IRS Issues COBRA Guidance

A few weeks ago, the Internal Revenue Service (IRS) released its much-anticipated guidance on an individuals premium costs and an employers tax breaks for continuation of COBRA coverage. Among the provisions in President Biden’s American Rescue Plan Act of 2021 (ARPA) is a temporary 100% reduction in an individual’s COBRA health coverage premium following either…

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Government Giveth, Then Taketh Away

We just detailed two costly programs initiated specifically to help businesses get back on their feet and now having exhausted all available funding. The financial assistance was crucial for some to keep their doors open and others to keep staff on the payroll. Now that all that largesse has largely been expended, we get the…

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Tax Filing Deadline Monday

A couple of months ago, the Internal Revenue Service (IRS) announced a one-month postponement of the filing deadline for individual taxpayers to file their 2020 tax returns to May 17. That date is Monday, and taxpayers should be prepared to file their returns or an extension by the end of the business day. In addition,…

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IRS Extends Tax Filing Deadline

On Wednesday of this week, the Internal Revenue Service along with the U.S. Department of Treasury announced that the filing deadline for individual taxpayers has been extended for an additional month, to May 17, 2021. The extension only applies to individual taxpayers – not business taxes – and is automatic and therefore does not require…

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COBRA Rules Changed

Some of the provisions in the COVID Relief bill make significant short-term changes to the rules governing the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). Specifically, the legislation, which President Biden will sign into law today, allows individuals eligible for coverage under COBRA to maintain their employer-sponsored coverage after a layoff, furlough or reduction…

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IRS Delays Start of Filing Season

The Internal Revenue Service (IRS) announced last week that it was delaying the start of the 2020 tax filing season until February 12, at which time the agency will begin accepting and processing tax returns for 2020. Tax filing season usually begins in late January, but in deference to the recent passage of the latest…

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IRS Issues Guidance on Deferred Payroll Taxes

For employers who may have chosen to defer the withholding of the employee share of social security payroll taxes, there is a new guidance available. The Treasury Secretary was directed to authorize the deferral by a presidential memorandum issued by President Trump on August 8 and finalized the deferral of the employee share from September…

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IRS Increases Retirement Limits for IRA & 401K Plans

In response to the coronavirus pandemic wreaking havoc on the US economy, the Internal Revenue Service (IRS) earlier this year implemented an easing of the rules governing Individual Retirement Accounts and various other (401k, 403, 403b, etc.) retirement plans. This week, the agency announced the inflation-adjusted figures and extended many of the enhanced contribution limits…

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DOL Webinar Series

The US Department of Labor Wage & Hour Division will present the final webinar in its series, “Navigating COVID-19: A Virtual Guide for the Employment Community” at 1:00 PM CDT next Tuesday, July 28. In conjunction with the Internal Revenue Service  (IRS), Equal Employment Opportunity Commission (EEOC) and the Small Business Administration (SBA), this 1-hour…

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Upcoming Webinars

The US Department of Labor (DOL) has a couple of webinars scheduled over the next couple of weeks that will be very beneficial for many.  Coordinating with both the Internal Revenue Service (IRS) and the Small Business Administration (SBA) DOL will present “Navigating COVID-19: A Virtual Guide for the Employment Community” at 2:00 PM CDT…

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