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IRS Issues New COBRA Guidance for Employers

Update Dec. 16: House Passes COBRA Subsidy Extension and Expansion The IRS has issued guidance on the COBRA premium assistance or subsidy provisions of the economic stimulus bill recently passed in...

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IRS Releases HIRE Act Affidavit Form

The IRS recently released Form W-11, Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit. The HIRE Act (H.R. 2847), a jobs bill President Barack Obama signed into law on March 18,...

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IRS Issues Guidance on 2011 Health Care Account Changes

On September 3, 2010, the IRS issued guidance addressing the changes made by the health care reform package (the Patient Protection and Affordable Care Act and the Health Care and Education...

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Employers Welcome IRS Deferral of Health Care Reform’s W-2 Reporting Requirement

The IRS recently issued Notice 2010-69, which defers the Form W-2 reporting requirement found in the Patient Protection and Affordable Care Act (PPACA) by clarifying that such reporting won’t be...

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IRS Offering Employers Break on Misclassification

Employers worried that they may have misclassified independent contractors may find relief in a new program from the IRS. The Voluntary Classification Settlement Program (VCSP) was announced September...

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IRS sets 2013 standard mileage rate

The IRS has announced the 2013 standard mileage rate to use in computing the deductible costs of operating an automobile for business use. Employers often use the rate to determine how much they will...

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Employers get extension on some ACA reporting dates

The IRS has announced that it has extended the deadline for employers subject to certain reporting requirements necessary under the Affordable Care Act (ACA). New deadlines have been set for employers...

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Reconstructed Travel Logs Inadequate for Documenting Mileage

In a recent case, Velez v. Comm’r, the U.S. Tax Court ruled that travel logs that were re-constructed years after the fact were not adequate to substantiate business-related miles as required by...

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Plan Sponsors Must Now Analyze 401(k) Plan Administration (Part 2)

Yesterday we began to explore some of the changes that the Bipartisan Budget Act of 2018 has made to the Tax Cuts and Jobs Act, and what it all means. Today we will continue to explore the topic,...

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Business Groups Decry IRS Enforcement of ACA Employer Mandate

In its recent efforts to enforce the Affordable Care Act’s (ACA) employer mandate, the Internal Revenue Service (IRS) has been disregarding key safeguards in the law designed to protect employers from...

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Two Approaches to New Cash Balance Plan

Yesterday we took a look at Internal Revenue Service (IRS) guidance on how to change interest crediting rates in a cash balance (CB) plan. Today we’ll look at the two approaches that the IRS has...

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Affected Parties Suggest Reasons, Methods for Expanding IRS Determination...

Retirement plan trade organizations and advocates, law firms, and other affected parties proposed to the Internal Revenue Service (IRS) an expanded range of circumstances they believe merit review and...

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IRS Ruling Permits Rollover from Deceased Participant’s Account to...

Plan sponsors regularly handle situations that arise from a deceased participant’s failure to designate a beneficiary for his or her employer-sponsored retirement account. A private letter ruling (PLR)...

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Missing Participants Errors Now Top DOL, IRS Audit Focus, Nudging Out Late...

Federal agency audits are never far from the minds of employer retirement plan sponsors and their third-party administrators (TPAs), but knowing which recurring errors and internal controls most...

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IRS Raises Several Annual Retirement Plan Limits for 2019

For 2019, the Internal Revenue Service (IRS) is raising most of the annual threshold and benefit levels that apply to retirement plans, the IRS announced on November 1. Source: AndreyPopov / iStock /...

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IRS Raises FSA Contribution Limits, Other Thresholds for 2019

Employees will be able to contribute up to $2,700 to a health flexible spending account (FSA) in 2019, a $50 increase from the 2018 amount, the Internal Revenue Service (IRS) announced in Revenue...

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Review IRS 2019 Program Letter Now for Potential Impacts

We’re well into the start of calendar year 2019, and the to-do list to close out 2018 holds many tedious and time-consuming tasks. It is tempting to put off thinking about what may be coming in this...

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IRS Reverses Itself Again to Permit DB Plan Sponsors to Offer Retiree...

Defined benefit (DB) plan sponsors received another “derisking” tool in early March when the Internal Revenue Service (IRS) and U.S. Treasury Department unexpectedly reversed course on retiree lump-sum...

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New Mandatory Electronic VCP Submissions Add to IRS Online Filings

In 2008, the Internal Revenue Service (IRS) established a voluntary program aimed at retirement plan sponsors and administrators to encourage correction and resolution of plan document or operational...

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Plan Self-Correction Opportunities Improved in New IRS EPCRS Procedure

Practitioners and plan administrators are celebrating the arrival of several helpful revisions in a newly updated Internal Revenue Service (IRS) Employee Plans Compliance Resolution System (EPCRS)...

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