Industry & Regulatory News

Industry & Regulatory News
IRS Releases Draft Publication 15-A

The IRS released a draft of the 2022 Publication 15-A, Employer’s Supplemental Tax Guide (Supplement to Pub. 15, Employer’s Tax Guide). This publication, as a supplement to Publication 15, contains specialized and detailed employment tax information supplementing the basic information provided in Publication 15, including information for pensions and annuities.

January 18 2022
Industry & Regulatory News
DOL Announces 2022 Inflation Adjustments for Civil Penalties

The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.

January 18 2022
Industry & Regulatory News
IRS Issues Deadline Relief for Washington Flooding and Mudslide Victims

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of flooding and mudslides in Washington. The tax relief postpones various tax filing deadlines that began November 13, 2021. Affected individuals and households who reside or have a business in Clallam, Skagit, and Whatcom counties, and the Lummi Nation, Nooksack Indian Tribe, and Quileute Tribe, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

January 12 2022
Industry & Regulatory News
EBSA Addresses COVID-19 Testing and Preventive Service Coverage Questions

On January 10, 2022, the Department of Labor’s Employee Benefits Security Administration, issued a new set of FAQs. This latest set of FAQs address questions relating to COVID-19 testing and diagnosis that must be covered by group health plans and health insurance issuers without cost sharing pursuant to the Families First Coronavirus Response Act (FFCRA). The FAQs require group health plans (GHPs) and health insurance issuers (issuers) to reimburse a participant or direct pay a provider for the cost of over-the-counter COVID-19 tests beginning January 15, 2022. The FAQs also provide the following information.

January 11 2022
Industry & Regulatory News
April 18 is IRS Tax Filing Deadline for Most Filers

The IRS has announced that tax filing season will begin on January 24, 2022. The filing deadline for 2021 tax returns or requests for extension is April 18, 2022, for most taxpayers because of Emancipation Day in Washington, D.C. For taxpayers in Maine and Massachusetts, the deadline to file is April 19, 2022, because of Patriots’ Day. Taxpayers who request an extension will have until October 17, 2022, to file their 2021 returns.

January 11 2022
Industry & Regulatory News
IRS Releases Draft of 2021 Tax Year IRA Publication 590-B

The IRS has issued a draft 2021 Tax Year Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs). Several noteworthy items have been outlined in the “What’s New” section of the publication.

January 07 2022
Industry & Regulatory News
IRS Issues Deadline Relief for Colorado Wildfire Victims

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of wildfires and straight-line winds in Colorado. The tax relief postpones various tax filing deadlines that began December 30, 2021. Affected individuals and households who reside or have a business in Boulder county, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

January 04 2022
Industry & Regulatory News
IRS Releases 2022 Forms W-4P and W-4R

The IRS has released the 2022 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments and 2022 Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions.

January 04 2022
Industry & Regulatory News
2021 Form 5500 Series Informational Copies Released

December 30, 2021 – The Department of Labor’s Employee Benefits Security Administration (EBSA), the IRS, and the Pension Benefit Guaranty Corporation (PBGC) jointly released the 2021 Form 5500, Annual Return/Report of Employee Benefit Plan, 2021 Form 5500-SF, Annual Return/Report of Small Employee Benefit Plan, and their respective instructions. The IRS likewise released the 2021 Form 5500-EZ, Annual Return of a One-Participant Retirement Plan or Foreign Plan, and instructions.

January 01 2022
Industry & Regulatory News
IRS Issues Deadline Relief for Arkansas Storm Victims

December 29, 2021 – The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of severe storms and tornados in Arkansas. The tax relief postpones various tax filing deadlines that began December 10, 2021. Affected individuals and households who reside or have a business in Craighead, Jackson, Mississippi, Poinsett, and Woodruff counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

December 30 2021