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Articles by Joe Yonadi
DOL Crypto Guidance Heeds Strong Warning To Retirement Plan Sponsors Looking To Add Digital Asset Investments To Retirement Plan Lineups
Directly on the heels of the Biden Administration’s digital asset Executive Order issued on March 9, 2022[1] (“Executive Order”), the U.S. Department of Labor published its own guidance around the use of cryptocurrencies as a 401(k) plan investment in Compliance Assistance Release No. 2022-01 (“CAR”). This DOL’s guidance is not limited to crypto, but advises plan fiduciaries regarding all digital assets, including Ethereum, tokens, and any other derivation thereof.
ARPA Expands Section 162(m) Covered Employee Group
The American Rescue Plan Act of 2021 (“ARPA”)[1] makes a small but significant change for publicly held corporations subject to the compensation deduction limitations under Internal Revenue Code Section 162(m). In general, Code Section 162(m) limits deductions for compensation in excess of $1 million for “covered employees”.
Retirement Plan “Partial Termination” Relief Still in Effect Until March 31, 2021 (US)
This blogpost reviews the “partial termination” rules for certain tax-qualified retirement plans and certain regulatory and statutory rules that have, to the benefit of employers, relaxed the partial termination rules in 2020 and 2021. The Partial Termination Rules Retirement plans that are intended to be tax-qualified under Internal Revenue Code (the “Code”) Section 401(a) must comply with confusing, and sometimes costly, “partial termination” rules.
Stimulus Bill Extends the Availability of Student Loan Forgiveness (US)
Section 2206 of the CARES Act allowed an exclusion of up to $5,250 from an employee’s gross income, if an employer paid principal or interest on an employee’s “Qualified Education Loan”. Section 2206 of the CARES Act was only designed to be in effect for calendar year 2020. However, The Consolidated Appropriations Act, 2021 (the “CAA”) extends this provision of the law through December 31, 2025.
Flexibility Act Makes Key Change to CARES Act Payroll Tax Deferral Incentive and Other Key Changes
Following up on our prior post (here), regarding the Paycheck Protection Program loans (“PPP Loans”), President Trump signed the Paycheck Protection Program Flexibility Act of 2020 into law (the “Flexibility Act”) on June 5, 2020. The Flexibility Act relaxes and modifies certain requirements to obtain PPP Loan forgiveness. Specifically, the Flexibility Act makes five main changes: Payroll Tax Deferral.
IRS Guidance Provides Employers with the ability to offer A Second Open Enrollment Period for the 2020 Plan Year and Provides Greater Flexibility for Making Mid-Year Cafeteria Plan Elections | LexBlog
Providing much needed assistance to employees’ who were blindsided by COVID-19 and who were incapable of making health care coverage elections with COVID-19 in mind, the IRS on May 12, 2020, provided temporary relief that allows employers, during 2020, to expand the permissible reasons for employees to make prospective mid-year election changes to their health care coverage, and contributions to health flexible spending accounts (FSA) and dependent care assistance programs (DCAP), beyond what...
IRS Reverses Course on the application of Qualified Healthcare Expenses to the Employee Retention Tax Credit, and Clarifies Credit Eligibility in the event of a PPP Loan Repayment | LexBlog
In our blog post dated May 7, 2020, we noted that the IRS Question and Answers regarding the Employee Retention Tax Credit (the “ERTC” & the “Q&As”) stated that an employer cannot claim an ERTC for qualified health care expenses, unless it also pays the employee other wages during the relevant time period. We further noted that, in our view, this interpretation may not be consistent with congressional intent. Within hours of publishing our post the IRS reversed course and revised Q&As 64 and 65.
IRS Publishes Frequently Asked Questions on Payroll Tax Deferral
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides employers a number of economic relief programs, including deferral of employers’ share of quarterly social security tax deposits and forgivable Payroll Protection Program (PPP) loans. The IRS recently released a set of frequently asked questions and answers regarding the CARES Act’s deferral of quarterly Social Security tax deposits.
IRS Publishes Frequently Asked Questions on Payroll Tax Deferral (US)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides employers a number of economic relief programs, including deferral of employers’ share of quarterly social security tax deposits and forgivable Payroll Protection Program (PPP) loans. The IRS recently released a set of frequently asked questions and answers regarding the CARES Act’s deferral of quarterly Social Security tax deposits.
The CARES Act of 2020: Key COVID-19 Relief Provisions Impacting Your Employer-Sponsored Benefit Plans (US)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020, enacted and sent to the President for his signature on March 27, 2020, is bipartisan legislation providing more than US$2 trillion in relief for both companies and families affected by the coronavirus disease 2019 (COVID-19) pandemic. It includes a number of provisions designed to help employers and employees contend with a scaled-back workforce and other economic fallout.
Top 10 Employee Benefits Issues in a Slowing Economy (US)
The changes in the economy brought on by coronavirus disease 2019 (COVID-19), commonly known as the “coronavirus,” present challenges to employers trying to manage their greatest resource – employees. A cross-practice team involving our Tax Strategy & Benefits, Labor & Employment and Data Privacy & Security lawyers have published this alert that identifies some of the top employee benefits issues for employers to be aware of in this ever-changing environment.
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