BW INSIGHTS

Employee Retention Credit Withdrawal Process and Voluntary Disclosure Program

By BrownWinick | 12.21.2023
The Employee Retention Credit (the “ERC”) is a refundable tax credit against payroll taxes that was created under the CARES Act to help employers and employees affected by the COVID-19 pandemic by encouraging employers to keep employees. In short, the ERC could be claimed if there was a significant decline in gross receipts over certain periods, a... Read More

IRS Issues Proposed Regulations for Long-Term Part-Time Employees

By BrownWinick | 11.29.2023
On Friday, November 24th, the IRS issued the long-awaited Proposed Treasury Regulations amending the existing Treasury Regulations for 401(k) plans and providing guidance relating to treatment of long-term part-time employees (“LTPTE”) within 401(k) plans. The LTPTE concept was codified by the Setting Every Community Up for Retirement Enhancement... Read More

BrownWinick Included in 2024 Edition of Best Laws Firms Ranked by Best®

By BrownWinick | 11.02.2023
BrownWinick is excited to announce the firm has been included in the Best Law Firms Ranked by Best® 2024 publication. Firms included in the 2024 edition of Best Law Firms® list are recognized for professional excellence with persistently impressive ratings from clients and peers. Achieving a tiered ranking signals a unique combination of quality... Read More

The NLRB Issues a Final Rule Regarding The Joint-Employer Standard

By Danielle Smid | 10.31.2023
On October 26, 2023, the National Labor Relations Board issued a final rule addressing how to determine whether two employers have joint-employer status. The final rule introduced a broadened standard as to who may classify as a joint-employer. The new standard will go into effect on December 26, 2023. A “New” Standard The final rule establishes... Read More

Proposed Overtime Rule: What Employers Need to Know

By Danielle Smid | 09.18.2023
The U.S. Department of Labor is shaking up the employment landscape with a proposed rule that’s set to benefit approximately 3.6 million salaried workers. This rule, proposed on August 30, 2023, seeks to expand overtime protections, ensuring overtime compensation for those who’ve been working long hours without extra pay. In this blog post, we’ll... Read More

Minnesota Passes Paid Family and Medical Leave: Effective in 2026

By Danielle Smid | 08.09.2023
Paid Family and Medical Leave On May 25, 2023, Minnesota Governor Tim Walz signed a Paid Family and Medical Leave bill (HF 2). The law provides employees with up to 20 weeks of paid family or medical leave per year. The leave program will be administered by a new division of the Minnesota Department of Employment and Economic Development: The... Read More

Now is the Time for Plan Sponsors to Correct Plan Errors: IRS Issues Guidance on the Expansion of EPCRS and Self-Corrections

By Cynthia Boyle Lande | 06.21.2023
The Internal Revenue Service (IRS) has issued interim guidance, provided in Notice 2023-43, that explains the expansion of plan sponsors’ ability to self-correct errors in qualified retirement plans. The Employee Plans Compliance Resolution System (EPCRS) sets forth the IRS’s guidance to plan sponsors on how to correct errors relating to qualified... Read More

Affordable Care Act Deadline Extension

By Cynthia Boyle Lande & Maggie Simonson Schild | 12.19.2022
On December 15, 2022, the Internal Revenue Service issued final regulations extending deadlines for providing certain information statements under the Affordable Care Act (ACA). The extension applies to Forms 1095-C, filed and issued by applicable large employers (ALEs), who are subject to the ACA Employer Mandate. The extension also applies to... Read More

UPDATE: IRS Extends Deadlines for Certain Additional Required Amendments to Retirement Plans and IRAs

By Maggie Simonson Schild & Cynthia Boyle Lande | 11.29.2022
Earlier this year, we shared an update on certain retirement plan updates originally required to be adopted this year. At that time, we noted that some amendment deadlines had been delayed, but other amendments were still required this year. On September 26, 2022, the IRS issued Notice 2022-45, extending the deadline for qualified plans, 403(b)... Read More

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