Stimulus Bill Impact on FFCRA Paid Leave and Tax Credits

On December 27, 2020, President Trump signed into law a new coronavirus stimulus bill that includes provisions which modify and extend certain parts of the Families First Coronavirus Response Act (FFCRA).  The FFCRA was set to expire on December 31, 2020.  The new stimulus bill does not require employers to continue FFCRA paid leave benefits. …

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Earlier this morning, the Internal Revenue Service issued various retirement plan limitations for 2021. Some of the most important limits remain unchanged from 2020: Elective Deferral Limit: $19,500 (unchanged from 2020) Catch-Up Contributions: $6,500 (unchanged from 2020) 415 (Total) Plan Limit: $58,000 (increased from $57,000 in 2020) Compensation Limit: $290,000 (increased from $285,000 in 2020)…

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403(b) Plan

On March 27, the Internal Revenue Service (“IRS”) extended the deadline by which most school districts and other eligible employers must restate their 403(b) plan documents. The new deadline is June 30, 2020. This new deadline is a welcome reprieve for employers who were not aware of the deadline or who were unable to complete…

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On Wednesday night, the Senate unanimously adopted the Coronavirus, Aid, Relief and Economic Security (CARES) Act. On March 27, 2020, the House of Representatives passed the CARES Act, which is now awaiting the President’s signature. The CARES Act is an unprecedented bill that will impact almost every area of the U.S. economy, including employer retirement…

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FFCRA impact on governmental employers

As employers prepare to implement the provisions of the Families First Coronavirus Response Act (FFCRA), we have received a number of questions regarding the application of the tax credit provisions to governmental employers. While the paid leave credits provided under the FFCRA do not currently apply to governmental employers, the FFCRA does provide governmental employers,…

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tax forms

Earlier this week, the Internal Revenue Service issued the various retirement plan limitations for 2020. Here are some of the most important changes from 2019: Elective Deferral Limit: $19,500 (increased from $19,000 in 2019) Catch-Up Contributions: $6,500 (increased from $6,000 in 2019) 415 (Total) Plan Limit: $57,000 (increased from $56,000 in 2019) Compensation Limit: $285,000 (increased…

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Matt Flanary

Earlier this week, the Internal Revenue Service issued the various retirement benefit plan limitations for 2019.  There are changes to some of the most important numbers from 2018: Elective Deferral Limit $19,000 Catch-Up Contributions $6,000 415 (Total) Plan Limit $56,000 Compensation Limit     $280,000 The attached chart shows the historical limits from 2015 through 2019,…

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Janus v AFSCME

Today, the United States Supreme Court issued a decision in Janus v. American Federation, et al., concluding that public sector employees cannot be required to pay so-called “fair share” union fees. This decision is likely to cause a significant decrease in union revenue and may result in further decline of union membership. The petitioner in…

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tax forms

Earlier this week, the Internal Revenue Service issued the various retirement plan limitations for 2018. There are changes to some of the most important numbers from 2017: Elective Deferral Limit $18,500 Catch-Up Contributions $6,000 415 (Total) Plan Limit $55,000 Compensation Limit $275,000 See an up-to-date chart that shows the historical limits from 2014 through 2018,…

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