Though the nation’s political pundits are talking more and more about going over the fiscal cliff as if it's likely, not just possible, it’s important to maintain perspective. With a deadline of Dec. 31, the fact is that plenty of time remains for negotiators to make a deal. In fact, for both sides, striking a deal early could make them look like they compromised too soon, perhaps leaving an issue on the table that could have been won had they held out just a little longer. Nearly three weeks remain before Christmas; add another week if negotiators choose to forgo spending the holiday with their families.
Nonetheless, in the interest of planning ahead, two partners at McDermott Will & Emery outline four areas related to benefits and payroll that will be subject to change as of Jan. 1, 2013: the payroll tax, health FSAs, adoption assistance and educational assistance.
