ERISA News

Industry & Regulatory News
IRS Issues Deadline Relief for Texas Victims of Winter Storms

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Texas winter storm victims. The tax relief postpones various tax filing and payment deadlines that occurred starting on February 11. The entire state of Texas is included in this relief. Additionally, taxpayers in other locations will automatically be added to this relief if the disaster area is further expanded.

February 24 2020
Industry & Regulatory News
IRS Details Additional Temporary Guidance for Cafeteria Plans

The IRS has issued Notice 2021-15, providing additional guidance and flexibility to employee benefit plans offering health FSA and dependent care arrangements. Because of COVID-19, employees participating in these programs are more likely to have unused amounts in these accounts as a result of changes in anticipated expenses during the pandemic. To qualify as a cafeteria plan under IRC Section 125, funds remaining at the end of the plan year generally cannot be carried over to future plan years, and restrictions apply when modifying elections after the start of the plan year.

February 19 2021
Industry & Regulatory News
IRS Confirms Late Mailing of Notices for 2019 Forms 5500 Series Extension Approvals

The IRS has announced in an Employee Plans News bulletin that processing requests for an extension of time to file 2019 Forms 5500 series returns were delayed in 2020, resulting in delayed mailing of Notice CP 216F.

February 19 2021
Industry & Regulatory News
Retirement Spotlight: Missing Participants - Prevention is the Best Cure

When employers start a retirement plan, they may ask who should be eligible to participate, what kind of contributions should be made, and how and when can employees access their account balances? Unfortunately, many employers don’t consider how to handle missing participants’ account balances—or more importantly—how to prevent losing track of participants in the first place.

February 18 2021
Industry & Regulatory News
Retirement Spotlight: IRS Aims to Clarify 60-Day Postponement Rule for Federally Declared Disasters

At the end of 2019, the Internal Revenue Code (IRC) was amended to create a mandatory 60-day postponement for certain federal tax-related deadlines in the event of a disaster. This new provision was designed to ensure that affected taxpayers would have guaranteed relief while recovering from a natural disaster or other emergency. But this measure didn’t seem to affect how the IRS had already been responding to such events. In fact, the new law created some ambiguity.

February 17 2021
Industry & Regulatory News
Pandemic Relief Package Includes Multiple Retirement, Health Benefit Provisions

Legislation proposed by the House Ways and Means Committee to provide COVID-19 pandemic relief and economic stimulus includes several items that would affect retirement and health benefits. Among them are the following.

February 10 2021
Industry & Regulatory News
IRS Updates FAQs on Employer Tax Credits for COVID-Related Paid Leave

On January 28, 2021, the IRS posted updated Frequently Asked Questions (FAQs) on COVID-19-related employer tax credits for paid leave that is provided by certain small- and mid-size businesses. These tax credits were initially created by the Family First Coronavirus Response Act that was signed into law in March 2020.

February 08 2021
Industry & Regulatory News
DOL Proposes Delay of Effective Date for Independent Contractor Final Regulations

The Department of Labor (DOL) Wage and Hour Division has proposed a delay of the effective date for final regulations on independent contractor status, regulations that were due to become effective March 8, 2021. The DOL is seeking to delay the effective date to May 7, 2021. Comments on the request to delay the effective date must be received by February 24, 2021.

February 08 2021
Industry & Regulatory News
Washington Pulse: IRS Releases Final QPLO Regulations

Plan participants have more time to roll over certain plan loan offsets under the Tax Cuts & Jobs Act of 2017 (TCJA). These are known as qualified plan loan offsets (QPLOs). In response to this legislative change, the IRS released proposed regulations in August 2020. The IRS finalized the regulations in December 2020, with only one modification: the applicability date.

February 05 2021
Industry & Regulatory News
Public Hearing Announced for Proposed Regulations on Postponements Due to Federally Declared Disasters

Published in the Federal Register is an IRS notice of public hearing on proposed regulations for automatic 60-day postponement of certain deadlines following federally declared disasters. (The proposed regulations were published January 13, 2021, in the Federal Register.)

February 04 2021