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Suzanne G. OdomBlog Posts

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Consolidated Appropriations Act, 2021: Top Practical Considerations on FSA, Election Change Relief

The Consolidated Appropriations Act, 2021 (Act) provides certain COVID-19-related relief, including temporary additional flexibility regarding flexible spending accounts (FSAs). Employers have several practical considerations when deciding whether to adopt one or more of the changes in their plans. Under the FSA changes, employees need not lose the benefit of the dollars they set aside from their...… Continue Reading
January 11, 2021

Consolidated Appropriations Act, 2021: Employer-Sponsored Retirement Plans

The Consolidated Appropriations Act, 2021 generally provides the annual funding for the federal government and also contains several important rules giving further COVID-19 relief. The comprehensive relief package funds certain hard-hit industries, expands eligibility for the Paycheck Protection Program (PPP), and extends and expands the Employee Retention Tax Credit. The Act also relaxes several normally... Continue Reading…
December 28, 2020

Consolidated Appropriations Act, 2021: Employer-Sponsored Retirement Plans

The Consolidated Appropriations Act, 2021 generally provides the annual funding for the federal government and also contains several important rules giving further COVID-19 relief. The comprehensive relief package funds certain hard-hit industries, expands eligibility for the Paycheck Protection Program (PPP), and extends and expands the Employee Retention Tax Credit. The Act also relaxes several normally...… Continue Reading
December 28, 2020

IRS Expands and Clarifies CARES Act Distribution Rules

Since March 27, 2020 when the CARES Act was signed into law, many questions have mounted related to implementing the retirement plan provisions.  Now, with roughly 3 months under our belts since the issuance of the Act and countless CARES Act distributions and loan suspensions processed, the IRS clarified several eligibility, administrative, and taxation reporting...… Continue Reading
June 25, 2020

IRS Expands and Clarifies CARES Act Distribution Rules

Since March 27, 2020 when the CARES Act was signed into law, many questions have mounted related to implementing the retirement plan provisions.  Now, with roughly 3 months under our belts since the issuance of the Act and countless CARES Act distributions and loan suspensions processed, the IRS clarified several eligibility, administrative, and taxation reporting... Continue Reading…
June 25, 2020

IRS Issues Proposed Regulations for Tax-Exempt Organizations Paying Excess Executive Compensation

The IRS issued proposed regulations under Section 4960 of the Internal Revenue Code of 1986, as amended (the “Code”), which was added as part of the Tax Cuts and Jobs Act.   The proposed regulations published in the Federal Register on June 11, 2020, largely follow the IRS interim guidance under IRS Notice 2019-09. However, the...… Continue Reading
June 22, 2020

COBRA Compliance Through a COVID-19 Lens

Over the last few weeks, we have seen significant changes affecting COBRA compliance. Employers should contact their COBRA administrators to discuss the best practices in light of these developments, which include the Department of Labor’s publication of new model COBRA notices and COVID-19 notice and premium payment extensions.  We have a helpful article that discusses... Continue Reading…
June 1, 2020

COBRA Compliance Through a COVID-19 Lens

Over the last few weeks, we have seen significant changes affecting COBRA compliance. Employers should contact their COBRA administrators to discuss the best practices in light of these developments, which include the Department of Labor’s publication of new model COBRA notices and COVID-19 notice and premium payment extensions.  We have a helpful article that discusses...… Continue Reading
June 1, 2020

IRS Releases FAQ for Coronavirus-Related Retirement Plan Relief

On May 4, 2020, the Internal Revenue Service released much-anticipated guidance related to implementing the retirement plan aspects of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) enacted on March 27, 2020, see our article here.  Although the questions and answers fall short of resolving all open questions, they provide helpful insight into...… Continue Reading
May 7, 2020

IRS Releases FAQ for Coronavirus-Related Retirement Plan Relief

On May 4, 2020, the Internal Revenue Service released much-anticipated guidance related to implementing the retirement plan aspects of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) enacted on March 27, 2020, see our article here.  Although the questions and answers fall short of resolving all open questions, they provide helpful insight into... Continue Reading…
May 7, 2020

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