 (“the Act”) governing employee benefit plans, including retirement, welfare, and fringe benefit programs. With this post we begin an...more

Seyfarth Shaw LLP

IRS Announces 2021 Limits for Certain Health and Fringe Benefit Options

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Seyfarth Synopsis: The IRS has announced the adjustments to key limits for certain health and welfare benefit programs, including HDHP deductibles, HSA and FSA contributions, and other fringe benefit options for 2021....more

Kilpatrick

2021 Health and Fringe Benefit Limits

Kilpatrick on

For calendar year 2021, the Health FSA contribution limit and the parking and transit limits remain the same. Other limits increase only slightly....more

Foley & Lardner LLP

Re-Thinking Fringe Benefits for Your Newly-Remote Workforce? Do You Know Whether They’re Taxable? (The IRS Will…)

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While there has been some improvement in the spread of COVID-19 in the US, the daily count of new cases remains high. As a result, many large employers have extended their remote working policies through the fall, with others...more

Perkins Coie

IRS Issues Guidance on Prior Year Parking Tax Refunds or Credits for Tax-Exempt Organizations

Perkins Coie on

On January 21, 2020, the Internal Revenue Service (IRS) released guidance for tax-exempt organizations on how they may obtain a refund or credit for prior year unrelated business income tax (UBIT) incurred for qualified...more

BCLP

Form 1023 Revisions and Required Electronic Submission

BCLP on

The IRS is revising Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, and its instructions, to help charities apply for 501(c)(3) tax-exempt status. Effective January...more

Proskauer - Not for Profit/Exempt...

IRS Provides Guidance on Unrelated Business Income Tax Refunds

On Friday, December 20, 2019, President Trump signed into law government funding legislation for the 2020 fiscal year that includes a provision repealing Section 512(a)(7), commonly referred to as the “parking tax,” with...more

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