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Extended benefit claims and appeals periods during COVID-19

Extended benefit claims and appeals periods during COVID-19

In response to the COVID-19 pandemic, federal agencies have extended certain claims and appeals periods for employee pension benefits plans subject to the Employee Retirement Income Security Act (ERISA). The relief also applies to qualifying group health plans, as...

The easiest way to survive an IRS audit is to get ready in advance

The easiest way to survive an IRS audit is to get ready in advance

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately...

Can employers provide disaster relief for COVID-19?

Can employers provide disaster relief for COVID-19?

Many employees have suffered financial hardships because of the COVID-19 pandemic. In response, some employers may consider offering financial assistance as a fringe benefit. A common question that arises regarding such an idea is: Does the Internal Revenue Code allow...

DOL revises rules on paid sick and family leave related to COVID-19

DOL revises rules on paid sick and family leave related to COVID-19

In August, a federal trial court invalidated several provisions of the U.S. Department of Labor’s (DOL’s) temporary regulations that implemented the paid leave provisions of the Families First Coronavirus Response Act (FFCRA). By way of a response, the DOL’s Wage and...

Earning side income: Is it a hobby or a business?

Earning side income: Is it a hobby or a business?

Whether it's something you have been doing for years or something you just started to make extra money, you must report income earned from hobbies in 2020 on next year's tax return. What the difference between a hobby and a business? A business operates to make a...

COVID-19 testing, diagnostics not minimum essential coverage

COVID-19 testing, diagnostics not minimum essential coverage

In Notice 2020-66, the IRS recently determined that Medicaid coverage limited to COVID-19 testing and diagnostic services isn’t minimum essential coverage under a government-sponsored program. Thus, an individual’s eligibility for this coverage for one or more months...

Check references, resumés carefully when hiring

Check references, resumés carefully when hiring

Although many employers have had to let go or furlough employees during the COVID-19 pandemic, others are still hiring or soon will be. If your organization needs to fill positions, or may start filling them in the months ahead, you still need to hire carefully. Given...

Employers should approach payroll tax deferral cautiously

Employers should approach payroll tax deferral cautiously

As you’re probably aware, President Trump signed an executive memorandum on August 8 creating a payroll tax deferral. The development has brought with it much uncertainty regarding administrative compliance and the long-term impact of this pandemic-related relief....

5 key points about bonus depreciation

5 key points about bonus depreciation

You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool.  Bonus depreciation is scheduled to phase out Under...

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