Resource HubPosts By Category
Sponsoring a Health & Welfare Benefit Plan: Are You 5500 Compliant?
5/20/2022
Health & Welfare Plans provide benefits such as medical, dental and life insurance. In 2002, the Form 5500 filing requirement was amended by the IRS, but many initially believed that the requirement had been fully suspended. However, the requirement was only lifted for some employers. However, for others (those not meeting the exemptions), the requirement remained in place and continues to be an annual requirement. So, you might be asking, “Who is required to file a Health and Welfare 5500?”
Have You Maxed Out the Contribution to Your Health Savings Account (HSA) for the 2021 year?April 15, 2022 is fast approaching!
3/31/2022
With the high cost of healthcare, many people with a high-deductible health plan (HDHP) establish a Health Savings Account (HSA) to pay for qualified medical expenses with tax-free dollars. Your HSA will provide you tax savings and flexibility as a wealth-building tool.
Covid-19 Implications For Presumptive Laws And Workers' Compensation
6/22/2021
Most state workers’ compensation (WC) laws clearly state that a disease to which the general population is exposed is exempt from WC. On the surface, this exemption appears to limit the impact of COVID-19 on WC coverage. Many states, however, have “presumption laws” pertaining to occupational disease and employment.
DOL Issues Cybersecurity Guidance for Retirement Plans
6/14/2021
On April 14, the Department of Labor (DOL) outlined a range of practices for combatting the growing threat of cybercrime to ERISA-covered retirement plans. This first-ever cybersecurity guidance issued by the DOL’s Employee Benefits Security Administration (EBSA) casts a wide net, addressing key issues affecting plan sponsors, fiduciaries, record keepers, as well as plan participants and beneficiaries.
IRS Extends Certain Tax Filing and Payment Deadlines to May 17
4/1/2021
The Internal Revenue Service confirmed in an announcement on March 29, 2021, that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15.
New IRS Guidance Regarding Tax Due Date Change 2021
3/18/2021
On Wednesday, March 17th, the U.S. Treasury Department and Internal Revenue Service extended the due date of individual Federal income tax returns and the deadline to make contributions to IRAs and HSAs from April 15, 2021 to May 17th, 2021.
Practical Matters: FAQs For Plan Sponsors and Employees On CARES Act Relief
3/11/2021
The Coronavirus Aid, Relief and Economic Security (CARES) Act was a rapid response by the federal government to help businesses and employees cope with the economic issues caused by the pandemic. Many aspects of the wide-range law make significant changes affecting employer-sponsored retirement plans and their participants.
WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part IV
6/30/2020
Our webinar provides practical real-world scenarios and focuses on key considerations for PPP loan forgiveness, including the latest guidance on new forgiveness applications, and 8-week vs. 24-week decisions and pitfalls.
5 Things PPP Borrowers Need to Do Now
6/20/2020
The Paycheck Protection Plan Flexibility Act further enhances the opportunity for loan forgiveness by expanding requirements on how the loans are spent and extending the period to use the funds to 24 weeks, with the ability to elect the 8-week period if funds were received prior to June 5, 2020. Borrowers of PPP loans should consider taking these steps to maximize the amount and accelerate the timing of loan forgiveness.
PPP Loan Forgiveness Assistance
6/11/2020
If your business has received a Paycheck Protection Program (PPP) loan from the Small Business Administration (SBA), you may be concerned about meeting the loan forgiveness requirements. Our team can assist with reviewing forgiveness applications that present questions or need additional analysis and are here to address your questions regarding overall forgiveness.
WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part III
6/10/2020
Our presentation held on Wednesday, June 10th discussed the Paycheck Protection Program Flexibility Act (PPPFA), properly documenting expenses and answering frequently asked questions so you can maximize your PPP loan forgiveness.
IRS Providing Changes to FSA's Due to COVID-19
6/1/2020
The IRS has issued guidance on the changes to flexible spending accounts to provide workers with more financial flexibility. Where previously the IRS required a Life Event/HIPAA qualifying event to make changes to flexible spending account Annual Elections, they have made the historical decision to allow employers to offer this mid-year opportunity to make changes available to their employees.
WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part II
5/28/2020
Our presentation held on Thursday, May 28th reviewed the latest guidance on properly documenting expenses for PPP loan forgiveness and the interim Final Rule. Access webinar materials here.
IRS Increases Flexibility for Code Section 125 Cafeteria Plans Due to COVID-19
5/15/2020
The IRS has released two notices providing greater flexibility for employers who maintain Internal Revenue Code Section 125 cafeteria plans for their eligible employees: Notice 2020-29 and Notice 2020-33. Read the breakdown of these notices and the next steps one should take.
COVID-19 is Accelerating the Rise of the Digital Economy
5/8/2020
Digital transformation is necessary during this crisis, but that doesn’t mean it will look the same as it did before the pandemic. New problems and opportunities have come to light with greater urgency. For some businesses, the forces of disruption may be so great that the long-term strategic vision will need to be overhauled.
