Firm News
CFPB Proposes Foreclosure Moratorium Until 2022
The Consumer Financial Protection Bureau (CFPB) proposed rules to prevent foreclosures and assist consumers as emergency federal foreclosure protections expire. The proposal includes temporary amendments to Regulation X’s mortgage servicing requirements regarding...
Partner Kate Dittrick Quoted in Midlands Business Journal
Kathryn A. Dittrick Labor and Employment Law Attorney kdittrick@fraserstryker.comIn the March 26, 2021 edition of the Midlands Business Journal, Fraser Stryker partner Kathryn A. Dittrick was quoted an article by Michelle Leach entitled: "After working from home,...
Second-Draw Paycheck Protection Program Extended
Last night, the Senate approved by a bi-partisan vote a bill extending the Paycheck Protection Program. The legislation, which the House already passed, now goes to President Biden for signing. The Paycheck Protection Program Extension Act would allow loan...
An Employer’s Guide to Qualified Domestic Relations Order (QDRO) Administration
GENERAL QDRO INFORMATION FOR EMPLOYERS As an employer, why should I care about qualified domestic relations orders? If you are an employer with a retirement plan for your employees, you may need to determine whether a domestic relations order ("DRO") qualifies as a...
American Rescue Plan Act: Employee Benefits Provisions
BACKGROUND The American Rescue Plan Act (the "ARPA") was signed into law on March 11, 2021. The ARPA contains several provisions governing employee benefit plans. This memorandum summarizes the key employee benefits plan provisions implemented by the ARPA that may...
IRS Extends Tax Deadline to May, 2021
The Internal Revenue Service moved the April 15th tax filing and payment deadline approximately one month to May 17th. This gives taxpayers additional time to file their 2020 individual tax returns and pay any amounts owed to the IRS. The IRS says it will issue formal...
SBA Adjusts PPP Payroll Calculation For Form 1040, Schedule C Filers
The Small Business Administration (“SBA”) has issued a new Interim Final Rule that allows certain borrowers to calculate their maximum loan amounts using gross income. The SBA has also updated its forms for borrowers and lenders to account for this change. Previous...
DOL Issues Guidance on Outbreak Period Extensions for Employee Benefit Plans
On February 26, 2021, the Department of Labor ("DOL") issued Disaster Relief Notice 2021-01 ("Notice 2021-01"), which sets forth the position by the DOL and Internal Revenue Service ("IRS") that the COVID-19 extensions will continue past February 28, 2021, and that...
Nonqualified Deferred Compensation Plans ― What’s All the Hype and Why Does My Company Need One?
At a first glance, nonqualified deferred compensation ("NQDC") plans may seem complicated and intimidating. It's true ― there are complicated rules that need to be followed. However, NQDC plans are actually fairly simple to implement with the assistance of an employee...
Can Employers Allow Employees to Contribute Unused Paid Time Off to the Company’s 401(k) Plan?
Background Due to the COVID-19 pandemic, many employees have not had the opportunity to use their annual paid time off. Given many employers have a "use it or lose it" policy with regard to paid time off, employers are looking for other ways to allow employees to...
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