Last year, multiple proposals were introduced in Congress that would have significantly altered transfer tax planning for wealthy individuals and business owners. The proposals fell flat due to razor thin majorities the Democrats hold in Congress. Even if no changes occur in the near term, on January 1, 2026, current law automatically “sunsets,” which will result in estate tax exemptions being halved.The following is a review of a few significant transfer tax planning considerations you should consider in 2022:
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Latest from Reinhart Boerner Van Deuren s.c. Alerts and Updates
Benefits Counselor – January 2022
GENERAL DEVELOPMENTSDOL, IRS and PBGC Release 2021 Finalized Form 5500 Instructions
The U.S. Department of Labor (DOL), Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) have released instructions for plans and administrators to complete annual Form 5500s. The instructions include changes that the DOL has finalized reflecting provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act that relate to filings by multiple employer plans (MEP) and pooled employer plans (PEP). Key changes include:
- Both defined contribution
Supreme Court Stays OSHA ETS, Upholds CMS Vaccination Mandate
On January 13, 2022, the Supreme Court of the United States issued two decisions addressing the Occupational Safety and Health Administration’s (OSHA) Vaccination and Testing Emergency Temporary Standard (ETS) and the Center for Medicare & Medicaid Services (CMS) vaccination mandate.
The Supreme Court put the OSHA ETS on hold, finding the ETS was more akin to a general public health measure rather than an “occupational safety or health standard.” The stay will remain in place pending a review of
Continue Reading Supreme Court Stays OSHA ETS, Upholds CMS Vaccination Mandate
January 10 Enforcement Deadline for OSHA ETS Remains Intact
On Friday, January 7, 2022, the Supreme Court of the United States heard arguments on the legality of the Occupational Safety and Health Administration’s (OSHA) Vaccination and Testing Emergency Temporary Standard (ETS).
While a majority of the justices appeared skeptical of OSHA’s authority to issue the Vaccination and Testing ETS, as of Monday, January 10, 2022 — the first deadline for compliance under the ETS — the Supreme Court had not stayed enforcement of the ETS.
As discussed in
Continue Reading January 10 Enforcement Deadline for OSHA ETS Remains Intact
OSHA Retracts Portion of COVID-19 Emergency Temporary Standard for Healthcare Employers
On December 27, 2021, the Occupational Safety and Health Administration (OSHA) announced it is withdrawing the non-recordkeeping portion of the Emergency Temporary Standard for healthcare employers (Healthcare ETS). However, the requirements outlined under the Healthcare ETS will now serve as guidelines for compliance with the general duty clause of the Occupational Safety and Health Act (OSH Act).
Issued on June 21, 2021, the Healthcare ETS outlined rigorous safety standards (previously discussed here) intended to protect workers from the
Continue Reading OSHA Retracts Portion of COVID-19 Emergency Temporary Standard for Healthcare Employers
CDC Shortens Recommended Isolation and Quarantine Periods
On Monday, December 27, 2021, the Centers for Disease Control and Prevention (CDC) shortened the recommended isolation and quarantine period for certain individuals infected with or exposed to COVID-19. The new recommendations come in light of evidence that the majority of SARS-CoV-2 transmissions occur in the 1-2 days prior to onset of symptoms and the 2-3 days after. The CDC’s new recommendations, outlined below, will be a welcome change for many employers struggling with staffing shortages as it will
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OSHA Will Require Compliance with Vaccination ETS in January 2022
On December 17, 2021, the Sixth Circuit Court of Appeals lifted the stay on the Occupational Safety and Health Administration’s (OSHA) Emergency Temporary Standard (ETS), finding that OSHA justified its finding that workers face a grave danger in the workplace as a result of COVID-19. The ETS requires that employers with more than 100 employees either mandate the COVID-19 vaccination or implement a vaccination or weekly testing program. We discussed employer obligations under the ETS in our prior alert
Continue Reading OSHA Will Require Compliance with Vaccination ETS in January 2022
EEOC Provides Additional Guidance on When COVID-19 May Qualify as a Disability
On December 14, 2021, the Equal Employment Opportunity Commission (EEOC) published additional guidance addressing when an individual infected with COVID-19 may qualify as disabled under the Americans with Disabilities Act (ADA). The publication expands on the EEOC’s September 2021 guidance regarding whether “long-haul” COVID-19 is a disability under the ADA.
