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 ...

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 Index ...

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 exchanges), services provided ...

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 the plan (not the employer) ...

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 slate” approach, meaning ...

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 do not comply with current regulations.

What You Need to Know Now to Comply with the 2013 Health Care Reform Rules

Please join us on May 2, 2013 at Greenwalt CPAs Education Center for a 2 hour seminar which will address the actions that your organization needs to take in 2013, and what you need to be aware of going forward. The rules, costs, and options associated with the Health Care Reform act are complicated and are not well understood. Wanza Schweiger, CEBS ...

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 ...

Health Care Reform: Post Election Implementation 2013

by Anita Sherman, CPA | Managing Partner and Marie Jett, CPA | Manager, Tax Services Group The election is over. For employers and plan sponsors that adopted a ‘wait and see’ approach before focusing on Obamacare compliance issues, the time for waiting is over. Indiana is not planning on creating an insurance exchange, so individuals who ...

2013 COLA Update

by Stacey L. Spencer, QKA | Manager, Employee Benefit Services Group and Tim Ayler, CPA | Partner, Audit & Other Assurance Services The Social Security Administration (SSA) recently announced cost-of-living adjustments (COLAs) for 2013. The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income ...