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.
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TAX ALERT
IRS issues favorable guidance for deducting business meals
The IRS issued interim guidance on the deductibility of certain business meal expenses that are related to entertainment activities.
TAX ALERT
Pre-2018 employee moving expenses are reimbursable in 2018, tax free
Notice 2018-75 clarifies that employers can exclude from employee wages reimbursements made after Jan. 1, 2018 for pre-2018 moving expenses.
TAX ALERT
Beware: Early release of draft Form W-9 could mean changes in October
Withholding agents should be prepared to begin collecting new Forms W-9 when the form is finalized which could be as early as Oct. 2018.
TAX ALERT
Proposed Tax Reform 2.0 includes retirement and savings plan changes
The Family Savings Act is meant to make it easier for families to save more earlier with hopes of helping to create financial security.
TAX ALERT
IRS extends nondiscrimination relief for closed defined benefit plans
Notice 2018-69 extends the temporary nondiscrimination relief provided to closed defined benefit plans for plan years beginning before 2020.
TAX ALERT
IRS offers initial guidance on the application of section 162(m)
Notice 2018-68 offers initial guidance on the application of section 162(m), addressing TCJA changes to the several key provisions.
TAX ALERT
Importance of corporate structure for employee stock ownership plans
An IRS private letter ruling illustrates how employee stock ownership plans are governed by the corporate sponsor’s structure.