Title I of the ADA prohibits discrimination on the basis of disability in the workplace. An employee may be disabled, for purposes of the ADA, in one of three
Continue Reading EEOC Provides Additional Guidance on When COVID-19 May Qualify as a Disability
Benefits Counselor – December 2021
RETIREMENT PLAN DEVELOPMENTS
IRS Releases Cost‑of‑Living Adjustments for Retirement Plan Contributions
On November 4, 2021, the Internal Revenue Service (IRS) released Notice 2021‑61, which details the cost‑of‑living increases for retirement plan contributions. Highlights include increasing:
- Employee contribution limit for a 401(k) plan to $20,500;
- Annual total contribution limit for defined contribution plans to $61,000;
- Annual compensation limit to $305,000;
- Annual benefit limitation under Internal Revenue Code (Code) section 415(b)(1)(A) to $245,000; and
- Limitation used in the definition of “highly
Wisconsin DHS Answers Questions About the CMS Vaccination Mandate
On November 23, 2021, the Wisconsin Department of Health Services (DHS) conducted a live webinar to answer questions surrounding the Centers for Medicare & Medicaid Services (CMS) COVID-19 Vaccine Mandate scheduled to take effect December 6, 2021.
The most frequently asked question among providers was, “Does the vaccine mandate apply to our facility?” The response by DHS was consistent that if your facility or provider type bills Medicare via a CMS Certification Number, the CMS vaccination mandate applies to
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New Estate Planning Opportunities with Florida Trusts
Florida recently enacted two major pieces of legislation that provide significant new estate planning opportunities for families with ties to the sunshine state. The Community Property Trust Act (CPTA) and the Florida Uniform Directed Trust Act (FUDTA), both of which went into effect earlier this year, are summarized below.
Community Property Trust Act
Florida is not a community property state, however, CPTA allows married couples to opt into community property treatment by creating a “community property trust” and transferring
Continue Reading New Estate Planning Opportunities with Florida Trusts
CMS Issues Two Memos on Nursing Home Visitation and Increased Nursing Home Oversight
On November 12, 2021, the Centers for Medicare and Medicaid Services (CMS) issued two nursing home memos. The first, QSO-20-39-NH, addresses nursing home visitation. The memo requires nursing homes to urge staff and residents to become vaccinated by providing education on the risks and benefits of the vaccine, and to offer to administer the vaccine and report vaccination data to the Centers for Disease Control and Prevention. CMS notes that the number of new COVID-19 cases has dramatically
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Benefits Counselor – November 2021
RETIREMENT PLAN UPDATES
IRS Publishes Guidance Regarding Rehiring Pension Participants Following Retirement
On October 22, 2021, the IRS amended its existing FAQs regarding the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to address whether an employer may rehire a former employee who commenced retirement distributions under a qualified pension plan that does not provide for in‑service distributions due to unforeseen hiring needs related to the COVID‑19 pandemic. In particular, the guidance considers whether such circumstances would result
Continue Reading Benefits Counselor – November 2021
NLRB Asserts Unionized Employers Must Bargain Over the Implementation Of OSHA’S Emergency Temporary Standard
Following OSHA’s November 5, 2021, publication of its Emergency Temporary Standard (ETS) on COVID-19 vaccination and testing, unionized employers have asked what bargaining obligations they may have with respect to implementing the ETS. On November 10, 2021, the National Labor Relations Board (NLRB) responded to such inquiries by issuing a short memorandum, Memorandum OM 22-03, authored by its Acting Associate General Counsel.
The memorandum’s key principle is that whenever a unionized employer has some discretion in implementing a
Continue Reading NLRB Asserts Unionized Employers Must Bargain Over the Implementation Of OSHA’S Emergency Temporary Standard
Centers for Medicare & Medicaid Services Issues Regulations Requiring COVID-19 Vaccinations for Health Care Workers
On November 5, 2021, the Centers for Medicare & Medicaid Services (CMS) published its interim final rule requiring health care workers in Medicare- or Medicaid-certified facilities to be fully vaccinated against COVID-19.
Under this rule, all staff working at a Medicare- or Medicaid-certified facility must be fully vaccinated no later than January 4, 2022. This requirement applies to all staff regardless of the staff member’s clinical responsibility or patient contact, and includes those with maintenance, grounds keeping and administration
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U.S. Department of Justice Sues to Stop Merger Based on Potential Harm to Workers
When the U.S. Department of Justice (DOJ) intervenes to prevent a merger between competitors, it is typically because the potential deal could harm consumer welfare — and is generally measured by whether prices will rise. But on November 2, the DOJ filed a lawsuit in federal district court in Washington D.C., claiming that a potential merger between two of the nation’s largest publishers violates U.S. antitrust law because the merger would harm the authors who sell rights to publish
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