Explore CBIZ’s latest insights on the critical issues that help advance accounting, tax, insurance, HR and much more at your organization. Search for exactly what you need to succeed below.
January 7, 2010
IRS Provides Relief for NQDC Plan Document Failures
Code Section 409A governs taxation of nonqualified deferred compensation. It provides specific rules relating to funding and distribution (also see409A Documentation Limited Relief from the Oct 2007 Benefit Beat). The IRS just issued Notice 2010-6, providing a voluntary document correction program for failures occurring in these plans.
2009 Form M-1 Filing
The DOL has released the 2009 edition of the Form M-1 Filing Packet. If you sponsored a multiple employer welfare arrangement (MEWA) in 2009, make certain that you file the Form M-1 annual report by March 1, 2010 (an automatic 60-day extension to May 3, 2010 can be requested).
December 3, 2009
DOL Updates its Employment Guide
The DOL recently released its updatedEmployment Law Guide. This Guide is made available to employers to provide general overview information and compliance assistance of the various laws administered and enforced by the DOL, including:
IRS Pilot Project Aims to Reduce Identity Theft
In an effort to address identity theft issues, the IRS and Treasury Department have started a 2-year pilot project for 2009-2010 (IRS Notice 2009-93), that would permit, but not require, the use of a truncated Social Security Number (SSN) number on paper copies of the Form 1098 series, the Form 1099 series, and the Form 5498 series. The pilot project is only available for paper filings of these types of payee statements. It would allow SSNs, or other 9-digit IRS tax identifying number, to be truncated by replacing the first five digits of the 9-digit number with asterisks or Xs (for example, a social security number 123-45-6789 would appear on the paper payee statement as ***-**-6789 or XXX-XX-6789).
Retiree Health Plan Flexibility Under Fire
The national health care reform debate is in full swing. It is far too early to project what might, or might not, come out of this debate. However, for those who sponsor, or are contemplating adopting, a retiree health benefit, one point bears watching.
DOL Investment Advice Withdrawn Altogether
On November 19, 2009, the DOL announced that it was withdrawing its rules relating to investment advice (see prior Benefit Beat articles: Investment Advice Regulations Postponed…Yet Again! and Investment Advice Regulations Postponed Again).
Form 5500 Updates
Schedule C Guidance
November 5, 2009
Pandemic H1N1 Planning
Several federal and state resources are available to assist businesses and employers in preparing a pandemic plan for their workplace (also seePandemic Flu Basics from the May 2009 Benefit Beat). Below are links for revised information and guidance that may be helpful:
Expansion of FMLA Leave for Military Families
The Family and Medical Leave Act, was amended in January, 2008, to provide two new types of leave, both relating to military families: one for Exigency Leave, and one for Caregiver Leave (see prior Benefit Beat articles:Final FMLA Regulations andFMLA Brings Benefits to Military Families).
COBRA Subsidy Extensions Proposed
At least two bills have recently been introduced in Congress that would extend the COBRA subsidy period: