Considerations for financial firms that waive investment fees for employees
This article discusses a few relevant questions that employers offering fee-free or reduced-fee investments should consider.
Employee Benefits
3 common misconceptions about defined benefit plans
There are choices in setting up a plan, and the plan sponsor should understand the advantages and disadvantages of different plan design choices.
HSA contribution limits increase for 2021
The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.
IRS allows midyear changes to health coverage, dependent care elections
In response to the coronavirus pandemic, the IRS is allowing employers to permit their employees to change their health coverage elections or dependent care elections during the year and is extending the carryover period for health flexible spending arrangement (FSA) expenses.
Tax on early distributions is constitutional
The Sec. 72(t)(1) 10% penalty tax on early withdrawals from retirement accounts is constitutional under the rational-basis test.
Compensation and benefit deductions when domesticating a CFC
This item briefly discusses some risk areas for newly domesticated CFCs to help advisers spot issues for clients.
Correcting excess contributions to IRAs
Excess contributions to IRAs are generally subject to a 6% excise tax each year until they are eliminated from the account. This article identifies the ways taxpayers can eliminate excess contributions and discusses the pros and cons of using the different methods in various situations.
Standard mileage rates decrease from 2019 to 2020
The IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.
IRS regulations update 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 TCJA increased those values to $50,000, adjusted for inflation.
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.
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.
