Tag Archives: IRS

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

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

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

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 … Continue Reading

Employee Retention Tax Credits – Q&As

New guidance issued by the US Internal Revenue Service in the form of Q&As posted on its website, clarify the Employee Retention Tax Credit (ERTC) provisions contained in the CARES Act. The guidance is more restrictive than anticipated, and employers may face difficult decisions about claiming the tax credits. Our latest publication explores this issue … Continue Reading

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 … Continue Reading

Stock Compensation – Updated IRS Guidance

The IRS recently published an updated Equity (Stock) – Based Compensation Audit Techniques Guide (the “ATG”).  The August 2015 ATG has been substantially expanded compared to the prior Stock Based Compensation Audit Techniques Guide (the “prior ATG”). The ATG generally remains organized in the same fashion as the prior ATG. It begins by defining Equity-Based … Continue Reading
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