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11.10.16
2017 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (“IRS”) announced 2017 cost-of-living adjustments for retirement and health & welfare plans, and transportation programs. Once again, the cost-of-living index did not change significantly this year. This means there were few changes to the IRS 2017 limitations as compared to 2016. The one significant change is to the FICA taxable wage base, which changes based on the average wage index.
09.20.16
Changes to Not-for-Profit Financial Reporting
On August 18, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-14 (ASU 2016-14) on Presentation of Financial Statements of Not-for-Profit Entities. ASU 2016-14 (the Update) represents the most significant changes to not-for-profit financial reporting since 1993.
09.06.16
New Overtime Regulations: Are You Prepared?
Confused by all the new overtime rules talk? We have had a number of clients ask questions about this, because let's face it, it's not as straightforward as it may seem! On December 1, 2016, the new Fair Labor Standards Act (FLSA) Overtime Regulations come into effect. The threshold for employees eligible for overtime has been raised from $23,600 to $47,476.
08.29.16
Valuation Discounts on Closely-Held Entities in Jeopardy
Often, closely-held business owners will choose to transfer the business to younger family members during life or at death. The goal being to keep the business in the family. The Federal estate, gift and generation transfer tax rules can make these transactions difficult as taxes must be paid on the value of the business transferred. […]
01.11.16
Updated 2016 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (IRS) announced 2016 cost-of-living adjustments for retirement and health & welfare plans, and transportation programs. This table has been updated to reflect the recently revised Qualified Transportation Fringe Benefit limits for 2015 and 2016. The Protecting Americans from Tax Hikes (PATH) Act of 2015 was signed into law […]
01.04.16
Protecting Americans From Tax Hikes Act of 2015
Just before recessing for the holidays, Congress passed and President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015. The PATH Act does considerably more than the typical tax extenders legislation seen in prior years. It makes more than 20 key tax provisions permanent that affect individuals and businesses. Many of the tax extenders have also been enhanced.
11.18.15
ACA Reporting Will Be Required for the 2015 Year
Year-end 2015 will bring new reporting requirements for employers for the Affordable Care Act (ACA). You may think this reporting only applies to organizations subject to the Employer Mandate (otherwise known as "Applicable Large Employers" (ALEs)) - those with more than 50 full-time-equivalent employees (FTEs), but that's not necessarily the case.
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.