Employee Benefits Archives - Page 58 of 151

Five Reasons Why Telehealth Is Here to Stay (COVID-19 And Beyond)

by Lisa Schmitz Mazur | Jun 2, 2020 | Employee Benefits, Health and Welfare Plans, Privacy and Data Security

Telehealth is no longer just a nice-to-have, but instead a must-have for patients and healthcare professionals alike during the COVID-19 pandemic. Lisa Mazur, partner at McDermott Will & Emery specializing in the digital healthcare space, is quoted in a recent Forbes article about why telehealth is here to stay: “Telehealth was already experiencing significant momentum and growth prior to this public health emergency, and its continued trajectory has been solidified by the vital role it is playing in care delivery today.”

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Proposed Jobs Credit Act Would Significantly Expand CARES Act Employee Retention Tax Credits

by Andrew Liazos, Brian Tiemann, David Fuller and Sarah L. Engle | May 27, 2020 | Employee Benefits, Employment, Health and Welfare Plans

A bill titled Jumpstarting Our Businesses’ Success Credit Act of 2020, which would make significant changes to the employee retention tax credits available under the CARES Act, is currently under consideration in the US House of Representatives. In this article, we outline the proposed changes, which are generally designed to increase the availability, scope and amount of the credits.

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COVID-19 Ate My Homework – Recent Extensions and Relief for Retirement Plans

by Allison Wilkerson, Diane Morgenthaler and Erin Steele | May 18, 2020 | Benefit Controversies, Employee Benefits, Employment, Fiduciary and Investment Issues, Retirement Plans

In recognition of the difficulties faced by retirement plan sponsors, participants and beneficiaries due to the COVID-19 pandemic, new guidance extends the deadlines for notices and disclosures required by Title I of ERISA and extends deadlines for retirement plan participants and beneficiaries to submit benefit claims and benefit appeals. The new guidance also provides some welcome fiduciary relief for electronic disclosures, incomplete plan loan or distribution documentation, as well as delayed participant contributions and loan repayments.

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Globally (Not So) Mobile Employees: Taxation of Equity Awards in a COVID-19 World

by Gregory M. Weigand and Ryan J. Coyle | May 14, 2020 | Employee Benefits, Employment

The US tax rules governing the taxation of equity awards for globally mobile employees are complex and in some cases, uncertain. Among other things, employers must consider the type of award, grant and vesting dates, and sourcing rules to ensure proper reporting and withholding for non-US employees that have worked in the United States. The travel restrictions have caused US multinational businesses to review their existing processes for how they compute and report taxable income for non-US employees working in the United States, especially with regard to vesting of equity arrangements.

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DOL Relaxes Deadlines for ERISA-Governed Group Health Plans

by Jacob Mattinson and Megan Mardy | May 13, 2020 | Benefit Controversies, Employee Benefits, Employment, Health and Welfare Plans

The US Department of Labor, in conjunction with the Internal Revenue Service and US Department of the Treasury, issued guidance and deadline extensions applicable to ERISA-governed group health and welfare plans. The guidance provides relief for plan sponsors, plan administrators and plan participants that may be struggling to comply with applicable deadlines and requirements in the midst of the chaos related to the COVID-19 pandemic.

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Department of Labor Updates COBRA FAQs and Model Notices

by Jacob Mattinson and Megan Mardy | May 7, 2020 | Employee Benefits, Health and Welfare Plans

On May 1, 2020, the Department of Labor (DOL) issued updated Frequently Asked Questions and revised model notices under the Consolidated Omnibus Budget Reconciliation Act (COBRA). COBRA is a federal law that permits individuals to continue group health plan coverage for a limited period of time following certain events, such as a termination of employment, that are coupled with a loss of coverage. Employers are required to notify individuals of their rights under COBRA.

