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Client Alerts
12.06.11
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.
12.06.11
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 […]
12.06.11
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.
10.21.11
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.
08.18.11
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.
04.28.11
Former Form 1099 Requirements Repealed
President Barack Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. This legislation repeals two recently enacted Form 1099 information reporting requirements deemed burdensome by businesses of all sizes.
12.01.10
Small Employer Health Insurance Tax Credits
The Patient Protection and Affordable Care Act includes an immediate tax break for small employers: the credit for small employer health insurance premiums. Qualified small employers, including nonprofit employers, may reduce the cost of providing health insurance to their employees this year.
12.01.10
Emergency Budget Implementation Act of Fiscal Year 2010 – REVERSED
On July 15th, Illinois Governor Pat Quinn signed the Emergency Budget Implementation Act of Fiscal Year 2010. This Act funded Illinois’ budget mainly with borrowing, but also contained a hidden potential tax increase for partnerships operating in Illinois. Background. Partnerships and LLCs taxed as partnerships doing business in Illinois are subject to a 1.5% Replacement […]
12.01.10
Elimination of Certain Manual Tax Payments
Certain taxpayers continue to rely upon IRS Form 8109-B to make manual deposits of certain federal income taxes and other payroll withholding. The federal office of Financial Management Service has decided to discontinue the system that has processed IRS Form 8109-B.
10.01.10
Planning in a "Perfect Storm"
As we enter the final quarter of 2010, Congress still has failed to pass any changes to the estate, gift and generation skipping transfer tax laws. Congress has presented more than two dozen proposed changes to these laws, but none have gained sufficient support.