Category: Benefit Plan Audits

common fringe benefits

2023 Year-End Reminders Regarding Common Fringe Benefits, Special Rules for 2% S Corp Shareholders

As 2023 draws to a close, employers should review whether they have properly included the value of common fringe benefits in their employees’ and (if applicable) 2% S corporation shareholders’ taxable wages. This is especially true for 2023 and beyond,…
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Roth Catch-Up Contribution Extension

Clarifying the SECURE Act 2.0 Roth Catch-Up Contribution Extension

While, the IRS’ announcement last month provides significant compliance relief for processing catch-up contributions as after-tax “Roth” contributions, the focus now for plan sponsors should be on proper implementation of the guidance. IRS Notice 2023-62 established a two-year administrative extension…
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