The one, big, beautiful benefits legal alert
Posted on May 15, 2025 in Employee Benefits, Legal Alerts
The House’s new tax legislation titled the “The One, Big, Beautiful Bill” covers a number of potential changes to US benefits items, including: Increasing child care credits for certain employers and making paid family and medical leave tax credits permanent. Allowing on-site health clinics to be fully HSA-compliant, as well as a number of other changes to HSAs. Amending the Section...
Legal Alert: House tax bill proposes changes to information reporting rules
Posted on May 15, 2025 in Legal Alerts
On May 14, 2025, the House Ways and Means Committee approved the “One, Big, Beautiful Bill,” containing the tax provisions destined for the budget reconciliation package. Several of the bill’s provisions would affect information reporting and withholding requirements. As expected, the bill would reinstate the de minimis threshold for Form 1099-K reporting by third party settlement...
Legal Alert: House confirms favorable modifications to three key business tax provisions
Posted on May 14, 2025 in Legal Alerts
On May 12, 2025, the Republicans on the House Committee on Ways and Means released a draft bill showing their tax plan for the budget reconciliation legislation. The legislation will likely undergo significant changes as it works its way through the broader House membership and Senate. Among the myriad of new and revised provisions, the bill contains favorable updates to three key...