Industry & Regulatory NewsIRS Notice Greatly Expands Actions Whose Deadlines Are Extended to July 15
The IRS has issued Notice 2020-23, guidance that expands the number of time-sensitive tax-related actions whose completion can be delayed to July 15, 2020. The extension is being provided as a result of disruptions caused by the coronavirus (COVID-19) pandemic. (The IRS had previously extended from April 15 to July 15 the deadline for filing individual and business tax returns, and for making IRA, HSA, and certain employer-sponsored retirement plan contributions.)
Industry & Regulatory NewsIRS Provides Guidance for Employers to Claim Tax Credits for Emergency Paid Sick Leave Act and Expanded FMLA Payments
The IRS has posted at its website much-anticipated guidance for claiming tax credits for amounts paid by employers under the Emergency Paid Sick Leave Act (EPSLA) and the Emergency Family and Medical Expanded Leave Act (Expanded FMLA), as provided in the Families First Coronavirus Response Act (FFCRA). The guidance contains 66 FAQs that cover all aspects of the tax credits.
Industry & Regulatory NewsDOL Provides Guidance to Implement Paid Sick Leave and Extended Family Medical Leave Provisions of FFCRA
As directed by the Families First Coronavirus Response Act (FFCRA) signed into law last week, the U.S. Department of Labor (DOL) issued its first round of guidance to help employers implement the paid sick leave and the extended family and medical leave included in the legislation. Also, the DOL issued a fact sheet to help employees understand the scope of the changes from the employees’ perspective.
Industry & Regulatory NewsLegislation to be Introduced to Suspend RMDs for 2020, Exempt Social Security Income from Taxation
Sen. Ed Markey (D-MA) has proposed legislation (S. 3527) to suspend for 2020 the obligation to withdraw required minimum distributions (RMDs) from employer-sponsored retirement plans and IRAs in response to investment market volatility accompanying the coronavirus (COVID-19) pandemic. Sen. Markey has also announced plans to introduce another bill to exempt Social Security benefits received in 2020 from taxation. (Taxation of Social Security benefits generally is means-tested, with amounts exceeding $25,000—$32,000 for married couples—subject to income tax.)
Industry & Regulatory NewsLawmakers Introduce Bill to Ensure COVID-19 (Coronavirus) Testing Costs Not Borne by Patients
Reps. Diana DeGette (D-CO) and Donna Shalala (D-FL) have introduced the Covering Coronavirus Test Act of 2020 (H.R. 6173). This legislation is intended to prevent health insurance companies from requiring those being tested for COVID-19 (coronavirus) to pay for the testing.
Industry & Regulatory NewsIRS Provides Guidance on HSAs and Associated HDHPs, and Coverage of COVID-19 Testing
The IRS has issued Notice 2020-15, addressing requests made to the agency for health savings account (HSA)-related guidance as the nation responds to the challenges of the COVID-19 (coronavirus) outbreak in the U.S. and worldwide.
Industry & Regulatory NewsIRS Provides Additional Cafeteria Plan Flexibility in Response to Pandemic
The IRS has issued two notices that provide additional flexibility to participants in cafeteria plans as a result of the coronavirus (COVID-19) pandemic. Notice 2020-29
Industry & Regulatory NewsPresident Signs Paycheck Protection Program Extension Legislation
President Trump signed into law Friday, June 5, the Paycheck Protection Program Flexibility Act of 2020, legislation that the Senate approved Wednesday night. The legislation extends elements of and makes certain other adjustments to the Paycheck Protection Program (PPP). This Small Business Administration lending program was created by the Coronavirus Aid, Relief, and Economic Security Act to help small employers meet payroll and other expenses as businesses and the nation deal with the economic effects of the novel coronavirus pandemic.
Industry & Regulatory NewsPaycheck Protection Program Revised Interim Final Rule Issued
Scheduled for publication in next Tuesday’s Federal Register is a Small Business Administration (SBA) interim final rule on the agency’s Paycheck Protection Program (PPP). This guidance is being issued in response to enactment on June 5 of the Paycheck Protection Program Flexibility Act of 2020, legislation that made enhancements to this SBA loan program intended to help small employers meet payroll and other expenses as they deal with the economic effects of the novel coronavirus (COVID-19) pandemic.
Industry & Regulatory NewsState of Savings: June 2020
Our proprietary data reveals how Americans changed their savings behaviors over the course of the COVID-19 outbreak as business and travel restrictions disrupted the U.S. economy. These insights serve as an early baseline for the evolution of savings plan contribution and withdrawal behaviors in response to the pandemic and subsequent passage of the CARES Act. We expect to see new trends emerge as financial markets continue to rebound and stabilize and as states across the nation gradually reopen their economies.