Thu.Mar 04, 2021

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IRS Releases 2021 Versions of Forms 1099-R and 5498 and Instructions

ThomsonReuters

IRS Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) (2021); IRS Form 5498 (IRA Contribution Information) (2021); Instructions for Forms 1099-R and 5498 (2021); General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G) (2021).

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FAQs (Part 44) Clarify Health Plan Coverage of COVID-19 Tests and Vaccines

ThomsonReuters

FAQs About Families First Coronavirus Response Act and Coronavirus Aid, Relief, and Economic Security Act Implementation Part 44 (Feb. 26, 2021). FAQs. News Release. The DOL, IRS, and HHS have issued another round of FAQ guidance addressing implementation of the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) for group health plans.

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Can Members of Our Company’s Board of Directors Participate in Our Cafeteria Plan?

ThomsonReuters

QUESTION: I’ve been asked whether members of our company’s board of directors can participate in our cafeteria plan. Can we allow this? ANSWER: Generally, board members may not participate in your cafeteria plan because participation must be limited to employees. Therefore, members of your company’s board of directors who are not employees of the company (“outside directors”) cannot participate in your company’s cafeteria plan.

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DOL Delays Effective Date of FLSA Independent Contractor Regulations

ThomsonReuters

Independent Contractor Status Under the Fair Labor Standards Act (FLSA): Delay of Effective Date, 29 CFR Parts 780, 788, and 795, 86 Fed. Reg. _ (March 4, 2021). Available at [link]. The DOL has decided to delay to May 7, 2021, the effective date of final regulations under the Fair Labor Standards Act (FLSA) to determine whether a worker is an employee or an independent contractor (Independent Contractor Regulations).

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How to Leverage Intent Data for Better Outcomes

Speaker: Susan Spencer, Principal of Spencer Communications

Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.

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DOL Clarifies Duration of COVID-19-Related Deadline Extensions

ThomsonReuters

EBSA Disaster Relief Notice 2021-01. Available at [link]. The DOL has issued EBSA Disaster Relief Notice 2021-01, clarifying the duration of certain COVID-19-related deadline extensions. As background, the DOL and IRS issued guidance last year specifying that the COVID-19 outbreak period—defined as the period beginning March 1, 2020, and ending 60 days after the announced end of the COVID-19 national emergency—is disregarded when calculating various deadlines under COBRA, ERISA, and HIPAA’s spe

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IRS Issues 2020 Form 2106 and Instructions

ThomsonReuters

IRS Form 2106 (Employee Business Expenses) and Instructions (2020). Form 2106. Instructions. The IRS has released the 2020 version of Form 2106, used to determine and claim employee business expense deductions. The form and its instructions are substantially similar to the 2019 versions, but they have been revised to take into account changes to the standard mileage rate, depreciation limits on vehicles, and updates to forms and schedules referenced in Form 2106.

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