Employee Benefits

Topics

April 3, 2014

Plan Administrators Can Assume Certain Rollovers Are Valid

The IRS ruled that a plan administrator for a plan that is qualified under Sec. 401(a) may reasonably conclude in the situations described in the ruling that a potential rollover contribution is valid under Regs. Sec. 1.401(a)(31)-1, Q&A-14(b)(2).

April 1, 2014

Ellis, the Case of a Misdirected IRA

Potential entrepreneurs need to be aware of the tax complexities of using retirement funds as startup capital.

April 1, 2014

Second Rollover Is Taxable

The Tax Court held that where a taxpayer distributed and within 60 days repaid funds from two separate IRAs within a one-year period, only the first distribution and repayment was a nontaxable rollover.

April 1, 2014

President Orders New Retirement Savings Vehicle

President Barack Obama in his annual State of the Union speech announced a new retirement savings account to be made available to employees through their employers.

April 1, 2014

Transition Relief Offered on Minimum Essential Coverage and Shared-Responsibility Penalty

Proposed regulations issued by the IRS answer a number of questions regarding the Sec. 5000A individual mandate under 2010’s health care reform legislation.

April 1, 2014

Transition Relief Provided for Shared-Responsibility Payment

The IRS issued final regulations that provide transition relief from the Sec. 4980H shared-responsibility payment.

April 1, 2014

How to Calculate Employer Health Care Responsibilities

To determine whether a business is subject to the employer mandate penalty under the Patient Protection and Affordable Care Act, the business must determine the number of its full-time employees, which includes its full-time equivalent employees (FTEs).

March 27, 2014

Abuse Victims Who File Separate Returns Are Eligible for Premium Tax Credit

Victims of domestic violence who are afraid or unable to contact their spouse to file a joint return may be able to claim the Sec. 36B premium tax credit using procedures announced by the IRS.

March 20, 2014

IRA Rollover Guidance Issued: IRS Will Follow the Tax Court

The IRS announced it will follow the recent decision in Bobrow, meaning no matter how many IRAs a taxpayer has, the taxpayer is limited to one IRA rollover per year.

March 5, 2014

Simplified Employer Health Care Coverage Reporting Announced

The IRS released final regulations to implement simplified reporting requirements under the Patient Protection and Affordable Care Act.

March 1, 2014

Guidance Issued on Cafeteria Plan, HSA, FSA Issues for Same-Sex Married Couples

Recent IRS guidance deals with elections and reimbursements for cafeteria plans, health savings accounts, and health, adoption, and dependent care flexible spending arrangements for same-sex married couples.

February 25, 2014

Final Substantial-Risk-of-Forfeiture Rules Are Released

The IRS finalized regulations that clarify when a substantial risk of forfeiture exists on the transfer of stock to an employee that is treated as compensation under Sec. 83 (T.D. 9659).

February 10, 2014

IRS Announces Additional One-Year Delay in Health Coverage Penalty for Midsize Employers

The IRS announced that it is delaying the so-called shared-responsibility requirement under Sec. 4980H for employers who have 50 to 99 full-time equivalent employees in 2014.

February 1, 2014

Bonus Deduction Timing: Finding the Correct Tax Year

This item focuses on an employer’s ability to deduct bonuses in the tax year they are earned rather than the tax year in which they are paid to the employee.

February 1, 2014

0.9% Medicare Surtax Final Regulations Issued

Regulations contain guidance for employers and individuals on the implementation of the tax, including the requirement to file a return reporting the tax, the process for employers to make adjustments of underpayments and overpayments of the tax, and the processes for employers and employees to file claims for refund for an overpayment of the tax.

February 1, 2014