Suzanne G. OdomBlog Posts
IRS Extends the Form 5500 Due Dates for Some Employee Benefit PlansThe Internal Revenue Service has broadened the filing and payment relief provided under prior guidance. IRS Notice 2020-23 postpones, among other relief, the due date for employee benefit plans required to make the Form 5500 series filings due on or after April 1, 2020, and before July 15, 2020. Plans with original due dates or...… Continue ReadingApril 13, 2020 |
IRS Extends the Form 5500 Due Dates for Some Employee Benefit PlansThe Internal Revenue Service has broadened the filing and payment relief provided under prior guidance. IRS Notice 2020-23 postpones, among other relief, the due date for employee benefit plans required to make the Form 5500 series filings due on or after April 1, 2020, and before July 15, 2020. Plans with original due dates or... Continue Reading…April 13, 2020 |
The CARES Act Effect on Retirement PlansOn March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The Act largely stabilizes fragile industries, provides loans and tax credits to businesses tied to their retaining their workforces during these uncertain times, and offers additional unemployment relief to employees hurt by COVID-19. But the CARES Act...… Continue ReadingApril 1, 2020 |
Special COVID-19 Health Insurance Enrollment Windows and WaiversAs a result of the ongoing COVID-19 pandemic, we are observing all sorts of never-before-seen changes in the fully-insured group health plan space. Many insurers are liberally waiving their normal rules to accommodate the continuation of coverage to employers and employees in their time of need. Although the accommodations are welcome, employers need to exercise...… Continue ReadingMarch 24, 2020 |
Employee Benefits Issues to Consider Before Deciding to Furlough or Terminate Employees During the COVID-19 PandemicWith the combination of our nation’s response to COVID-19 and the resultant economic downturn, employers of all sizes face the moral and financial dilemma of evaluating employee headcounts while businesses are grappling with the reality of the current situation. Many employers are considering furloughs, or other types of approved leaves of absences, to reduce immediate...… Continue ReadingMarch 19, 2020 |
COBRA Notice Litigation: Cases Are Mushrooming and Settlements Are, TooImagine something as simple as a COBRA notice that complies with law, but is not identical to the Department of Labor’s (DOL) model notice, leading to six- or seven-figure class action litigation settlements? Click here to find the rest of the article on our website.… Continue ReadingMarch 3, 2020 |
COBRA Notice Litigation Resulting in Big Dollar ClaimsCan you imagine something as simple as a COBRA Notice missing a few technical requirements resulting in an employer needing to pay a 6 or 7-digit damages award? That is happening in Florida. Employers in and out of Florida should pay attention to this news, as what doesn’t start in California often starts in Florida....… Continue ReadingSeptember 23, 2019 |
Benefits Outside the Box: Using a Charitable Foundation to Enhance Your Culture and CommunityIf your Company leadership is looking for an innovative employee benefit – something outside the standard employee benefit package of retirement, health, and welfare benefits, a Company-sponsored charitable foundation might be your answer. A charitable foundation not only can further your Company culture while serving the community, but it also has tax benefits to boot....… Continue ReadingAugust 19, 2019 |
Employers Beware: SC Abolishes Common-Law MarriageOn July 24, 2019, South Carolina joined the ranks of Alabama, Pennsylvania, and others in abolishing future recognition of common law marriages in the state. The state will continue to recognize all common law marriages in effect before this date, but they will be subject to a higher standard of proof. On and after July...… Continue ReadingJuly 29, 2019 |
IRS Releases Proposed Form W-4 RedesignOn Friday, May 31, 2019, the IRS released a new proposed design of the IRS Form W-4 to be used starting in 2020. The goal is to make it easier for employees to calculate accurate withholdings under the 2017 Tax Cuts and Jobs Act. Employees who already have completed a Form W-4 will not be...… Continue ReadingJune 3, 2019 |