Current event news and information

United States Congress has passed the stimulus relief package for the impact of coronavirus, Americans are nearing the time for the IRS to send out their stimulus checks or make direct deposit
Compensation

Can I take funds out of my pension plan due to COVID?

Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans. General Information Partial Termination of a Qualified Retirement Plan Under Section 209 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 General Information Q1. What are the special rules for retirement plans and IRAs in section 2202 of the CARES Act? A1. In general, section 2202 of the CARES Act provides for expanded distribution options and favorable tax treatment for

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HR Management

Can Employers Ask You If You’re Vaccinated?

COVID-19 sent workplaces reeling with lockdowns, outbreaks, and layoffs. Now that vaccinations are being distributed, the CDC has relaxed the COVID-19 safety guidelines for fully vaccinated individuals. The CDC guidance and some state mandates say that vaccinated people can stop wearing masks and following social distancing precautions. The problem for employers is finding out who is vaccinated and who is not to protect their business, workers, and customers. What’s Changed? The latest CDC guidance on the pandemic states that people who have been fully vaccinated can resume activities as they did before the pandemic without masks and with no need

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Benefits

Extracting the PEO Relationship

When an employer elects to leave the PEO relationship, they will notice changes in the way they process many items. Many of these changes will revolve around the firm becoming an employer of record once again. In the Co-Employment relationship, the PEO is the “employer of record” and the “administrative employer”, even though the firm as the “worksite employer” continues to run its business on a daily basis (i.e. hiring, firing, operational decisions). The transition back to the employer of record again may also affect the employees from a tax & benefits perspective as well as the firm. Part A:

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Benefits

What changes are allowed to DCAP and Health FSAs due to COVID?

There are several recent changes that allow benefits-related relief provisions, including important changes to the rules governing dependent care assistance plans (DCAP) and health flexible spending accounts (FSA), with possible changes affecting plan years 2020, 2021, and 2022. Below is a summary of these important changes that will provide significant relief for DCAP and health FSAs participants if adopted by plan sponsors. Temporary Relaxed Carryover Rules for DCAP and Health FSAs:  The relief bill allows employers to permit participants to carry over all unused funds from 2020 DCAP and health FSA plan year accounts to 2021 plan year accounts. The

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Compensation

FFCRA Info – Employee with COVID

The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through September 30th, 2021 (extended from December 31st, 2020). Generally, the Act provides that covered employers must provide to all employees: Two weeks (up to 80 hours) of paid sick leave at the employee’s regular rate of pay where the employee is unable to work

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