‘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.
Reporting & Filing Requirements
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;
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.
Automatic extension for furnishing health coverage statements proposed
Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”
Guidance issued on 2021 qualified sick and family leave wage reporting
Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.
Dependent care assistance programs get pandemic relief
Dependent care assistance program benefits carried over or available during an extended claims period under special temporary COVID-19 relief provisions retain their status as excludable from employees’ gross income and wages, the IRS explains in a notice.
Stock-based compensation cost-sharing regs. following Altera
The Supreme Court’s denial of Altera’s petition could have significant tax and financial reporting consequences for companies that have excluded SBC costs from CSA intangible development cost pools.
Planning considerations for cross-border compensatory equity
Compensatory equity, such as company stock, held by employees that was acquired in connection with the performance of services may result in unexpected issues.
IRS clarifies pandemic relief for dependent care assistance programs
Dependent care assistance program benefits carried over or available during an extended claims period under special temporary COVID-19 relief provisions retain their status as excludable from employees’ gross income and wages, the IRS explains in a notice.
SEP plans: A cautionary tale about IRS audits
An employer’s failure to comply with SEP rules results in very costly penalties.
