News & Analysis as of

Wage and Hour Internal Revenue Service Recordkeeping Requirements

Whiteford

Employment Law Update: New Overtime Tax Law Increases Employer Recordkeeping Obligation

Whiteford on

The Administration’s “Big Beautiful Bill” includes a new overtime tax provision, broadly described as “No Tax on Overtime.” More accurately, the Bill allows an employee tax deduction of a portion of overtime payments, up to a...more

Jones Day

Proposed IRS Regulations on Tax Credits for Renewable-Energy Investments Include Wage and Apprenticeship Requirements

Jones Day on

In Short - The Background: The Inflation Reduction Act provides for robust tax incentives on qualifying renewable-energy construction projects. In order to claim the full amount of such tax credits on qualifying projects,...more

King & Spalding

IRS Proposed Regulations and DOL Guidance Clarify Certain Aspects of the Prevailing Wage and Apprenticeship Requirements

King & Spalding on

The U.S. Department of Treasury (“Treasury”) and IRS issued proposed regulations (“Proposed Regulations”) on August 29, 2023, regarding increased credit or deduction amounts available under the Inflation Reduction Act of 2022...more

McDermott Will & Schulte

Just Catching Up? Payroll Challenges Plague Roth Catch-Up Contribution Implementation

In this series of articles, we explore the implications of SECURE 2.0’s changes to catch-up contributions and how employers should respond. The SECURE 2.0 Act requires participants who earned more than $145,000 in FICA...more

Holland & Knight LLP

60-Day Clock Is Ticking on Prevailing Wage, Apprenticeship Requirements

Holland & Knight LLP on

President Joe Biden signed the Inflation Reduction Act (IRA) into law on Aug. 16, 2022. The massive legislative package revises policy on taxes, healthcare, agriculture and energy. In particular, the IRA modifies and expands...more

Fisher Phillips

Employers Must Meet Federal Prevailing Wage and Apprenticeship Requirements to Earn New Tax Credits and Deductions

Fisher Phillips on

Federal officials recently outlined prevailing wage and apprenticeship requirements that projects need to adopt if they want to take advantage of the enhanced tax credits and deductions created by the Inflation Reduction Act...more

Pillsbury Winthrop Shaw Pittman LLP

IRS Provides Highly Anticipated Wage and Apprentice Guidance for Applicable Tax Credits under the Inflation Reduction Act

Publication of Notice 2022-61 starts the 60-day clock until projects that initially commence construction must comply with the new requirements. On November 30, 2022, the Internal Revenue Service (IRS) published Notice...more

Lowenstein Sandler LLP

IRS Issues Guidance To Implement Deferral Of Employee Social Security Taxes Through December 31, 2020

Lowenstein Sandler LLP on

On August 8, President Trump issued a Memorandum directing the Treasury Department to permit employers to defer the withholding of employees’ social security and railroad retirement taxes through December 31, 2020. On August...more

Harris Beach Murtha PLLC

DOL Wage and Hour Audit: Lessons from the Backstretch

The recent U.S. Department of Labor Wage and Hour (WHD) investigation outcome of leading thoroughbred trainer Chad Brown has rocked the racing industry with the assessment of over $1.6 million in back wages and Civil Money...more

Snell & Wilmer

IRS Letters 226J: Having the Right Section 4980H Records Can Be Worth a Small Fortune

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As reported in our 2018 End of Year Plan Sponsor “To Do” List (Part 1) Health & Welfare, the Section 4980H penalties are still in effect and the IRS is enforcing them. Employers continue to receive Letters 226J, which the IRS...more

Proskauer - Law and the Workplace

D.C. DOES Provides Additional Guidance On The D.C. Wage Theft Prevention Amendment Act And Reveals New “Zip Code” Program For D.C....

On Thursday, March 12, 2015, the District of Columbia Department of Employment Services (“DOES”) hosted its first Webinar regarding the D.C. Wage Theft Prevention Amendment Act (the “Act”), and its subsequent amendments. ...more

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