July 17, 2020 | FFCRA Update The IRS issued Notice 2020-54 to help employers properly report 2020 emergency paid sick leave and expanded family medical leave wages paid to employees under the Families First Coronavirus Response Act (“FFCRAâ€). Employers with less than 500 employees who provided benefits under either leave program will need to…
On April 28, 2020, the Departments of Labor (DOL) and the Treasury (Departments) issued deadline relief to help employee benefit plans, plan participants, and plan service providers impacted by the COVID-19 outbreak. This Compliance Overview summarizes the participant deadline extensions affecting COBRA continuation coverage, special enrollment periods, claims for benefits, appeals of denied claims, and…
Small and midsize employers may begin using two new refundable payroll tax credits to obtain reimbursement for the costs of providing coronavirus-related leave to their employees, the U.S. Department of Labor (DOL) and Internal Revenue Service (IRS) announced on March 20, 2020. According to IRS Notice 2020-12, these credits are available for qualified leave wages…
Under the Coronavirus Aid Relief and Economic Security Act (CARES Act), eligible employers that keep employees on their payroll for specified reasons related to COVID-19 are eligible for employee retention tax credits. This Compliance Bulletin provides the Internal Revenue Service’s (IRS) answers to frequently asked questions (FAQs) on how the CARES Act retention tax credits…
In a bipartisan effort, the U.S. Congress agreed on a spending package to fund the federal government which included important changes to federal laws affecting employer-sponsored group health and welfare benefit plans. The legislation was signed into law by the President on December 20, 2019. The law repeals the following taxes under the Affordable Care…