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Your Credit Report: Some Things in Life are Free


Your credit history plays a key role in so many things (e.g., loan approvals, apartment leasing, job opportunities, etc.) that it's crucial to ensure the information in your credit report is correct.  You are entitled by law to a FREE copy of your credit report from all three consumer reporting agencies (Equifax, Experian and TransUnion) every 12 months.  You can obtain the report in several ways!

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Working Remotely: Perks & Pitfalls


So you want to work remotely?  Being able to work from home, out of the office, or off the job site sounds like a great idea, and it can be! But like anything else, it comes with unique perks and pitfalls of which you need to be aware.  Here are a few simple “Do”s and “Don’t”s to aid in your decision to work remotely and help you become successful at it.

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4 Reasons Why Your Start-Up Needs a CPA


Accounting is the language of business.  You have probably heard this phrase before. But what if you aren’t fluent?  Should you be spending hours and days learning a new language when you are launching a new business? Not at all!  Let a CPA help you.


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Sponsoring a Health & Welfare Benefit Plan: Are You 5500 Compliant?


Many employers/plan sponsors wonder, “Do I have to file a Form 5500 for my Health and Welfare Plans?”  While most employers/plan sponsors are very familiar with filing the Form 5500 for their retirement plans, many are not as confident about the Form 5500 filing requirement for their health and welfare plans. 

Health & Welfare Plans provide benefits such as medical, dental, and life insurance. In 2002, the Form 5500 filing requirement was amended by the IRS, but many initially believed that the requirement had been fully suspended.  However, the requirement was only lifted for some employers; but, for others (those not meeting the exemptions), the requirement remained in place and continues to be an annual requirement.

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Deferred Compensation: How to Mitigate the Risks of an Unfunded Plan


The past can come back to haunt law firms that made promises to provide retired partners with substantial incomes, sometimes for life. Often, these promises of future benefits were made back in the “old days” when firms were smaller, partner incomes were lower and “for life” didn’t mean as long as it does now.

The problem with these deferred compensation arrangements is that they were often made without funding. Earning partners then became burdened by cash flow obligations to retired partners. The resulting impact on future profits can lead to some worrisome consequences, including these:

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Plan Participation: Is It Time for Automatic Enrollment?


There’s no question that participation levels for automatically enrolled 401(k) plans far outpace those for non-automatically enrolled plans. Yet traditionally, plan sponsors have been leery about adding this feature due to substantial penalties for elective deferral failures...

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Investment Insights: Four Questions Your 401(k) Committee Should Ask


It is important for your company to have a 401(k) committee to discuss key points and make decisions that are in the best interest of participants. Read the article to see what their meetings should entail.

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Health Care Law: Tax Considerations for Employers with Fewer than 50 Employees


This article reviews the portions of the Affordable Care Act that is only applicable for small employers.

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Resources to Help Your Business Adapt to the New Health Care Law


The IRS has updated the ACA Information Center for Applicable Large Employers page on their website. They have added valuable information and resources that explain how the new health care law can affect businesses of all sizes, especially if your business is considered an applicable large employer (ALE). 

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Employee Compensation: Recruiting and Retaining Key Personel


The increase of business calls for an increase of personnel and contractors are having difficulties with filling senior project managers and supervisory positions. This article suggests important principles to bear in mind as you develop a package of pay, benefits and incentives.

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Upcoming Deadline: Exercised Incentive Stock Options & Employee Stock Purchase Plans and Reporting Requirements


As the new year begins, corporations should be aware of the reporting requirements related to employee stock purchase plans (ESPPs) and incentive stock options (ISOs) in 2013

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Impact of the Rejection of DOMA on Employers and Employees


We are focusing on the impact of the Supreme Court decision to strike down Section 3 of the Defense of Marriage Act (“DOMA”) on employers and employees.

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Delays in Affordable Care Act's Employer Mandate


The Obama administration has decided to provide an additional year before the ACA mandatory employer and insurer requirements begin.

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Beware of Section 409A Traps in Employment Agreements


By now, virtually all employers have addressed compliance with Internal Revenue Code section 409A (‘section 409A’) as it relates to their non-qualified ...

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Will You Benefit from a Medical Loss Rebate?


The Patient Protection and Affordable Care Act established medical loss ratio standards for health insurance providers...

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Estimates of Chargebacks and Rebates May be Sufficient to Meet the 'All Events Test' for Deductibility


Companies which utilize third party wholesalers may negotiate chargebacks and rebates as part of their sales contracts. This is particularly common in the pharmaceutical industry.

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IRS (Finally) Issues Sample Format for Making Section 83(b) Elections


Late in June the Internal Revenue Service (IRS) issued Revenue Procedure 2012-29, which provides a model form that employees and independent contractors may use to make an election...

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Health Care Reform and Small Businesses


The Supreme Court has upheld the constitutionality of the 2010 health care reform legislation, but what does that mean for small businesses?

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Plan Sponsors Affected by Hurricane Irene Granted Additional Time to File Form 5500 and, in Certain Cases, to Fund Their Plans


As part of Internal Revenue Service (IRS) tax relief related to individual and business taxpayers impacted by Hurricane Irene, where retirement plan sponsors – or the plan sponsor’s records necessary to complete the return – are located in the federally designated disaster areas listed in IR 2011-87 (originally published September 1, 2011 and subsequently updated to reflect new areas for relief), the sponsors will have until October 31, 2011 to file annual Form 5500 for their retirement and welfare benefit plans. This extension applies to Forms 5500 that had a due date for filing after August 26, 2011 and before October 31, 2011.

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Terminating a 403(b) Plan: Not So Easy


In Revenue Ruling 2011-7 issued earlier this year, the Internal Revenue Service (“IRS”) provided sponsors of 403(b) plans with some much-needed guidance regarding how to terminate their plans, since many 403(b) plan sponsors have been reconsidering whether they want to continue to maintain such plans in light of the final regulations that were issued by IRS in 2007 covering 403(b) plans. Until this guidance was issued, the IRS’s position was, generally, that a 403(b) plan could not be terminated, so the guidance is a welcomed step. However, there are issues that have not been addressed by IRS and issues that plan sponsors may need to address in order to terminate their plans.

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Correcting 403(b) Plan Errors: The Current State


As a result of having gone through the process of the first financial statement audit of their 403(b) plans last year, many 403(b) plan sponsors have been confronted with operational errors discovered during the audit and are now wondering how to correct these errors without jeopardizing the tax favored status of their plans. The following is a general discussion of which errors may be corrected and how they may be corrected utilizing Internal Revenue Service (“IRS”) guidelines and correction programs.

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IRS Provides Guidance on 100% Bonus Depreciation


On March 29, 2011, the IRS released Rev. Proc. 2011-26 providing much-needed guidance on 100% bonus depreciation and associated issues.

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Benefits Alert - Fiduciaries Need to Plan Now to Comply with DOL's Final Regulation on Transparency of Fees and Expenses


Beginning January 1, 2012 (for calendar year plans), the Department of Labor's Employee Benefits Security Administration ("EBSA") will require retirement plans that allow participants to direct the investment of their accounts (typically 401(k) and 403(b) plans) to provide extensive information regarding fees and expenses related to a plan's investment options so that plan participants can more easily compare the costs of various investment options. This annual disclosure must also include performance information for each investment option offered under a plan. Additionally, participants must receive quarterly disclosure of the amounts and nature of expenses deducted directly from their accounts.

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Retirement Plan Sponsors


Fiduciaries Need to Plan Now to Comply with DOL’s Final Regulation on Transparency of Fees and Expenses

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