20 November 2020

Year-End Compliance Update for Retirement Plans

As 2020 draws to a close, this is a good time for employers sponsoring retirement plans to wrap up year-end compliance issues and prepare for the upcoming year.  Here is a quick list of topics that plan sponsors may want to consider as 2021 approaches. Year-End Deadlines As usual, plan sponsors should be aware of […]


09 November 2020

Unpublished Paycheck Protection Program (PPP) Loan Necessity Questionnaires Provide Insights, Raise Questions Regarding “Need Certification” Review for Larger Borrowers

On October 26, 2020, the U.S. Small Business Administration (SBA) announced its intention – via a notice in the Federal Register – to create two new standard form questionnaires relating to “need certifications” made by Paycheck Protection Program (PPP) borrowers that, together with their affiliates, received PPP loans of $2 million or more.  These new […]


03 November 2020

2021 Annual Limits Announced

The IRS recently released inflation-adjusted limitations that apply to various employee benefits in 2021. Social Security Taxable Wage Base for 2021 The Social Security Administration recently announced that the maximum amount of earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. Retirement Plan Dollar Limitations for 2021 The […]


29 October 2020

When Can Employers Terminate COBRA Coverage During the COVID-19 Outbreak Period?

As the COVID-19 pandemic continues, many employers have struggled with the practical problem of how to administer the various time extensions applicable to employee benefit plans due to COVID-19.  On April 28, 2020, the DOL and IRS issued regulations (the “DOL/IRS regulations”) extending deadlines for individuals to request mid-year enrollments, exercise COBRA rights, pay COBRA […]


13 October 2020

What Does It Mean to Have a “Clean Slate”? A Look at Michigan’s New Expungement Laws

On October 12, 2020, Governor Gretchen Whitmer signed the “Clean Slate” Bills into law, reforming Michigan’s criminal expungement process.  The seven-bill package enjoyed broad bipartisan support in both the Michigan House and Senate.  These new laws make sweeping changes that will make it easier for people who have committed certain misdemeanors and non-violent felonies to […]


08 October 2020

Presidential Executive Order on Combating Race and Sex Stereotyping

On September 22, President Trump signed controversial Executive Order 13950 on Combating Race and Sex Stereotyping.  The Order seeks to limit certain elements of the so-called “divisive” diversity and EEO training that federal contractors and certain federal grant recipients provide to their employees.  The Order applies to most government contracts, and is punishable by cancellation […]


08 October 2020

Small Business Administration (SBA) Issues Procedural Notice regarding Paycheck Protection Program (PPP) Loans and Changes of Ownership / M&A

On October 2, 2020, the U.S. Small Business Administration (SBA) issued a Procedural Notice relating to the impact of certain change of ownership transactions on PPP loans and borrowers.  The Procedural Notice is critical and immediately relevant to participants in M&A transactions, equity sales or issuances, recapitalizations and similar transactions, even where these transactions may […]


05 October 2020

IRS Delays ACA Reporting Again, Announces Final Extension of Good-Faith Reporting Relief

On October 2, 2020, the IRS released Notice 2020-76, which—not surprisingly—extends both: (1) the deadline to furnish Forms 1095-C and 1095-B to individuals; and (2) the good-faith reporting relief.  What may come as a surprise to some, the IRS announced that this extension will be the final extension of the good-faith reporting relief.  In addition, […]


14 September 2020

DOL Revises FFCRA Regulations in Response to New York Federal Court’s Decision

Late Friday, September 11, 2020, the Department of Labor (DOL) issued revised regulations under the Families First Coronavirus Response Act (FFCRA).  The new regulations are in response to an August 2020 New York federal court decision that invalidated four key aspects of its previous FFCRA regulations.  The Department of Labor has clarified that it considers […]