Acknowledging “numerous unanticipated administrative and financial burdens,” the IRS officially revoked its earlier attempt to lower the 2018 health savings account (HSA) contribution limits.
The IRS has issued FAQs to provide guidance to employers relating to portions of the newly enacted Tax Cuts and Jobs Act of 2017 that created the Paid Family and Medical Leave Tax Credit.
On January 18, 2018, the PR Treasury issued Internal Revenue Informative Bulletin No. 18-03 notifying employers that the sworn statement to report Qualified Payments related to Hurricane Maria must be submitted no later than January 31, 2018.
On December 15, 2017, the Puerto Rico Department of the Treasury issued Tax Policy Circular Letter No. 17-02 announcing the 2018 applicable contribution limits for qualified retirement plans.
The first significant piece of legislation to make it to President Trump's desk, the Tax Cuts and Jobs Act (H.R. 1), contains some provisions impacting employers.
The Puerto Rico Treasury has issued a Q&A document to help clarify its Administrative Determination granting temporary income tax exemption for certain hurricane-related disaster assistance payments.
On November 15, 2017, the Puerto Rico Treasury issued Administrative Determination Number 17-29 to provide special rules and procedures applicable to distributions from qualified retirement plans and IRAs following Hurricane María.
On January 1, 2018, and throughout the coming year, employers across the nation will confront a host of new or amended federal, state, and/or local laws.
