Given the coronavirus (COVID-19) pandemic, there are variety of questions around employer-provided compensation and benefits, each with varying tax implications.
There are a number of key considerations for employers implementing and addressing retention, employee hardship assistance, and reductions in force. In these times, employers may also be in search of ways to promote efficiencies and support continued liquidity. These issues and efforts to respond to them may affect qualified defined contribution plans, qualified defined benefit plans, and nonqualified deferred compensation as well as severance pay and employee assistance programs.
Read a March 2020 report [PDF 151 KB] prepared by KPMG LLP: What’s News in Tax: Compensation and Benefits Considerations in a Troubled Economy
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