News & Analysis as of

Internal Revenue Service Department of Labor (DOL) Tax Liability

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Bricker Graydon LLP

Don’t Forget About the IRS When Correcting Delinquent Plan Contributions

Bricker Graydon LLP on

Employers that do not timely deposit participant deferrals and loan contributions to their employer sponsored retirement plans can be subject to Department of Labor (DOL) penalties for breaching their fiduciary duties....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Being aggressive on your mistakes could be a bad idea

Many moons ago, I got a call from a bank with a problem. For two decades—yes, twenty years—they had failed to include bonuses as part of plan compensation. The kicker? They were supposed to. This wasn’t a gray area; the plan...more

Littler

Department of Labor and IRS Intensify Cooperation on Worker Misclassification

Littler on

On December 14, 2022, the U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS) signed and published a Memorandum of Understanding for Employment Tax Referrals (the “MOU”). The MOU establishes a system for...more

Mayer Brown

More on Prevailing Wage & Apprenticeship

Mayer Brown on

As noted in yesterday’s post, the IRS published Notice 2022-61 regarding the prevailing wage & apprenticeship requirements. In addition, the Department of Labor yesterday issued two Frequently Asked Question (FAQ) documents:...more

Rivkin Radler LLP

New York to Taxpayer: “Forget What the Feds Said, You’re a ‘Responsible Person"

Rivkin Radler LLP on

Where is the Economy Heading? According to the data released Friday by the Department of Labor, the U.S. economy added approximately 528,000 jobs in July, reducing the unemployment rate to 3.5 percent. Although this...more

Seyfarth Shaw LLP

Qualified Plan Uncashed Check Guidance Issued Related to Tax Obligations

Seyfarth Shaw LLP on

On August 14, 2019, the IRS issued Revenue Ruling 2019-19, providing guidance to both tax-qualified plan administrators and participants on the tax treatment of plan distribution checks that are not cashed. ...more

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