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Showing 2 posts tagged DOL.

The Fiduciary Rule is Here: Lenders, Get Ready!

Lenders, it’s time to embrace a new definition of “fiduciary.” In 2016, the U.S. Department of Labor (“DOL”) released the final Fiduciary Rule to expand the definition of “fiduciary” for purposes of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code. The rule was delayed by the Trump administration, and following review of nearly 200,000 comments, the DOL designated June 9, 2017, as the official start date of the new rule for the financial services industry. Lenders everywhere must be ready to comply. More >

The Tax Risks of Misclassifying Employees

Over the last few years, worker classification initiatives have been a top priority for the Internal Revenue Service (IRS), Department of Labor (DOL), and state agencies. In 2011, the IRS and DOL signed a memorandum of understanding in an effort to jointly increase worker misclassification audits. Pursuant to the memorandum, the DOL now refers wage and hour investigations involving IRS employment tax compliance issues to the IRS. More >

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