US Internal Revenue Service

On August 28, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-65 (the “Notice”) as its guidance on implementing the Memorandum on Deferring Payroll Tax Obligations in Light of Ongoing COVID-19 Disaster signed by President Trump on August 8, 2020 (the “Payroll Tax Memo”). As described in a previous post, the Payroll Tax Memo

Many plan administrators and participants have struggled with how to satisfy certain qualified plan spousal consent rules while social distancing guidelines have been in effect. The US Internal Revenue Service (IRS) provided much-needed relief on that topic in Notice 2020-42, published on June 3, 2020 (the Notice).

By way of background, IRS regulations require

Acknowledging the widespread impact of the COVID-19 pandemic, the US IRS and Treasury Department have issued notices granting much-sought flexibility for health and dependent care flexible spending accounts and health plans.  The relief includes permission for plan sponsors to amend their Section 125 cafeteria plans to allow employees to make prospective changes to their elections,