The Internal Revenue Service has issued correction procedures for Forms 941 and W-2 in response to the retroactive increase in transit benefit exclusions.
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by McDermott Will & Emery | Jan 21, 2016 | Employee Benefits, Employment
by McDermott Will & Emery and Joseph K. Urwitz | Dec 17, 2015 | Benefit Controversies, Employment, Executive Compensation
To avoid tax reporting and withholding penalties as 2015 draws to a close, employers need to properly plan and check their reporting for employees under non-qualified deferred compensation, fringe benefits, health benefits or other remuneration. Year-end planning for employers is important, because employee information reporting, including both Form W-2 and the new Affordable Care Act (ACA) Forms, is now subject to significantly increased penalties.
by Stephen Pavlick | Mar 5, 2015 | Employee Stock Ownership Plans (ESOPs), Retirement Plans
On February 2, 2015, the White House released its Fiscal Year 2016 Budget, which includes a number of tax reforms targeting retirement savings. The provisions, if enacted as presented, would have a significant effect on current retirement-related tax incentives.