Over the last week, the Department of Labor, together with the Treasury Department, released several key pieces of guidance temporarily relieving deadlines for participants and beneficiaries in health, disability, other welfare and pension plans, and liberalizing enforcement policies and deadlines applicable to plans and plan sponsors. The guidance is likely to be welcome relief for
Maureen Gorman is a partner in the Palo Alto office of Mayer Brown who focuses on executive compensation and employee benefits matters. Her work includes advising on tax and benefit issues in both domestic and international contexts, counseling on ERISA fiduciary issues, controversy work involving IRS and DOL audits, and all nature of transactional work, including de-risking transactions and M&A. Her work frequently requires interdisciplinary efforts with corporate, securities and tax specialists.
In the third and final of a series, our employment and benefits teams take an in depth look at the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) affecting employment, compensation, payroll taxes and paid leave. For a description of changes affecting health and welfare plans, see here, and for a description of changes affecting retirement plans, see here.
Continue Reading CARES ACT – Employment, Compensation, Payroll Tax and Paid Leave Provisions
In Notice 2020-18 (PDF), the US Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency. The IRS has now published Frequently Asked Questions providing additional information on the relief, some of which is relevant to employer-sponsored retirement plans, Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs).
Continue Reading US IRS FAQs Under Notice 2020-18 Have Provided Insight into Qualified Plan Deadlines