Entries by Ashley

Expanded EMAC payments. Massachusetts employers face an increased tax and the possibility of additional assessments if their employees sign up for MassHealth or subsidized ConnectorCare coverage. Read our summary here.   Paid leave program. An initiative petition to provide for paid family and medical leave – funded in part by Massachusetts employers – is under […]

Latest News in Benefits

Updated limits for deferred compensation and certain welfare plans. The IRS has updated some important limits related to employee benefits. Click here to read more and see the table of benefits. Department of Labor further delays implementation of the fiduciary rule. The DOL has finalized new regulations that significantly delay the full implementation of its new fiduciary rule. The fiduciary […]

House and Senate tax reform bills and amendments

  Text of House Bill H.R. 1 Text of Chairman’s Amendment #2 (House Bill) Summary of Chairman’s Amendment #2 (House Bill)   Summary of Senate Bill   The bill is scheduled for mark-up on Monday, 11/13, and we expect to have the text of the revised bill when that’s complete.    

Tax Reform proposals: Changes to Fringe Benefit Rules

Below is our analysis of the bill in its prior form. Check back soon for updates from the recently-released – and final – conference version. These proposals from the Ways and means Committee of the House, if enacted, will impact fringe benefit programs of many employers. This guideline is effective November 7, 2017. We will […]

IRS releases 2018 limits for deferred compensation arrangements and certain welfare plans. The IRS has revised many of the key limits that affect qualified retirement plans and welfare plans. While a few numbers remain the same – most notably, those used to identify highly compensated employees and key employees – the IRS has increased many […]

New mortality tables released

The IRS has updated its mortality tables for defined benefit plans. For 2018, plan sponsors must use these new tables to determine funding requirements and to calculate lump sum payments. Read the IRS announcement and review the tables in Notice 2017-60, and make sure your plan makes whatever adjustments is necessary for the 2018 plan […]

Current forms and guidance

Need the most recent forms for employer ACA reporting? You can find forms and instructions for the Employer-Provided Offer and Coverage (1095-c) here, and for the related Information Return (1094-c) here. The IRS has also compiled a Q&A on reporting requirements, including who needs to file these forms, due dates, what employers must report to employees, and […]

Disaster tax relief updates

  New relief for victims of hurricanes Harvey and Irma and their family members – faster access to 401(k) and 403(b) hardship withdrawals. In the wake of these two catastrophic hurricanes, the IRS has offered extra flexibility for plan sponsors and participants that should streamline hardship withdrawals from 401(k) or 403(b) plans and loans from […]