This article should interest employers that offer fringe benefits to employees in addition to regular pay. An updated IRS publication outlining how employers should tax certain fringe benefits (IRS Publication 15-B) was released on December 26, 2019. Normally, the changes to Publication 15-B consist of little more than updates to certain statutory limits, like the mileage reimbursement rate, but we noticed several changes that could affect a lot of employers. Following ... Keep Reading »
Prudent Process Defeats DOL
A recently released case highlights the protection afforded by a retirement plan committee that takes its role seriously. In Scalia v. WPN Corp., No. 2:14-cv-01494, 2019 WL 4748052 (W.D. Pa. Sept. 30, 2019)), a Pennsylvania federal court ruled that the U.S. Department of Labor was wrong in its insistence that retirement committee members were liable under ERISA for failing to monitor the committee’s investment manager. Key Facts The retirement plan committee met ... Keep Reading »
US Treasury and IRS Targets for Audit
On October 8, 2019, the U.S. Department of Treasury and the IRS released the 2019-2020 “Priority Guidance Plan” for the 12-month period running from July 1, 2019, through June 30, 2020. The plan sets out the agencies’ priorities and offers insight into which taxpayers and organizations are at greater risk of an audit, and which aspects of administration will be most heavily scrutinized. The nine-page plan is organized based on how the agencies intend to investigate ... Keep Reading »
Plan Amendment Deadline Approaching for Plans That Implemented Hardship Changes in 2018 and 2019
In a Nutshell Retirement plan sponsors that implemented hardship distribution changes and other disaster relief in 2018 and 2019 probably have to amend their plan documents by the end of this year if they haven’t done so already. We recommend that all plan sponsors determine whether they implemented any of the changes summarized below and, if so, whether they already amended their plan documents to describe those changes. In general, plan sponsors should have notified ... Keep Reading »
A Primer on Employment Taxes
We noticed an uptick in employment tax issues, so thought a primer on employment taxation basics would be helpful. While this may be of general interest to in-house counsel and human resources professionals, it is probably more useful to payroll professionals (so feel free to forward this to your favorite payroll department employee!). Employment Taxes To be clear, when we reference "employment taxes," we refer to the taxes other than income taxes that an employer must ... Keep Reading »
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