New Withholding Form to Be Used for 2022
The IRS has made available a 2022 tax year draft Form W-4P and indicates that the form will be split into two forms.
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.
Notices for 2019 Forms 5500 Series Extension Approvals
The IRS has announced 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.
Missing Participants: Prevention is the Best Cure
Unfortunately, many employers don’t consider how to handle missing participants’ account balances or how to prevent losing track of participants in the first place.
IRS Issues Updates for DB Plan Calculations
The IRS has issued Notice 2021-16, which contains updated guidance on factors used in certain defined benefit (DB) pension plan calculations.
IRS Posts 2020 Tax Year Health Savings Arrangement Publication
The IRS has posted the 2020 tax year Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans.
New IRS Guidance for Federally Declared Disasters
At the end of 2019, the IRC was amended to create a mandatory 60-day postponement for certain federal tax-related deadlines in the event of a disaster.
DOL Confirms Effective Date for Investment Advice PTE
The DOL’s EBSA has confirmed that prohibited transaction exemption 2020-02 entitled, “Improving Investment Advice for Worker & Retirees,” will take effect on February 16.
Pandemic Relief Package Includes Benefit Provisions
Legislation proposed by the House Ways and Means Committee to provide pandemic relief includes several items that would affect retirement and health benefits.
DOL Proposes Delay for Independent Contractor Regulations
The DOL Wage and Hour Division has proposed a delay of the effective date for final regulations on independent contractor status.
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