QUALIFIED EXCLUDABLE TRANSPORTATION BENEFITS

Thomas Parisi, CPA
Retroactive Guidance for 2014
The IRS has issued Notice 2015-2, which provides employers guidance on how to deal with the retroactive (Section 103 of the Tax Increase Prevention Act of 2014 enacted 12/19/14) increase in the maximum monthly exclusion afforded employees from $130 to $250 for 2014. The increased exclusion is applicable to employer-provided transit passes and commuter highway vehicle (vanpooling) transportation benefits and puts them on par with the exclusion for qualified parking for tax year 2014. […]

January 12, 2015 Accounting, Tax Read more...

Are Unpaid Contributions to a Multiemployer Plan Assets of the Plan?

Larry Beebe, CPA

If unpaid contributions are plan assets, the argument is that the company officials responsible for paying those contributions are plan fiduciaries. If they are plan fiduciaries can they be held personally liable for those contributions?

Recent court decisions have been split as to whether unpaid employer contributions are plan assets. A U.S. District Court for the Eastern District of Michigan recently ruled that unpaid employer contributions were not plan assets unless the agreement between the Fund and the […]

January 9, 2015 Accounting Read more...

Need a Locksmith Anyone?

Posting by Ashley Williams

I arrived at the employer prepared to do a usual payroll audit, but things did not go as planned. Upon my arrival, the employer notified me that they only had a third of the records I needed for the audit. The rest of the records needed were locked in a room that no one had the key for. They hoped to have the key by the end of the day.

I thought that they must be trying […]

December 30, 2014 Payroll Audit, Uncategorized Read more...

Affordable Care Act Update: Shared Responsibility

Posting by Brian Wynne

With 2014 coming to a close, you may be hearing more buzz about the new health care tax. This year was the first year that the Shared Responsibility provision of the Affordable Care Act was in effect. Under this provision, you are required to either have qualified health care coverage or pay a penalty with your annual income tax return. This applies to you and any dependents you are eligible to claim (regardless of whether you […]

December 23, 2014 Tax Read more...

ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACT OF 2014

Sean Urbany, CPA

Earlier this week, when the Senate passed the Tax Increase Prevention Act of 2014, they not only approved a number of tax extenders, but they also passed the Achieving a Better Life Experience (ABLE) ACT as well. The ABLE Act, which applies to tax years beginning after December 31, 2014, allows each state to establish a new type of tax-advantaged savings program for disabled individuals and families with disabled children. These new accounts will operate in a […]

December 22, 2014 Accounting, Tax Read more...

ONE YEAR TAX EXTENDERS PACKAGE PASSED IN THE SENATE

Sean Urbany, CPA

Just in time for year-end tax planning, the Senate passed the tax extenders bill by vote of 76 to 16 on Tuesday, December 16. As discussed in our previous post, this bill includes many previously expired tax provisions that will be extended through December 31, 2014. The bill will be sent to the President for his signature and is expected to be signed into law quickly.

December 18, 2014 Accounting, Tax Read more...

2014 Form 5500 Released to the Public

Mark Buckberg, CPA, CFE, CFF

The 2014 Form 5500 has been released to the public. There are only a few revisions from the prior year to the form itself. Here are the changes to note:

The attachment concerning M-1 filing compliance that welfare plans were required to submit last year is no longer necessary. Instead, a new third page has been added to the 5500 that asks three questions that cover the information that was previously included on the attachment.
[…]

December 17, 2014 Accounting, Audit, Benefit Plan Accounting Read more...

An Alternative to Capital Gains Taxes: Donating Stock to Charity

Posting by Billy Thomas

This time of year many individual taxpayers are seeking ways to reduce their 2014 tax bill with April right around the corner. It is no secret tax rates have increased beginning January 1, 2013 leaving some with an uncomfortable reality last April. Plus, many previous beneficial tax provisions have expired on December 31, 2013 and without an extension by Congress*, tax preparers and clients alike are left searching for alternatives to reduce their tax liabilities.

Rest easy, […]

December 17, 2014 Tax Read more...

Benefit Plan Policies: Shared Expense Policy

Larry Beebe, CPA

In this series, we are reviewing the written plan policies needed to help your benefit plan stay compliant and operate most effectively. For a full list of the necessary policies and why your plan should implement them, click here.

An employee benefit plan often shares office space and/or other goods and services with other employee benefit plans or with related sponsoring organizations. If this sharing arrangement exists, then having a shared expense is a necessity.

The shared expense policy […]

December 15, 2014 Accounting, Benefit Plan Accounting Read more...

Tips for Year-End Charitable Contributions

Posting by Glenn Bailey

The IRS has issued a news release (IR 2014-110) to remind taxpayers of the important tax law rules and documentation requirements that they should follow when making donations to charity.
Rules for donations of clothing and household items. To be deductible, clothing and household items donated to charity must be in good used condition or better. Clothing or household items (e.g., furniture, furnishings, electronics, appliances, and linens) for which a taxpayer claims a deduction of over $500 […]

December 12, 2014 Tax Read more...