Posts Tagged ‘IRS’

401(k) Compliance and Enforcement Update

Brandon P. Long Judy Burdg Melissa J. Cottle Within the past year, the Internal Revenue Service and the U.S. Department of Labor have issued new guidance impacting 401(k) retirement plans. At the same time, new lawsuits have been filed against plan fiduciaries. The list of rules that plan administrators must keep track of is longer…

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ACA reporting deadline extended — but employers should stay focused to avoid penalties

About a month ago, and just months before the reporting deadlines required under the Affordable Care Act (ACA) were set to go into effect, the Internal Revenue Service gave us all a late Christmas present and announced that it would extend the deadlines. Under the ACA, health insurers, self-insured employers, government agencies and other providers of minimum…

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EMPLOYEE BENEFITS LAW ALERT » What the legalization of same‑sex marriage means for Oklahoma employers

On Monday, Oklahoma became one of five additional U.S. states required to allow same-sex couples to marry after the U.S. Supreme Court refused to review lower court decisions that overturned state bans on same-sex marriage. The other four states immediately affected by the decision were Indiana, Utah, Virginia and Wisconsin. Six other states with similar…

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EMPLOYEE BENEFITS LAW UPDATE » Post-DOMA, IRS and CMS issue further guidance regarding same-sex spouses

Last September, three months after the U.S. Supreme Court issued its landmark decision in United States v. Windsor, the IRS issued some much-anticipated guidance regarding the treatment of same-sex spouses. For employers who sponsor qualified retirement plans (e.g., a 401(k) plan), one of the most significant ramifications was the requirement that such plans recognize a…

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MISCLASSIFIED WORKERS » IRS temporarily expands tax relief program for businesses with misclassified workers

Call it an early holiday gift. Call it an instance of the government being responsive to the concerns of businesses with misclassified workers who just want to make things right and avoid stiffer penalties down the road. Either way, the IRS announced this week that it is temporarily expanding its eligibility requirements for its Voluntary Classification Settlement Program.

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EMPLOYEE BENEFITS ALERT » Year-end IRS deadline looms for correcting release language in 409A agreements

Employers with employment agreements, severance policies, and other non-qualified deferred compensation agreements that contain language conditioning any payment on employee action, such as the execution of a release of claims, need to take action immediately to ensure such condition does not cause the agreement to violate Section 409A.

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