Employee Benefits

Topics

February 1, 2023

Early access to wages may require new employment tax analyses

This item briefly summarizes how early-access options generally operate, how employment tax laws might apply, and Treasury’s proposal to address ambiguity concerning the tax impact of these types of programs.

January 1, 2023

Establishing a SIMPLE IRA plan for a company with only a few employees

A SIMPLE IRA may be ideal for smaller companies desiring to provide their employees a retirement plan.

January 1, 2023

2022 Arthur J. Dixon Memorial Award

G. Edgar “Eddie” Adkins Jr., CPA, received the 2022 Arthur J. Dixon Memorial Award, the highest honor bestowed by the accounting profession in the area of taxation.

December 15, 2022

Automatic extension provided for furnishing health coverage statements

Final regulations provide an automatic extension of time for providers of minimum essential coverage to furnish statements to individuals regarding their coverage.

November 9, 2022

Plan approval program expands to Sec. 403(b) retirement plans

The IRS and Treasury will allow churches, public schools, and charities with Sec. 403(b) retirement plans use the same individually designed retirement plan determination letter program that qualified retirement plans use.

November 1, 2022

Employer-provided and company-owned vehicles

General or special methods of valuing employer-provided vehicles are available for determining the employer’s and employee’s tax treatment of this fringe benefit.

October 21, 2022

Retirement account inflation adjustments issued for 2023

The IRS issued the retirement account inflation adjustments for 2023, including the maximum contribution amounts for 401(k) plans and IRAs.

October 11, 2022

Final regulations adopt ‘family-friendly’ health care affordability test

Previous regulations had based the affordability of employer-offered coverage for family members on the cost of an employee’s self-only coverage.

October 1, 2022

Rembrandt and retirement: The pitfalls of collectibles and self-directed IRAs

This item explores how certain tax provisions may affect potential investors planning to indirectly invest in collectibles.

October 1, 2022

Key proposed provisions of ‘SECURE 2.0’

This item discusses a few key provisions of SECURE 2.0 and differences between it and the RISE & SHINE Act.

June 1, 2022

Social Security concerns for remote workers and international assignees

When a worker moves across international borders, the cost can be significant, and there could be a substantial impact on the worker’s future retirement benefits.

May 20, 2022

Ukraine aid eligible for leave-based donations programs

Employees may exclude from gross income the value of leave donated to their employers funding payments to relieve victims of the Russian invasion of Ukraine.

April 29, 2022

Inflation boosts HSA amounts for 2023

Health savings account maximum contributions, along with minimum deductibles and maximum out-of-pocket expenses of accompanying high-deductible health plans, will be higher next year.

April 5, 2022

Proposed regulations revise premium tax credit’s affordability test

The existing benchmark of self-only coverage “unduly weakens” the purpose of the Affordable Care Act, the IRS and Treasury say, noting a presidential executive order to strengthen and protect the act.

March 30, 2022

‘SECURE 2.0’ would further expand retirement savings options

Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.

March 25, 2022

IRS reproposes unified plan rule exception for multiple-employer plans

Proposed regulations provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.

February 23, 2022

Proposed regulations update RMDs for SECURE Act changes

The regulations governing required minimum distributions from retirement plans would be updated to reflect various recent statutory changes under proposed regulations released on Wednesday.

February 1, 2022

Taking possession of coins in IRA causes a taxable distribution

A taxpayer has taken a distribution from a self-directed IRA if he or she takes physical possession of IRA assets;

January 1, 2022

Qualified COVID-19 paid leave benefits: Reporting on Form W-2

Under IRS guidance, employers are required to report qualified sick leave or family leave wages paid in 2021 either in box 14, “Other,” of Form W-2, Wage and Tax Statement, or in a separate statement.

December 17, 2021