United States
Plan sponsor actions to incorporate the provisions of the SECURE and CARES Acts into their plan documents and plan administration.
Taxpayers should familiarize with Biden’s plan, remain vigilant for developments and position themselves to act at the appropriate times.
Section 4960 final rules generally adopt the proposed regulations with some minor, taxpayer favorable modifications.
Employers impacted by COVID-19 may be eligible for payroll tax credits and deferrals reportable on their quarterly payroll tax returns.
The DOL has issued final regulations on the FSLA’s rules for independent contractors including gig workers, but it may be repealed.
The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
Paycheck Protection Program (PPP) loan recipients may now qualify for the employee retention tax credit based on new legislation signed.
Disaster relief may provide liquidity for individuals and businesses located in areas affected by presidentially declared disasters.
In response to the COVID-19 pandemic, Notice 2021-7 allows taxpayers to switch valuation methods for employer-provided vehicles.
The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.
Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
The final regulations implement the amendments made to section 162(m) by the TCJA and largely mirror last year’s proposed regulations.
Some common paid time off (PTO) policy features cause taxable income to unexpected parties at unexpected times. Learn more here.
The regulations largely mirror the proposed regulations with additional, mostly favorable, clarifications for taxpayers.
IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements, and plan loan offset rollovers.
Form 1099-NEC replaces Form 1099-MISC Box 7 (contractor compensation), but some compensation may be reported on both 1099-NEC and 1099-MISC
Employers may wish to pay Social Security taxes deferred under the CARES Act before the due date and should consider certain items.
The IRS has updated six questions in their Employee Retention Credit FAQ document on Tribal Governments and PPP loans in acquisitions.
The TE/GE division’s 2021 program letter contains a summary of its priorities for the fiscal year and a new compliance priority webpage.
Many limitations, including the 401(k) elective deferral limit for employee contributions, remain unchanged from 2020 levels.