William Byrnes' Tax, Wealth, and Risk Intelligence

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Prof. William H. Byrnes

Robert Bloink, J.D., LL.M.

The big news this week: A New York federal court vacated four DOL rules implementing the FFCRA paid leave provisions. The CARES Act provided relief to IRA owners by eliminating the need to take required minimum distributions for 2020. This relief also extends to certain beneficiaries of inherited accounts.

NY Federal Court Vacates Four Aspects of the DOL FFCRA Guidance

A New York federal court vacated four DOL rules implementing the FFCRA paid leave provisions. The court struck down the DOL “work availability” rule, meaning that employers may be eligible for paid leave even if there is no work available (assuming they meet the criteria for paid leave). The court also vacated the DOL definition of “healthcare provider” and partially invalidated the “intermittent leave” rules. Now, New York employers cannot require employees to gain consent for intermittent leave. Finally, the court ruled that employers cannot condition FFCRA leave on advance employee documentation of the details leading to the need for paid leave. Employers located in New York (and elsewhere) should review their policies and consult with advisors to determine the best course of action in light of the new uncertainty. For more information on the FFCRA paid leave rules, visit Tax Facts Online. Read More

IRS PLR Allows Employees to Allocate Contributions Between HRAs and a Profit Sharing Plan

The IRS recently blessed an amendment to a profit sharing plan that would also permit employees to make HRA contributions. The issue up for consideration was whether a profit sharing plan covering collectively bargained employees could be amended to allow participants to allocate contributions toward HRAs and the plan on an annual schedule (a default would apply in the absence of an election). The IRS found that the proposed amendment would not cause the plan to be treated as a 401(k), because it would not create an opportunity for participants to elect cash or to use the contributions to pay for taxable benefits. Therefore, the profit sharing plan would not offer a cash or deferred arrangement under IRC Section 401. The IRS also found that the arrangement would not violate the HRA rules. For more information on the profit sharing plan qualification rules, visit Tax Facts Online. Read More

Understanding CARES Act Relief for Inherited IRA Beneficiaries

The CARES Act provided relief to IRA owners by eliminating the need to take required minimum distributions for 2020. This relief also extends to certain beneficiaries of inherited accounts. Under pre-SECURE Act rules, certain inherited IRA beneficiaries were required to drain the account within five years of the original account owner’s death. Now, the CARES Act provides that if 2020 was one of those five years, it is not counted—essentially extending the distribution period to six years. This gives IRA beneficiaries the benefit of tax-free IRA growth for an additional year. For more information on the RMD rules for inherited IRAs, visit Tax Facts Online. Read More

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