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IRS Updates

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. 

Featured insights

TAX ALERT

High deductible health plans can cover medical costs for coronavirus

IRS determines that high deductible health plans can pay for testing and treatment of the coronavirus without tax consequences.

INSIGHT ARTICLE

Tax penalties on individuals without health insurance

The ACA’s shared responsibility penalty on individuals without health insurance no longer applies after 2018, but state penalties may apply.

TAX ALERT

Final 2020 Form W-4 released

The IRS has released the final version of Form W-4 reflecting changes to employee withholding from the Tax Cuts and Jobs Act.

TAX ALERT

Deadline set for 401(k) plan amendments due to new hardship rules

IRS guidance establishes amendment deadline for 401(k) and other retirement plans to comply with new hardship distribution rules.

TAX ALERT

IRS issues guidance on tax-exempt entities funding employee benefits

IRS issues guidance on voluntary employees’ beneficiary associations (VEBAs) and supplemental unemployment benefit trusts (SUBs).

TAX ALERT

Final section 6050Y regulations mean new 1099-LS and 1099-SB for many

The IRS has published final section 6050Y regulations requiring reporting of sales and acquisitions of certain life insurance contracts.

INSIGHT ARTICLE

Regulations on acquired corporate life insurance policies

Favorable rule for corporate stock acquisitions where life insurance contracts are less than 50 percent of the target corporation’s assets.

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