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 … Continue Reading
Besides the COVID-19 pandemic, 2020 has also had its share of other disasters, including hurricanes, floods and fires. The Consolidated Appropriations Act, 2021 (the “CAA”) has provisions that are designed to provide tax relief for individuals and employers who have been adversely affected by one of the numerous federally declared “Qualified Disasters”. These provisions of … Continue Reading
The Consolidated Appropriations Act, 2021 (the “CAA”) extends through June 30, 2021, the Employee Retention Credit provisions of Section 2301 of the CARES Act. It also favorably modifies the rules for claiming the Employee Retention Credits. These changes are generally effective as of January 1, 2021. These provisions of the CAA are found in Sections … Continue Reading
The coronavirus (COVID-19) ‘lock-down’ has necessitated large swathes of the working population to perform their duties from home. As a result, working-from-home has become the ‘new normal’ for many employees in recent months. Employers will be considering how best to assist their employees to work most efficiently and effectively from home while the lock-down endures. … Continue Reading
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 … Continue Reading
Employee retention is a high priority for businesses grappling with the profound impact of the coronavirus disease 2019 (COVID-19). Employee share schemes remain a versatile and valuable way to retain important employees. However, many may not have considered the unexpectedly adverse tax consequences that some of the UK government’s business support measures (including, for example, … Continue Reading
Coronavirus disease 2019 (COVID-19), commonly known as the “coronavirus” has raised many challenges for businesses. Among those challenges are the variety of employee related issues being raised. In addition to complying with various employment laws, including the new emergency leave laws and tax credits (see our blog), employers also have to consider the impact on … Continue Reading
We are delighted to announce that our award winning HR legal portal “Global Edge” now contains a new special feature on UK pensions law. Global Edge gives instant access (via mobile device or desktop) to a vast array of employment law topics and the latest legal developments in 37 countries plus the EU. If, for … Continue Reading
Employers can pursue pension plan change with renewed vigour following the publication of the judgment in the IBM appeal. They can now be less concerned about whether promises they have made in the past may bind them into the future, as the weight of an employee’s “reasonable expectations” argument has been significantly downgraded making it … Continue Reading
Amongst a number of announcements relating to employment taxes in today’s UK Autumn Statement, forthcoming changes to the tax treatment of salary sacrifice and employee termination payments were confirmed. The tax and National Insurance advantages of salary sacrifice schemes will be removed from April 2017 (i.e. the sacrificed pay will be subject to tax and … Continue Reading
This week sees the implementation of changes to insurance disclosures which, coupled with an upcoming increase in insurance premium tax, mean that the time is right to review your employee benefit insurance policies. The Insurance Act 2015 comes into force on 12 August 2016 and applies to new policies as well as variations to existing … Continue Reading
