2021 was described as the worst year ever for the IRS. Several compounding problems, exacerbated by COVID-19, led to a historic backlog. Now, the agency is taking steps to improve service.
Although not a permanent solution, ARPA includes important relief for eligible multiemployer pension plans and provides plan sponsors with an opportunity to return to a state of solvency that may not have been possible otherwise.
Hacking and ransomware have the potential to create havoc for the assets and sensitive data housed in benefit plans across the country. As a result, in 2021, the DOL scaled up its interest in how administrators are addressing and responding to cybersecurity risks.
On June 30, 2021, the IRS retroactively extended the COVID-19 leave sharing program, which allows employers to donate employees’ unused PTO to charitable organizations. In exchange, employers can take charitable or business expense deductions.
Statement on Auditing Standards (SAS) No. 136 is quickly coming up on the employee benefit plan horizon. Plan sponsors should familiarize themselves with the changes so they can be fully compliant for periods after December 15, 2021.
The American Rescue Plan Act expanded Paycheck Protection Program (PPP) loan eligibility to certain labor unions and employee benefit plans.
Statement on Auditing Standards No. 136 prescribes certain new performance requirements for an audit of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and changes the form and content of the related auditor's report. Read more.
The changes to 401(k) plans brought on by the SECURE Act, signed into law in December 2019, may have been lost in the chaos of [...]
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