A rollover that took more than 60 days to complete due to a bookkeeping error was considered timely.
The IRS issued final regulations governing hardship distributions from Sec. 401(k) plans, eliminating the requirements that participants obtain a loan from the plan if available and that suspend participants’ ability to make contributions to the plans for six months after taking a hardship distribution.
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
The tax consequences under Sec. 3511 are spelled out for employee leasing and similar arrangements.
The IRS added 14 types of preventive care items that qualify to be provided under a high-deductible health plan to treat chronic medical conditions.
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
The IRS issued its annual notice of the inflation-adjusted limits on contributions to health savings accounts. All of the limits increased from 2019 to 2020.
Income recognition from exercise or settlement of employer stock options and RSUs may be deferred for up to five years.
The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.
The IRS issued initial guidance on the application of Sec. 83(i), which allows certain employees to defer recognition of income attributable to the receipt or vesting of qualified stock.
Employers that offer this benefit to qualified employees can receive a credit worth up to 25% of the cost.
The IRS released updated figures for retirement plan contribution limits for 2019.
The Treasury, Labor, and Health and Human Services departments proposed rules for health reimbursement arrangements, which can be used in coordination with individual health insurance if certain requirements are met.
The IRS released guidance on the new Sec. 45S tax credit for employers that provide paid medical and family leave.
Simplified employee pension (SEP) plans can be attractive in the short term but over the long term can be expensive, inefficient, and inflexible.
The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.
The IRS announced it will allow taxpayers to treat $6,900 as the 2018 limit for deductible contributions to HSAs for individuals with family coverage.
This little-known provision allows payments to be excludable from employees’ income and deductible by the employer.
The IRS revealed that the recalculated 2018 pension contribution limits are unchanged from the numbers issued before the tax reform bill was enacted.
Comprehensive financial planning can uncover when the advantages of a defined benefit plan for a small business might outweigh those of a defined contribution plan.