Coronavirus paid sick leave and family leave guidance issued
The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.
Employee Benefits
Coronavirus relief bill contains tax credits for employers
Here’s a look at the payroll tax credit provisions for employers in the coronavirus relief bill President Donald Trump signed on Wednesday.
High-deductible health plans can cover coronavirus testing, treatment
To facilitate the nation’s response to COVID-19, the IRS issued guidance permitting high-deductible health plans to cover costs for testing and treating the virus without satisfying a deductible requirement.
SECURE Act changes rules to encourage retirement savings
The act contains changes to existing law, mostly designed to encourage retirement savings and to make it easier for employers to offer retirement plans.
Regs. governing $1 million compensation limits are proposed
The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
Year-end appropriations act has many tax changes
The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.
Alert for IRAs holding master limited partnerships
The Forms 990-T prepared by the accountant hired by the broker may be wrong, and not usually in the client’s favor.
Final rules determine maximum vehicle values
The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation.
IRS issues 2020 standard mileage rates
On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.
Year-end government spending bill contains many tax provisions
The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.
5th Circuit invalidates health care law’s individual mandate
The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.
Proposed regs. would govern Sec. 162(m) executive compensation limits
The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
Deadline for health care information statements extended
As it does every year, the IRS extended the due date to furnish certain health care information statements to individual taxpayers to March 2, 2020.
Retirement plan contribution limits increase for 2020
Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other limits are increasing as well.
IRS proposes changes to maximum automobile values
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
Employing family members
Wages and benefits paid to a family member who is a bona fide employee can help reduce a business’s tax liability.
Final regs. loosen 401(k) hardship distribution requirements
The IRS issued final regulations governing hardship distributions from Sec. 401(k) plans, eliminating the requirements that participants obtain a loan from the plan if available and that suspend participants’ ability to make contributions to the plans for six months after taking a hardship distribution.
HRAs can be integrated with individual health plans
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
Proposed regs. govern maximum automobile values
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
IRS intends to amend maximum vehicle value regulations
The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile rule and the fleet-average-valuation rule.
