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36 Matching News Items

1.  New Spending Package Includes Several Retirement Plan Changes
WithumSmith+Brown, PC Link to more items from this source
Dec. 30, 2019
"[If] you currently name a trust as the beneficiary of your IRA, this new tax provision might significantly alter your distribution plan.... Consider naming a [charitable remainder trust (CRT)] as a beneficiary of a retirement plan. A CRT is exempt from income tax and therefore could receive IRA benefits in a lump sum without any tax consequences.... You may also consider withdrawing funds from your IRA, which could then be used to purchase insurance.... Converting a traditional IRA to a Roth could become more popular[.]"
2.  Repeal of the Tax on Qualified Transportation Fringe Benefits Provided by Nonprofits
WithumSmith+Brown, PC Link to more items from this source
Dec. 19, 2019
"With the rescission of ... Section 512(a)(7), the tax will be treated as though it was not enacted; to begin with, and taxpayers will be entitled to refunds of taxes paid for 2018 and estimates for 2019 unless they are applied to other unrelated business income taxes owed."
3.  Preparing for the New EBP Audit Standard
WithumSmith+Brown, PC Link to more items from this source
Aug. 26, 2019
"SAS 136 is effective for audits of ERISA plan financial statements for periods ending on or after December 15, 2020 ... The standard addresses requirements specific to: Engagement acceptance ... Audit risk assessment ... Communication of reportable findings ... The form and content of the auditor's report for ERISA plans have changed[.]"
4.  Investing 401(k) and IRA Funds
WithumSmith+Brown, PC Link to more items from this source
Aug. 14, 2019
"Investing in the stock market will be subject to wide swings in the values including reactions to the economy, jobs, inflation, interest rates and/or political activities and utterances, however, the long term trend should be up as long as you have a well-diversified portfolio of shares in United States listed companies....  [C]onsider putting a large percentage of your retirement funds in plain vanilla index or exchange traded funds."
5.  Newly Expanded New Jersey Paid Family and Medical Leave Law Impacts Employers of 30 or More Workers
WithumSmith+Brown, PC Link to more items from this source
Aug. 5, 2019
"Effective June 30, 2019, employees can now invoke paid family leave for matters involving a foster child, in-laws, siblings and grandparents/grandchildren ... Companies with 30+ employees (down from 50+) are required to provide job protection for their employees and grant leave for up to 12 weeks in a 24-month period as of June 30, 2019."
6.  DC Paid Family Leave Tax is Here
WithumSmith+Brown, PC Link to more items from this source
July 15, 2019
"The first collection of paid family leave tax began on July 1st with contributions based on gross or total wages paid to 'covered employees' during the period April 1, 2019-June 30, 2019 ... [T]here are no exemptions for employers providing their own paid leave benefits."
7.  Plan Problems: What's New With Self Correction and VCP?
WithumSmith+Brown, PC Link to more items from this source
June 17, 2019
"There are a few expanded opportunities provided under SCP and some clarification that certain activity will require correction through a VCP process.... The IRS has also issued clarification on some other items which, when corrected, should go through a VCP. The IRS has made accessing guidance on common failures, along with how to correct those failures very simple to find on their website. [This article] details some of the highlights on SCP, VCP, and where to locate the support you need."
8.  Adaption of Telemedicine Services in Healthcare Industry
WithumSmith+Brown, PC Link to more items from this source
June 11, 2019
"Telemedicine is revolutionizing the healthcare industry and is expected to grow from a $21.56 billion market in 2017 to a $93.45 billion market in 2026. This growth is highly attributable to the accessibility and convenience of telecommunication devices and the inevitability of government initiatives for reimbursement."
9.  New Jersey Requires Transit Benefit Offering
WithumSmith+Brown, PC Link to more items from this source
Apr. 7, 2019
"New Jersey commuters will be able to use pre-tax dollars to pay for transit fees thanks to a bill Gov. Phil Murphy signed into law on March 1.... Great news for individuals as they will receive tax savings from this pre-tax benefit. Not so great news for New Jersey nonprofits due to a law change in the Tax Cuts and Jobs Acts.... New Jersey nonprofits could see a 21% corporate tax rate applied to this fringe benefit offering."
10.  Excise Tax on Executive Compensation and Excess Parachute Payments
WithumSmith+Brown, PC Link to more items from this source
Mar. 12, 2019
"On December 31, 2018, over a year after the release of the TCJA, the IRS released Notice 2019-09, which provided 92 pages of much anticipated informal guidance regarding IRC Section 4960. The Notice provided some clarity for tax-exempt organizations ... Excess remuneration ... Common-law employees ... Medical and veterinary services ... Excess parachute payments ... Effective date ... Reporting the liability under Section 4960."
