Exclusion for Certain Employer Payments of Student Loans As part of the CARES Act, employers are able to provide tax-free student loan repayment benefits to employees until January 1, 2021. Employers may contribute up to $5,250 annually toward an employee’s student loans tax-free to the empl...
Student debt repayment and the CARES Act: What to know Tara Fung | May 12, 2020 Employers can now help their employees pay down student debt faster and save a significant amount of money on student loan interest. Employer compliance beyond CARES and FFRCA: Don't forget the basics Nic...
This provision of the CARES Act allows employers to defer payments of the employer share of the Social Security Tax on behalf of their employees. Deferred payments must be paid over 2 years with half due by December 31, 2021, and the other half due by December 31, 2022. Employee retention...
Qualified employer plans may permit individuals who elect to receive a “coronavirus-related distribution” will not be subject to the traditional 10% tax penalty imposed under the Internal Revenue Code of 1986, as amended (the “Code”) for early withdrawals from eligible retirement accounts,unless...
2. If an individual is personally impacted by the Coronavirus and has an outstanding loan (on or after the date of the enactment of the CARES Act) from a tax-qualified employer retirement plan with a due date for any repayment during the period from the date of the CARES Act’s ...