WEBINAR MATERIALS: How COVID-19 is Impacting Retirement Planning
5/7/2020
The Coronavirus Aid, Relief, and Economic Stimulus Act, or “CARES Act” brought important changes to retirement plans that every investor should be aware of. Learn about these changes, how they are impacting retirement planning, and what actions you should take to have an investment plan you can stick with to achieve peace of mind. Access webinar materials here.
Exhausted Your Cares Act Paycheck Protection Program Options? Main Street Lending Can Provide Additional Liquidity
5/3/2020
The Main Street Lending Program, whereby the Treasury will carve out $75 billion of the available $454 billion under Title IV to make an equity investment in a special purpose vehicle (SPV), which will enable the flow of credit to small and medium-sized businesses that were in good financial standing prior to COVID-19.
WEBINAR MATERIALS: Staying Connected & Empowering Your Team Using Collaboration Tools
4/30/2020
When it comes to working remotely, using virtual tools, and leveraging technology, what can business owners and managers do today that will help ensure they emerge successfully from the COVID-19 pandemic?
All Employers Can Defer Employment Tax Deposits Until Paycheck Protection Program Loan is Forgiven
4/21/2020
The IRS has issued frequently asked questions (FAQs) on the payroll tax deferral opportunity provided by the Coronavirus, Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136). Under that provision, employers of all sizes (including tax exempt/non-profit employers) can defer the deposit and payment of the employer's share of Social Security taxes.
Documentation & Accounting for PPP Loan Forgiveness
4/21/2020
As many of our clients have already started receiving their Payroll Protection Program (PPP) loan proceeds, the Saltmarsh COVID Recovery Response Team is recommending guidelines for how these loans should be handled, both from the operations and accounting (recording on the books) standpoints.
The Cares Act & Flexible Benefits
4/13/2020
The Cares Act extended the list of eligible expenses for Health Saving Account (HSA), Health Reimbursement Arrangement (HRA), and Flexible Spending Account (FSA). Additionally, there have been updates to flexible benefit programs.
Individuals: What You Need to Know About the CARES Act
4/6/2020
On March 6, 2020, the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 was enacted, becoming the first of three Congressional relief and stimulus acts passed. This alert briefly summarizes the following relief provisions enacted in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted on March 27, 2020.
CARES Act Relaxes Qualified Plan and Employee Benefit Rules to Improve Cash Flow for Employer and Employees
4/6/2020
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R. 748) includes several relief provisions for tax-qualified retirement plans, expands health care flexible spending accounts so funds can be used for over-the-counter items, clarifies some health insurance plan questions, and, through year-end, allows employers to reimburse employees for student loan payments tax-free.
COVID-19's Impact on U.S. Retirement Plans
4/2/2020
While decisions about safety and business operations are obviously top priorities now, plan sponsors still must maintain compliance for their retirement plans. We are here to help you navigate these decisions. We address three of the most immediate questions that companies should be considering related to their retirement plans.
Coronavirus Aid & Relief: Eligibility for CARES Act, SBA Lending and FFCRA
4/2/2020
Virtually everyone is impacted in some way by the virus and the flood of relief programs and decisions for both individuals and businesses can be overwhelming. As funding may be limited, it is important to act quickly.
Past Posts By Category
- Sponsoring a Health & Welfare Benefit Plan: Are You 5500 Compliant?
- Have You Maxed Out the Contribution to Your Health Savings Account (HSA) for the 2021 year?
- Covid-19 Implications For Presumptive Laws And Workers' Compensation
- DOL Issues Cybersecurity Guidance for Retirement Plans
- IRS Extends Certain Tax Filing and Payment Deadlines to May 17
- New IRS Guidance Regarding Tax Due Date Change 2021
- Practical Matters: FAQs For Plan Sponsors and Employees On CARES Act Relief
- WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part IV
- 5 Things PPP Borrowers Need to Do Now
- PPP Loan Forgiveness Assistance
- WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part III
- IRS Providing Changes to FSA's Due to COVID-19
- WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part II
- IRS Increases Flexibility for Code Section 125 Cafeteria Plans Due to COVID-19
- COVID-19 is Accelerating the Rise of the Digital Economy
- WEBINAR MATERIALS: How COVID-19 is Impacting Retirement Planning
- Exhausted Your Cares Act Paycheck Protection Program Options? Main Street Lending Can Provide Additional Liquidity
- WEBINAR MATERIALS: Staying Connected & Empowering Your Team Using Collaboration Tools
- All Employers Can Defer Employment Tax Deposits Until Paycheck Protection Program Loan is Forgiven
- Documentation & Accounting for PPP Loan Forgiveness
- The Cares Act & Flexible Benefits
- Individuals: What You Need to Know About the CARES Act
- CARES Act Relaxes Qualified Plan and Employee Benefit Rules to Improve Cash Flow for Employer and Employees
- COVID-19's Impact on U.S. Retirement Plans
- Coronavirus Aid & Relief: Eligibility for CARES Act, SBA Lending and FFCRA
- View All Posts
