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The Illinois Small Business Job Creation Tax Credit
The Illinois Small Business Job Creation Tax Credit creates a $2,500 tax credit against withholding tax for small employers who hire new, full-time Illinois employees beginning July 1, 2012. The program is an extension of the pilot program that expired on June 30, 2011.
Retirement Plan Fee Disclosures – Are You Ready?
The final fee disclosure regulations issued by the Department of Labor (DOL) require employers to disclose information about retirement plan and investment costs to workers who direct their own investments in ERISA-covered 401(k) plans and other individual account retirement plans.
What You Need to Know About the Patient Protection and Affordable Care Act
In a long-awaited ruling, on June 28 the U.S. Supreme Court upheld the Patient Protection and Affordable Care Act of 2010 (the Act).
Congress Passes 2012 Payroll Tax Holiday Extension
On Wednesday, President Barack Obama signed the Middle Class Tax Relief and Job Creation Act of 2012, which extends the reduced 4.2% Social Security tax rate through the end of the year.
Illinois Tax Alert
Illinois Governor Pat Quinn signed legislation December 16th which significantly cuts the tax burdens of three large employers and extends a menu of modest relief options for several other business taxpayers.
Plan Amendment Alert
WRERA provided a temporary waiver of required minimum distributions (RMD’s) for 2009. Through this act, individuals with IRA’s and plan sponsors with qualified plans could suspend RMD’s in 2009.
Retirement Plan Annual Filing Alert
Reporting of Separated Participants with Deferred Vested Benefits in a Qualified Retirement Plan The Internal Revenue Service (IRS) requires plan sponsors to annually report individuals that remain in your retirement plan after termination of employment and have a vested benefit or an account balance in your retirement plan. Retirement plans include pensions, 401(k)’s, 403(b)’s and […]
Retirement Plan Fee Disclosure Alert
The Department of Labor (DOL) released new rules, which require employers to disclose information about retirement plan and investment costs to workers who direct their own investments in ERISA-covered 401(k) plans and other individual account retirement plans. This rule applies to all "participant-directed plans." A participant-directed plan is a plan that provides for the allocation of investment responsibilities to participants or beneficiaries.
IRS Voluntary Settlement Program
If you have clients that have significant exposure in the area of worker classification, or in other words, independent contractors that are really employees, consider the following information. As with any voluntary disclosure program, taxpayers should carefully deliberate the risks and rewards involved.
Roth IRA Conversions
If you or your clients, friends or family were part of the masses that converted to a Roth IRA in 2010, then you need to take the next two months to re-evaluate the conversion. The amount of the Roth conversion should be compared to its current fair market value, and if it has declined, you should consider an "undo" or recharacterization.