11.  Qualified Transportation Fringe Benefits are No Longer Deductible
WithumSmith+Brown, PC Link to more items from this source
Feb. 10, 2019
"Prior to 1/1/2018 the ... employee would exclude these benefits from their total taxable wages, while the employer would receive a tax deduction ... Under the TCJA, qualified transportation fringe benefits are still excluded from an employee's taxable wages; however, no deduction is allowed to employers for qualified transportation fringe expenses incurred or paid after December 31, 2017."
12.  New Jersey Sick Leave Law Became Effective October 29: Are You Compliant?
WithumSmith+Brown, PC Link to more items from this source
Jan. 2, 2019
"Current employees began earning (or accruing) sick time on October 29, 2018 ... Employers should have determined their benefit year of 12 consecutive months.... Employees began accruing one hour of sick time for every thirty [30] hours worked, with a maximum of forty [40] hours for the year.... The Act applies to any business entity in NJ with one or more employees."
13.  Certain Fringe Benefits for Not-for-Profits Taxed as Unrelated Business Income
WithumSmith+Brown, PC Link to more items from this source
Nov. 27, 2018
"Effective for amounts paid or incurred after December 31, 2017... certain employee fringe benefits for not-for-profits are treated as unrelated business income unless they would otherwise be deductible ... These fringe benefit expenses include any: [1] Qualified transportation fringe benefit; or [2] Parking facility used in connection with qualified parking."
14.  Telemedicine: What's the Benefit?
WithumSmith+Brown, PC Link to more items from this source
June 26, 2018
" 'Store and forward' telemedicine refers to the acquisition and storing of clinical information that is sent to another site for evaluation. This type of telemedicine is useful in the areas of radiology, dermatology and retinal imaging.... 'Remote monitoring' allows doctors and other medical professionals to monitor a patient remotely using technology.... 'Real-time medicine' is useful for those looking for an alternative to visiting the doctor's office."
15.  New Jersey Enacts Individual Health Insurance Mandate
WithumSmith+Brown, PC Link to more items from this source
June 6, 2018
"The State's shared responsibility payment is based on the [ACA] calculation which, for 2017, was the greater of 2.5% of a taxpayer's income over the applicable filing threshold or $695 ($347.50 for those under 18 years of age)."
16.  Is Wining and Dining Still Worth It? A Look at Meals and Entertainment Deduction Today
WithumSmith+Brown, PC Link to more items from this source
June 5, 2018
"In the pre-TCJA law, meals provided by an employer at an on premise eating facility were exempt from former Code Sec. 274(n)(1) ... if they were excludable from the employee's income as a de minimis fringe benefit under Code Sec. 132(e)(2).... As a result of the TCJA ... [1] For amounts paid between December 31, 2017 and December 31, 2025, these meals are now subject to the 50% disallowance under Code Sec. 274(n)(1). [2] From January 1, 2026 on, no amount paid for employee meals, whether provided either for the convenience of the employer or at an employer-operated eating facility, will be deductible."
17.  What You Should Know About Your Plan's ERISA Fidelity Bond Coverage
WithumSmith+Brown, PC Link to more items from this source
Mar. 16, 2018
"Plans should have ERISA fidelity bond coverage from an approved provider as of the beginning of the plan reporting period with a coverage amount in accordance with the regulations.... Who needs to be covered? ... What type of coverage do I need? ... Which coverage is required to be disclosed on the Plan's annual Form 5500? ... How much coverage do I need? ... Is my provider an approved provider?"
18.  Implications for Employers Who Delay Deferred Compensation FICA Taxation
WithumSmith+Brown, PC Link to more items from this source
Nov. 21, 2017
"If an employer discovers an omission of FICA withholding on an employees deferred compensation after the statute of limitations has passed, the employer must follow the general timing rule and the deferred compensation will be subject to FICA tax when paid. Due to this error on the part of the employer, the employer and employee could be subject to higher FICA taxes, since they were unable to take advantage of the special timing rule."
19.  Employee Benefit Plans: Mistakes and Summary of Available Correction Programs
WithumSmith+Brown, PC Link to more items from this source
Oct. 12, 2017
"Employee benefit and retirement plans are required to comply with a number of complex laws and regulations, and failure to do so can result in significant penalties and/or disqualification of a plan.... Despite best intentions different plan errors can occur. The good news is that there are correction program options available for plan sponsors without sacrificing the qualified status of a plan."
20.  IRS Provides Relief for Employer Leave-Based Donations
WithumSmith+Brown, PC Link to more items from this source
Sept. 19, 2017
"Following the donation of time, employers may make cash donations, on behalf of employees that have donated their time, to charitable organizations and deduct these payments as charitable contributions under IRC Section 170 as opposed to a trade or business expense under IRC Section 162.... [T]he donation by the employee is not deductible as a charitable contribution on an individual basis.... [T]he donated leave or a check for the value of the donated leave will not be considered taxable income to the qualified disaster victims who are the recipients of this type of donation."
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