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Layoffs Internal Revenue Service

Ice Miller

Uncertainty at the IRS: Why Qualified Pension Plans Should Self-Audit

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The Internal Revenue Service (IRS) began terminations of employees on February 20, 2025, with initial news reports of layoffs set to 6,000 terminations and a stated intent to downsize its workforce by upwards of 50 percent as...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – April 2025 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Freeman Law

IRS Terminates Over 6,000 Employees

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Following his January 20th inauguration, President Donald Trump has made a concerted effort to downsize the executive branch of the federal government. Today, in a move that many have anticipated for weeks, President Trump’s...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses - UPDATED March 2021 #2

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On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Robins Kaplan LLP

Financial Daily Dose 11.19.2020 | Top Story: FAA Clears Boeing’s Troubled 737 Max to Return to Skies

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The FAA has once again given Boeing the green light to send its troubled 737 Max models into the sky, “20 months after it was grounded following two fatal crashes blamed on faulty software and a host of company and government...more

Woods Rogers

COVID-19 and the CARES Act – Partial Termination Relief for Retirement Plans

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Many employers have had to terminate or furlough employees in 2020 due to COVID-19.   Under IRS rules, a partial termination of a retirement or 401(k) plan may occur when there is a significant reduction (generally more than...more

White & Case LLP

Replacing Pay with Equity to Preserve Cash in a COVID Economy

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As pandemic effects linger, companies intent on avoiding layoffs are looking at compensating workers with equity in lieu of cash as part of their pay. In August 2020, the United Kingdom began winding down its Coronavirus...more

Faegre Drinker Biddle & Reath LLP

Rehiring Employees by End of 2020 Could Prevent Partial Plan Terminations

In our May 2020 client alert, we addressed the possibility that COVID-19 layoffs could inadvertently cause a partial termination of a company’s qualified retirement plan. Recently issued IRS guidance provides that if...more

Fisher Phillips

IRS Guidance On The Effect Of COVID-19 On Partial Plan Terminations

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COVID-19 has forced many employers to reduce their workforce through furloughs or layoffs. These reductions may cause employers to experience a partial plan termination of their qualified retirement plans, which requires 100%...more

White and Williams LLP

CDC Issues Moratorium on Residential Evictions Through 2020

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On September 1, 2020, the Centers for Disease Control and Prevention (CDC) announced that it was issuing an order (CDC Order) to temporarily halt residential evictions to prevent the further spread of COVID-19. The CDC Order...more

Jackson Walker

Additional Clarity for Employers and Retirement Plan Administrators on Coronavirus Relief Under the CARES Act

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After the CARES Act was enacted, plan administrators had questions regarding how to determine if a participant is eligible to receive a Coronavirus distribution, Coronavirus loan, or delay of loan payments because a...more

Foley & Lardner LLP

Do We Need a Plan Amendment for That? Top FAQs to Decide

Foley & Lardner LLP on

Since the start of the COVID-19 pandemic, we have gotten daily calls and emails from our clients asking how furloughs, layoffs, the CARES Act, and a host of other pandemic-related changes affect the benefit plans that they...more

Foley & Lardner LLP

COBRA in the Time of COVID-19

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COBRA compliance requires extra attention right now. There has been a wave of litigation surrounding COBRA election notices. Regulatory agencies have extended certain COBRA deadlines due to the COVID-19 pandemic. And the...more

Lathrop GPM

Navigating the COBRA Rules Under the Latest DOL and IRS COVID-19 Relief

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The changes in employment status due to the COVID-19 pandemic range from reduced hours, to furlough, to layoff, to leave of absence to employment termination. A chief concern for both employers and employees is how a change...more

Epstein Becker & Green

Employer-Sponsored Leave Sharing or Leave Donation Programs: Benefits Guidance in the Time of COVID-19

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Many employers are looking for ways to assist employees directly impacted by COVID-19 and employees on temporary lay-off or furlough who are exhausting their available paid-time-off (PTO)....more

Morrison & Foerster LLP

Corona Virus: Implementation Of Tax Relief Measures For Companies

The Federal Government has launched a package of measures worth billions to counter the economic consequences of the coronavirus epidemic. Individual tax authorities have already started to implement these tax measures. ...more

Eversheds Sutherland (US) LLP

IRS Pressures Build: Budgetary Constraints, the Aging IRS Workforce and Changes in IRS Focus

On April 10, 2013, President Obama released his proposed Fiscal Year 2014 Budget of the U.S. Government. The budget calls for an increase in funding for the Internal Revenue Service (“IRS”), which has faced budget cuts in...more

Sheppard Mullin Richter & Hampton LLP

Deadline for Filing FICA Tax Refunds is April 15

As previously reported, the payment of certain severance benefits may be exempt from FICA taxes. Under the Sixth Circuit’s decision in Quality Stores, severance pay made in connection with an involuntary separation from...more

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