IRS Announces New Voluntary Worker Classification Settlement Program

The Internal Revenue Service announced last week a new program that will enable certain employers to voluntarily resolve worker classification issues rather than wait for an IRS audit. The Voluntary Classification Settlement Program (VCSP) allows em clomid online ployers to voluntarily reclassify their workers from independent contractors to employees and make only a modest payment to cover past payroll taxes that would have been made had the nonemployees been treated as employees, with no interest or penalties due….

Labor Department Announces Do-Over on Fiduciary Definition Proposal

A collective sigh of relief was heard Monday from the financial services sector when the Department of Labor (DOL) announced that it was withdrawing its proposed new definition of a fiduciary under the Employee Retirement Security Income Act (ERISA). On Oct. 22, 2010, DOL proposed the new definition of “fiduciary” which met with significant and vocal opposition. DOL countered that the current definition of “fiduciary” under ERISA had not been updated since its enactment in 1975, and no longer…

Your Chance to Comment on New Proposed Health Care Regulations

The Departments of Health and Human Services, Labor and Treasury (the Departments) published a proposed rule under the Patient Protection and Affordable Care Act requiring group health plans covered under the Employee Retirement Income Security Act (ERISA) to provide a Summary of Benefits and Coverage (SBC) and a uniform glossary (glossary) to eligible participants. The proposed rule is open for public comment until Oct. 21, 2011, so take advantage of the opportunity to participate in the process and…