The IRS has highlighted identity theft involving unemployment benefits and urged taxpayers who receive Forms 1099-G, Certain Government Payments, to contact their appropriate state agency for a corrected form. Taxpayers who faced unemployment or reduced work hours due to COVID-19 pandemic applied for and received unemployment compensation from their state which are taxable income. However, ... Read More ›
As plan administrators know all too well, attempting to locate nonresponsive (lost or missing) participants is an ongoing and often challenging process. On January 12, 2021, the Department of Labor (DOL) issued guidance in relation to missing participants in three separate components: Field Assistance Bulletin (FAB) 2021-01, Compliance Assistance Release No. 2021-01, and a separate ... Read More ›