Because of aggressive marketing by firms encouraging small businesses to claim the pandemic-era tax break, the feds are worried about fraud, however, tax experts disagree on whether or not the 180-day extension is necessary.
For employers who wish to offer employees earning more than $145,000 a catch-up contribution option, they must first contact their plan recordkeeper to request the changes, which can sometimes take months to be implemented.
When an employee fails to satisfy their obligations and elects to "undo" a bonus by taking a 401(k) deferral, it gets complicated when any funds deposited into the company 401(k) plan are now considered plan assets.
In a new memo, the labor department provides clarity on differentiating short breaks (less than 20 minutes) from longer meal breaks, as well as FMLA leave eligibility.
Employers who offer tax-preferred health savings vehicles need to monitor this developing issue and understand the current rules to avoid running afoul of the law.
Planning for inherited IRAs and 401(k)s has become more complex than ever under the Secure Act.
DebugScreen: mobile
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{
"uri": "/2023/10/12/employee-retention-credit-update-why-is-irs-putting-a-pause-on-processing-new-claims/",
"title": "Employee retention credit update: Why is IRS putting a pause on processing new claims?",
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"summary": "Because of aggressive marketing by firms encouraging small businesses to claim the pandemic-era tax break, the feds are worried about fraud, however, tax experts disagree on whether or not the 180-day extension is necessary.",
"body": null
},
{
"uri": "/2023/05/16/secure-2-0-big-changes-to-401k-catch-up-contributions-in-2024/",
"title": "SECURE 2.0: Big changes to 401(k) catch-up contributions in 2024",
"byline": "Prof. Robert Bloink and Prof. William H. Byrnes",
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},
{
"uri": "/2023/05/08/bonus-compensation-and-clawbacks-and-the-impact-on-company-401k-plan-assets/",
"title": "'Clawing back' bonus compensation: How it's likely to impact the company 401(k)",
"byline": "Prof. Robert Bloink and Prof. William H. Byrnes",
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"summary": "When an employee fails to satisfy their obligations and elects to \"undo\" a bonus by taking a 401(k) deferral, it gets complicated when any funds deposited into the company 401(k) plan are now considered plan assets.",
"body": null
},
{
"uri": "/2023/03/08/dol-issues-guidance-for-remote-workers-under-flsa-fmla/",
"title": "DOL issues guidance for remote workers under FLSA, FMLA",
"byline": "Prof. Robert Bloink and Prof. William H. Byrnes",
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"summary": "In a new memo, the labor department provides clarity on differentiating short breaks (less than 20 minutes) from longer meal breaks, as well as FMLA leave eligibility.",
"body": null
},
{
"uri": "/2022/11/29/remote-workers-workers-comp-coverage-gaps-412-139733/",
"title": "Workers' comp coverage gaps with remote workers",
"byline": "Prof. Robert Bloink and Prof. William H. Byrnes",
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"prettyDate": "November 29, 2022",
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{
"uri": "/2022/08/05/after-dobbs-hsas-fsas-hras-and-abortion-coverage/",
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"summary": "Employers who offer tax-preferred health savings vehicles need to monitor this developing issue and understand the current rules to avoid running afoul of the law.",
"body": null
},
{
"uri": "/2021/09/01/how-to-get-tax-breaks-for-caring-for-an-aging-family-member-412-120666/",
"title": "Tax breaks for caring for an aging family member",
"byline": "Robert Bloink and William Byrnes",
"kicker": "Commentary",
"prettyDate": "September 01, 2021",
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"summary": "Those who care for a family member who qualifies as a dependent may be entitled to deduct medical expenses.",
"body": null
},
{
"uri": "/2021/08/31/could-insurance-surcharges-boost-vaccination-rates-412-120623/",
"title": "Insurance surcharges could boost vaccinations, but watch out",
"byline": "Robert Bloink and William Byrnes",
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"prettyDate": "August 31, 2021",
"timeToRead": "5 minute",
"image": {
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"body": null
},
{
"uri": "/2021/07/16/auto-iras-vs-emergency-savings-accounts-which-would-better-boost-savings-412-118819/",
"title": "Auto-IRA vs. emergency savings account: Which is better for workers?",
"byline": "Robert Bloink and William Byrnes",
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"summary": "Two professors debate the merits of these two tax-preferred savings vehicles aimed at workers.",
"body": null
},
{
"uri": "/2021/07/07/how-secure-acts-10-year-rule-creates-tax-headaches-for-ira-heirs-412-118295/",
"title": "How SECURE Act's 10-year rule creates tax headaches for IRA heirs",
"byline": "Robert Bloink and William Byrnes",
"kicker": "Expert Opinion",
"prettyDate": "July 07, 2021",
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