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February 21, 2013
Delinquent Filer Voluntary Compliance (DFVC) Program
Several years ago, a Delinquent Filer Voluntary Compliance (DFVC) Program was instituted to encourage ERISA plans to bring their annual filing into compliance (see Delinquent Filer Voluntary Compliance (DFVC) Program Update, Benefit Beat, 4/1/2002). The incentive, of course, is significantly reduced penalties.
Employee Plans Compliance Resolution System (EPCRS)
Again in an effort to give plans an opportunity to correct mistakes, the government established an Employee Plans Compliance Resolution System (EPCRS). This program has been recently modified.
Qualified Transportation Expenses
As mentioned in the January Benefit Beat (see Benefit and Compensation Changes Included in Fiscal Cliff Law), the American Taxpayer Relief Act has retroactively extended the maximum qualified transportation benefit applicable to mass transit and van pooling. In effect for 2012 and 2013, the mass transit benefit mirrors the qualified parking benefit which was $240 for 2012 and $245 for 2013.
February 12, 2013
Treasury Issues Final FATCA Regulations for Foreign Account Reporting (article)
February 6, 2013
HRB 65 - 1) Individual Minimum Essential Coverage and 2) Affordability Standard
February 5, 2013
IRS Provides Penalty Relief to Farmers and Fishermen for Underpayment of Estimated Taxes (article)
IRS Finalizes Noncompensatory Partnership Option Regulations (article)
January 25, 2013
HRB 63 - Sub-Regulatory Guidance and FAQs Issued
Reasonable Compensation - When is it Too Much and When is it Not Enough? (article)
Change Up: The Potential Evolution of the Throwback Rule (article)