Departments Release Information for COVID-19 Business Tax Credits

On Friday, March 20th, the U.S. Treasury Department, Internal Revenue Service and the U.S. Department of Labor distributed a news release that contains important information on the new Families First Coronavirus Response Act. Businesses with less than 500 employees can start to take their refundable payroll tax credits immediately by retaining any funds they would … Continued

IRS announces delay to “Tax Day” – Tax filing deadline is now July 15th

The Treasury Department and Internal Revenue Service announced on March 20th that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.  Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Please … Continued

Details of the Proposed Phase 3 Relief from Congress

The Trump administration is asking Congress for roughly $1 trillion in new economic relief as lawmakers begin to work on the next phase of federal legislation. This proposed relief package is intended to help small businesses, provide loan guarantees for industries like airlines and hotels, and it includes some financial assistance for workers. Late in … Continued

IRS Provides FAQ Guidance for Form 1095-C

A new FAQ that addresses the reporting of COBRA coverage on the 1095-C employee statement has been issued by the Internal Revenue Service. The FAQ stresses an offer of COBRA coverage to a current employee due to a reduction in hours is reported differently than an offer of COBRA coverage to a former employee. We … Continued

IRS Form for excluding employer-provided adoption benefits released

The IRS released 2014 Form 8839 for claiming employer sponsored adoption benefits. Plan sponsors providing a qualified adoption assistance program should note: Maximum adoption credit and exclusion amounts adjusted to reflect 2014 values ($13,190 per eligible child). The credit and exclusion begin to be phased out for individuals with modified adjusted gross incomes greater than … Continued

IRS Allows Additional Election Changes for Health Coverage Under Cafeteria Plans

The IRS has expanded its mid-year election change rules to permit two additional situations in which participants can drop their employer’s health plan coverage. As of September 18, 2014, Cafeteria Plans (or Section 125 Plans) may be amended so that employees are permitted to drop their group health coverage in the following situations: Reduction in … Continued