Hurricane Harvey is relentlessly drenching southeast Texas and the surrounding areas, resulting in unprecedented flooding and damage. As the storm rages, many employers are wondering how to respond and what happens next.
A New York agency has issued much-needed guidance regarding the tax treatment of deductions from employee wages used to finance paid family leave premiums, and the tax treatment of paid family leave benefits to be received by eligible employees.
The Puerto Rico Department of the Treasury issued Tax Policy Circular Letter No. 16-08 on December 23, 2016, establishing new rules regarding the validity of, and request for, retirement plan qualification letters.
On December 8, 2016, the Puerto Rico Department of the Treasury issued its Tax Policy Circular Letter No. 16-07 (“CL 16-07”), announcing the applicable limits for 2017 for qualified retirement plans.
Pursuant to the current income tax withholding rules issued by the Puerto Rico Department of the Treasury, there are specific income tax withholding rules applicable when a Christmas bonus is paid, which differ from those applicable to regular wages.
The IRS is inviting comments on several new compliance questions contained in the 2015 IRS Form 5500/5500-SF, the annual report filed by retirement plans with the DOL and the IRS.
The Puerto Rico Treasury recently issued an Administrative Determination eliminating the requirement to file PR Treasury Form 480.70(OE) for retirement plans whose tax year begins after December 31, 2014.
The death of an employee is an unfortunate fact of life for businesses. Nonetheless, employers may be ill-prepared for the inevitable issues that arise from the sad event.
A California appellate court recently rendered a precedential opinion that should hopefully put to rest the issue of whether an employer must withhold taxes on settlements or judgments made to former employees in employment-related litigation.
