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IRS Focuses on 401(k) Plans -- Audits Will Begin
During the 2010 summer, the IRS issued its first-ever electronic 401(k) Compliance Check Questionnaire to 1,200 plan sponsors. According to Monika Templeman, IRS Director, Employee Plan Examinations...
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Eligibilty Requirements for 403(b) Plans Differ From 401(k) Plans
Employers who sponsor a 403(b) tax-deferred annuity plan for their employees need to be aware of the "universal availability" eligibility requirement for employee pre-tax deferral contributions. This...
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Health Care Coverage and Form W-2
Late last month, the IRS issued guidance on how employers will report the aggregate cost of employer-sponsored health coverage provided to an employee on Form W-2. The Patient Protection and...
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Next IRS Target: College and University Retirement Plans
First, it was K-12. Now, it's higher education. It's the IRS's next featured project. In fact, the IRS web page refers to it as that: Employee Plans Compliance Unit (EPCU) - Featured Project -...
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An IRS Discount. . . 90% Off Payroll Taxes; 100% Off Interest and Penalties
A devotee of Groupon and Living Social, I am a tax/ERISA geek at heart. . . and this offer from the IRS is the best discount that I have seen in a verrrrry long time. . . Just two days ago, the IRS...
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Gambling on the Employee/Independent Contractor Issue?
Welcome to the Worker Classification Casino! First, the IRS is scrutinizing the employ/independent contractor issue -- and offering a very nice settlement program to encourage companies to...
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Timeshare Sales Force? Employees, Of Course
Lots of comments sent in regarding yesterday's post about California's penalties regarding intentional misclassification of workers. Now, onto timeshare sales people. Timeshare and hotel companies...
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IRS Announces Pilot Program for Large Companies and Their Retirement Plans
Last week, at a Joint Meeting of the IRS's top officials with ERISA/tax attorneys and accountants from across the country, the IRS announced a pilot program that targets companies with at least 2,500...
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Federal Agencies Delay Automatic Enrollment for Group Health Plans
Recall that the Patient Protection and Affordable Care Act (“PPACA”) – the health care reform legislation passed in 2010 – originally required that group health plans implement automatic enrollment in...
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Financial Advisors: Auto Enrollment Isn't Always the Best Solution For 401(k)s
Imagine the following situation: A business that sponsors a 401(k) plan is unable to attract enough employees to the plan for two years running, and fails the average deferral percentage (ADP)...
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Former Employee Nets $104M in Blowing Whistle re: Tax Issues
And people think taxes are so boring. . . From where I sit, I see how companies evade taxes (they're not just creative with their tax planning, they're encouraging evasion). It seems self-serving,...
View ArticleTax Savings for Employers in Michigan, Tennessee, Ohio, and Kentucky.
The Sixth Circuit: Severance, NOT Subject to FICA. Last month, the Sixth Circuit affirmed a Michigan Bankruptcy Court and District Court order approving a corporate taxpayer's request for refund of...
View ArticleWith Little Change in IRS Retirement Plan Limits, Ample Room Still to be...
The Internal Revenue Service just announced the cost of living adjustments applicable to dollar limitations for pension plans for the 2013 tax year. These dollar limitations affect, among other...
View ArticleIRS Paves the Way for "Boilerplate" 403(b) Plan Documents
The IRS has opened up a program, in Revenue Procedure 2013-22 (see 403b_prototype.pdf) that will eventually allow Section 501(c)(3) tax-exempt organizations, public schools, and other state and local...
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