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 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
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
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
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
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
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
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
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