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As employee benefits programs increase in sophistication and flexibility, the complexity of tax compliance often increases as well. RSM understands the tax ramifications of employee benefits plans and regularly shares updates on tax concerns and compliance issues related to these plans. See below for some of our most recent IRS updates.
IRS determines that high deductible health plans can pay for testing and treatment of the coronavirus without tax consequences.
The ACA’s shared responsibility penalty on individuals without health insurance no longer applies after 2018, but state penalties may apply.
The IRS has released the final version of Form W-4 reflecting changes to employee withholding from the Tax Cuts and Jobs Act.
IRS guidance establishes amendment deadline for 401(k) and other retirement plans to comply with new hardship distribution rules.
IRS issues guidance on voluntary employees’ beneficiary associations (VEBAs) and supplemental unemployment benefit trusts (SUBs).
The IRS has published final section 6050Y regulations requiring reporting of sales and acquisitions of certain life insurance contracts.
Favorable rule for corporate stock acquisitions where life insurance contracts are less than 50 percent of the target corporation’s assets.