Employee Stock Ownership Plans (ESOPs) are a powerful tool for ownership transition, offering tax advantages, liquidity for shareholders, and a path to employee ownership. At the same time, ESOP transactions are fiduciary transactions governed by the Employee Retirement Income Security Act (ERISA) and subject to close regulatory scrutiny. An ...
Earlier this month, the IRS issued guidance on the health savings account (HSA) changes enacted as part of the One Big Beautiful Bill Act (OBBBA). While the guidance does not significantly alter the provisions announced when the law was passed in July, it does provide helpful details on how the new rules will be applied operationally.
As a holiday gift to employers, the IRS has released Notice 2026-6 on December 19th, which extends the transition period for certain federal tax and reporting requirements related to State Paid Family and Medical Leave (PFML) programs through calendar year 2026. This extension gives employers and states extra time to update payroll and ...
The One Big Beautiful Bill Act (OBBBA) increased the annual dependent care FSA contribution limit from $5,000 to $7,500 (or $3,750 for married individuals filing separately). This amount has not been increased in 25 years, and anyone with kids in daycare knows that $5,000 doesn’t go very far today. While this is a welcome update for many ...
We get questions on administering benefits for employees on approved leaves year-round. But with the new year approaching, it is important to understand the tax issues affected by your administration of group health plan benefits for employees on leave, particularly for leaves that cross calendar years.
If you provide group health benefits and ...
For plan sponsors with a pre-approved 401(k) plan document that contains a discretionary matching contribution, there is a new compliance requirement. This new requirement is a result of the IRS-required Cycle 3 Restatement issued in 2022. This new requirement is needed in any year when a discretionary match is made.
Even though a ...