The SECURE 2.0 Act of 2022 (SECURE 2.0) made numerous changes to the complex web that makes up U.S. retirement plan laws. Of interest to S corporations that may be considering an employee stock ownership plan (ESOP) is the expansion of Section 1042 of the tax code to permit a 10% tax deferral for certain sales to S corporation ESOPs.
Section 1042 has ...
When it comes to pre-tax savings for qualifying medical expenses, employers have several options available to offer employees. Two of the more popular options are health savings accounts (HSAs) and health reimbursement accounts (HRAs). Both provide valuable benefits for employees. Which to offer may depend on several factors, including ...
As the temperatures continue to rise, regulations and litigation related to employer-sponsored group health plans have followed suit. As these new rules continue to evolve, we are often asked whether a self-insured group health plan is required to cover gender-affirming medical services. Many state governments have enacted legislation on ...
SECURE 2.0 provided employees better access to liquid assets during a major life crisis. We have previously discussed the domestic abuse victim distribution exemption and the emergency personal expense distribution exemption in this space. We are revisiting these topics because the IRS, through issuance of Notice 2024-55, has provided ...