The changes in the model notices are primarily designed to help Medicare-eligible individuals understand their options for healthcare coverage. The model notices, however, do not include language that addresses DOL relief issued earlier in the week that provides additional time for individuals to elect COBRA coverage through the end of the coronavirus pandemic. Plan sponsors should work with their COBRA vendors and legal counsel to determine whether the model notice updates or coronavirus relief would necessitate any updates to the notices currently used by their group health plan to notify plan participants and beneficiaries of their rights under COBRA.

CARES Act—Tax Deferral Opportunities for Employers

by David Fuller | May 5, 2020 | Employee Benefits, Employment

The CARES Act created several payroll tax deferral opportunities but also left employer board members and executives asking what exactly was deferred and worrying about “responsible person” liability.

In particular, Section 2302 of the CARES Act (Public Law 116-136) allows all employers to defer the deposit and payment of the employer’s portion of Social Security taxes for a minimum of 12 months and, for some deferrals, a period of more than 32 months. Despite the confusion among some advisers, unlike the employee retention tax credit available under the CARES Act, this opportunity to defer employer Social Security taxes is even available for those employers applying for Small Business Administration loans.

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CARES Act Payroll Tax Forum: IRS Weighs in on High-Profile Employee Retention Tax Credits

by Sarah L. Engle, Andrew Liazos, Brian Tiemann, David Fuller and Rachel B. Cowen | May 4, 2020 | Employee Benefits, Employment

Decisions aimed at preserving your workforce in response to the COVID-19 pandemic can have a long-term impact on your business. As you prepare to emerge from government shutdown orders, recall that your workforce is your single most valuable asset.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides employee retention tax credits to help employers defray the cost of keeping their workforces intact in the post-COVID business environment. At the same time, taking advantage of these credits requires careful, upfront planning, particularly in light of the recent FAQs issued by the IRS.

During our interactive discussion, we will address the critical matters that you need to understand when planning for these credits, including:

What constitutes a partial suspension of business operations, and how government shutdown orders impact those suspensions under the FAQs
Which types of compensation and benefits are considered “qualified wages” under the FAQs, including the treatment of health expenses
How the FAQs differ from the Joint Committee on Taxation Bluebook
How aggregation rules can defeat or enable an employer’s qualification to qualify for employee retention tax credits
What you should do to claim and report the credits on IRS quarterly tax reporting forms
Which employment law matters you should consider before taking employee retention tax credits

Have an (anonymous) question that you would like us to answer? Be sure to submit it via the registration link.

Wednesday, May 6, 2020

11:00 am – 12:00 pm PDT
12:00 pm – 1:00 pm MDT
1:00 pm – 2:00 pm CDT
2:00 pm – 3:00 pm EDT

Register now.

SARS-COV-2 Occupational Health and Safety Standard in Germany

by Dr. Thomas Gennert | Apr 30, 2020 | Employee Benefits, Employment

In response to the COVID-19 pandemic, Germany has introduced special occupational safety measures to protect the health of employees, restore economic activity and interrupt the chains of infection. On April 16, 2020, Federal Minister of Labour and Social Affairs (Bundesminister für Arbeit und Soziales) Hubertus Heil and the CEO of the German statutory accident insurance (Deutsche Gesetzliche Unfallversicherung) Dr. Stefan Hussy presented a unified occupational health and safety standard for the duration of the Coronavirus pandemic. The regulations took effect immediately.

Access full article here.

UK Coronavirus Job Retention Scheme: Significant Developments

by Katie Clark and Paul McGrath | Apr 28, 2020 | Employee Benefits, Employment

Her Majesty’s Revenue and Customs (HMRC) has issued its sixth update to the Coronavirus Job Retention Scheme Guidance (Guidance). Separately, the UK Treasury has issued a Treasury Direction (Direction) to HMRC setting out the legal framework for the Scheme. There are few points that have been clarified in the Guidance, but there is one glaring inconsistency between the Guidance and the Direction that will be of understandable concern to employers – the requirement that there is a written record of the furlough arrangement.

Access full article here.

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