Category: Employee Benefits

Can Unemployed Get Access to Retirement Funds Without Penalty?

Generally, if someone with retirement assets takes a cash distribution from their retirement and they have not reached retirement age, or at least age 59 ½, they must pay a tax penalty of 10% to the IRS. This penalty is basically a slap on the wrist for using retirement funds prior to retirement. There are […]

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What Changes Do You Need to Make to Your Retirement Plan as a Result of DOMA?

By Stacey Spencer, QKA | Manager, Employee Benefits Group and Tim Ayler, CPA | Partner, Team Member of the Employee Benefits Group On April 4, 2014, the IRS issued Notice 2014-19 which responded to several questions lingering about how qualified retirement plans should apply the United States Supreme Court case State v. Windsor which stuck […]

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Health Care Reform – Things to Know for 2014

By Larry Greenwalt, CPA, Chairman of the Board and Marie Jett, CPA, Manager, Tax Services Group Problems with the health care exchange, a delay in the effective date of certain provisions, and a myriad of rules have contributed to confusion about individual and organization responsibilities for having/providing health insurance. INDIVIDUALS Effective January 1, 2014, substantially […]

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IRS Issues 2014 Benefits and Contributions Limits

By Stacey Spencer, QKA and Tim Ayler, CPA | Team Members of the Employee Benefit Services Group The Internal Revenue Service recently announced the cost-of-living adjustments (COLA) for tax year 2014, that apply to dollar limits for 401(k) and other retirement plans. Some plan limits will remain unchanged as the increase in the Consumer Price […]

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URGENT! Healthcare Letters to Employees Due October 1

by Marie Jett, CPA and Brandon Cook, CPA | Members of the Tax Services Group Employers with 1 employee or more and revenue of at least $500,000 need to remember to issue their health insurance letter to all employees by October 1. The letters will inform employees of the health insurance marketplaces (formally known as […]

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ERISA Fidelity Bond Requirement

By Stacey L. Spencer, QKA and Tim Ayler, CPA | Team Members of the Employee Benefit Services Group A fidelity bond is a form of insurance protection that covers the employer for losses incurred as a result of fraudulent or dishonest acts by the individuals specified under the bond. The fidelity bond provides protection to […]

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Tax Reform Proposals Target 401(k) Plans

By Stacey L. Spencer, QKA and Tim Ayler, CPA | Team Members of the Employee Benefit Services Group On June 27, 2013 Chairman Max Baucus and Ranking Member Orrin Hatch U.S. Senate Committee on Finance wrote an open letter to their colleagues in the Senate regarding tax reform. In this letter, they propose a “blank […]

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IRS 401(k) Compliance Check Results

by Stacey L. Spencer, QKA and Tim Ayler, CPA | Team Members of the Employee Benefit Services 401(k) plans are now the most popular type of retirement plan in the US. Currently, there are over 500,000 401(k) plans which cover about 60 million people with an average account balance of $58,000. However, many 401(k) plans […]

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Does a Reduction in Workforce Equal a Partial Plan Termination?

By Stacey L. Spencer, QKA | Manager, Employee Benefit Services Have you had to reduce your workforce during 2012? If so, there may be repercussions that affect the retirement plan you sponsor. Your plan may have experienced a partial termination. The IRS considers a partial termination to have occurred when an employer-initiated action results in […]

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