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11.05.15
Obama Administration Launches myRA Retirement Savings Program
Saving at an early stage is critical towards accumulating enough wealth for retirement. In an effort to emphasize putting funds away for the future, the Obama Administration has rolled out a new retirement savings vehicle today called myRA. Orchestrated by the U.S. Department of Treasury, myRA is tagged as a simple, safe and affordable way […]
09.02.15
Retirement Plan Document Restatement
All defined contribution plan documents (including 401(k), profit sharing, and money purchase plans) must be restated no later than April 30, 2016 to incorporate the language and provisions from the Pension Protection Act (PPA) of 2006, and various other required amendments that took effect between 2007 and 2011. This restatement impacts any plan sponsor that uses a pre-approved plan document. In other words, it does not apply to an individually designed plan document.
08.12.15
Employer Shared Responsibility Provision – Reporting Requirements
In light of the most recent Unites States Supreme Court ruling (King v. Burwell) upholding premium tax credits to individuals living in states without their own health insurance exchanges, the provisions of the Affordable Care Act remain unchanged. As such, business owners should continue to prepare to meet the requirements of the Employer Shared Responsibility (ESR) provisions.
07.01.15
Chicago Minimum Wage Increases as of July 1, 2015
As of July 1, 2015, the minimum wage in Chicago increases to $10.00 per hour. The minimum wage for tipped workers in the city also increases to $5.45 per hour. These increases are part of an ordinance that will see the minimum wage increase gradually to $13.00 per hour by July 1, 2019. All employers […]
04.28.15
FASB Proposes Accounting Standards Update
On April 22, 2015, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) entitled Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities.
01.06.15
2014 Tax Extenders Act
Many popular but temporary tax incentives have been extended again by the Tax Increase Prevention Act of 2014 (the Act). This one-year retroactive extension allows you to claim individual and business tax incentives that expired on December 31, 2013 on your 2014 tax return.
01.05.15
Standard Mileage Rates Will Change Slightly in 2015
Optional standard mileage rates for use of a vehicle will change a little for 2015, the IRS announced last month, with the business use rate going up and the medical and moving rate going down (Notice 2014-79). Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. For […]
12.10.14
How Will the Minimum Wage Increase Affect Chicago’s Restaurants?
As if rising health care and food costs weren’t troubling enough, now Chicago restaurants can add higher payroll expenses to the list. On December 2, 2014, the Chicago City Council voted to raise the City’s minimum wage to $13 per hour by 2019, which is up from the current rate of $8.25 per hour.Â
12.04.14
2015 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (“IRS”) announced 2015 cost-of-living adjustments for retirement and health & welfare plans, and transportation programs. Retirement Plan Limits Although several limitations are changing in 2015, one key limit will not change. The IRA contribution limitation remains the same. Notable 2015 annual limitations as compared to 2014 are as […]
11.25.14
2014 Changes to Capitalization of Tangible Property Costs Will Impact Many Taxpayers
During 2014, final rules and regulations became effective for handling the acquisition, repair, improvement and disposition of real estate and tangible personal property. Many types of expenditures are covered in the final regulations, and they will likely affect all taxpayers that acquire, produce or improve tangible property.
