In response to the COVID-19 pandemic, the IRS has automatically extended the deadline for certain retirement and welfare plans to file Form 5500. IRS Notice 2020-23 provides that tax returns, including Forms 5500, that are required to be filed on or after April 1, 2020 and before July 14, 2020 are automatically extended to July 15, 2020.
Read MoreThe Departments of Labor, Health and Human Services and Treasury (collectively, the “Departments”) jointly issued FAQ guidance regarding implementation of the health coverage provisions under the Families First Coronavirus Response Act (“FFCRA”) and the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”).
Read MorePublic companies and their boards can look to the recently released guidance of ISS and Glass Lewis when considering best therapies to address corporate governance and broader environmental, social and governance issues. The prominent proxy advisors address, among other things, issues affecting annual general meetings, board composition, and executive compensation. This post highlights the executive compensation considerations.
Read MoreThe Coronavirus Aid, Relief and Economic Security Act (CARES Act), which was signed into law by President Trump on March 27, 2020, authorizes more than $2 trillion of economic relief for individuals, businesses and industries impacted by the COVID-19 pandemic.
Read MoreOn March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act”, into law. We discussed the employee benefit plan provisions included in the CARES Act in our Quick Study published last week, which can be found here. For sponsors of defined contribution plans, these provisions include: coronavirus-related distributions, which are a new form of distribution, relaxed loan provisions, and suspension of 2020 required minimum distributions (a brief summary of these provisions is provided in the second part of this blog post).
Read MoreThis article provides practical guidance regarding how employers should address eligibility and coverage issues under their group health plans resulting from the coronavirus (also known as COVID-19). For more information on legal issues relating to the coronavirus, see Coronavirus (COVID-19) Resource Site.
Read MoreOn March 13, 2020, President Trump declared a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (the “Stafford Act”) in response to the Coronavirus Disease 19, or COVID-19. This declaration allows employers to make qualified disaster relief payments to employees affected by COVID-19 on a tax-free basis pursuant to Section 139 of the Internal Revenue Code (the “Code”).
Read MoreTo facilitate the nation’s response to the 2019 Novel Coronavirus (COVID-19), also known as the Coronavirus, the Internal Revenue Service advised in IRS Notice 2020-15 that a high-deductible health plan (HDHP), until further notice, is permitted to pay for COVID-19-related testing and treatment, without jeopardizing its status as an HDHP. Additionally, contributions to an HDHP participant’s health savings account (HSA) will not be adversely affected if the HDHP covering the participant provides for coverage of costs for COVID-19-related testing or treatment.
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