The year-end is approaching, but you still have time to work on your 2022 tax planning. Consider giving to your favorite charity to make this holiday season merry. Planned charitable giving provides you a way to maximize contributions to charities… Read more
About a year ago, I wrote an article on Virginia’s new initiative to address worker misclassification regarding employment and income taxes. The Virginia program is an enforcement initiative backed by substantial penalties. Nationally, the IRS has a Voluntary Classification Settlement… Read more
In the June 3, 2022, issue of the IRS Employee Plans News, the IRS Employee Plans group announced it is piloting a pre-examination retirement plan compliance program beginning in June 2022. Under this program, the IRS will notify a plan… Read more
Introduction to the New Initiative Effective January 1, 2021, Virginia’s General Assembly added several new provisions to the Virginia Tax Code, Title 58.1 of the Code of Virginia (the “Code”), to address concerns raised by the Virginia Department of Taxation… Read more
IRS Releases Proposed Regulations to Clarify Rules On Thursday, June 11, 2020, the IRS released proposed rules to clarify the 2017 Tax Act’s limit on the kinds of property that can be traded for other property with no immediate income tax… Read more
During times of economic strain, many companies will be faced with a decision to reduce or defer payments of employee benefit costs. Many companies around the country have applied for an SBA Paycheck Protection Program (PPP) loan to obtain needed… Read more
The Department of Labor issued temporary regulations describing the requirements for group health plan coverage of employees who take leave under the Emergency Paid Sick Leave Act (EPSLA) or Expanded Family and Medical Leave Act (EFMLA). These acts are separate… Read more
New Notice of Extended Deadlines In a further response to the COVID-19 pandemic and its effects on taxpayers, on April 9, 2020, the IRS released Notice 2020-23, 2020-18 IRB, 04/09/2020, extending more tax deadlines to cover individuals, estates, corporations, and… Read more
The COVID-19 pandemic has many employers making tough choices including reductions in force, reducing hours, and reducing compensation for employees. Employment decisions, in turn, affect employee benefit plans and policies. Employers need to review their employee benefit plans and policies,… Read more
In response to the COVID-19 pandemic, the federal government enacted laws designed to relieve the payroll tax burden on employers. Eligible employers may be entitled to refundable tax credits under both the Families First Coronavirus Response Act (FFCRA) and the… Read more
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