Posted By: | Thursday, December 5, 2013
Many employers offer employees a flexible spending account (FSA)
benefit as part of their cafeteria plan (operated in accordance
with Internal Revenue Code Section 125) that is part of their
overall employee welfare benefits plan. FSAs allow employees to
contribute up to $2500 per year on a pre-tax basis which can be
used for approved types of medical expenses that are not otherwise
covered by insurance.
One of the downsides of an FSA from the employee’s standpoint is
the "use it or lose it"... Read More »
Posted By: | Thursday, November 14, 2013
I recently attended a conference of pension plan professionals,
and one of the topics of conversation was the Department of Labor's
(DOL) increase in examinations of tax qualified retirement plans.
The DOL can wreak havoc on a tax qualified plan in many areas,
including the assessment of civil penalties on the plan, the plan
sponsor, and responsible persons at the plan sponsor. Sometimes
these can lead to criminal prosecutions. Plan examinations are
often time consuming, expensive to conduct,... Read More »
Posted By: | Tuesday, June 4, 2013
The category of travel expenses is one of the most common type
of business deduction and also one of the most confusing.
Travel expenses are the ordinary and necessary expenses of
traveling away from home for your business, profession, or job. You
cannot deduct expenses that are lavish or extravagant or that are
for personal purposes.
There are generally two reasons an employee/business owner may
incur travel expenses. Traveling away from home because your
duties require you to be away from... Read More »
Posted By: | Friday, February 1, 2013
Recognizing that many employers were unaware of their
responsibility to file an annual return for various types of
retirement and welfare employee benefit programs, the Department of
Labor (DOL) created the Delinquent Filer Voluntary Compliance
Program (DFVCP) in 1995. DFVCP allows an employer who has not
filed required Form 5500s to file all required Form 5500s for a
particular program at one time, and pay a reduced one-time
penalty. The penalty amount will vary depending on the number
of... Read More »
Posted By: | Wednesday, December 12, 2012
There are several new accounting pronouncements as well as
significant proposed changes for 2013 and beyond. There are
also some “hot topics” in the areas of auditing and reporting that
you should consider.
Fair Value Disclosures
Financial Accounting Standards, issued by the FASB, now require
nonpublic companies to make some additional disclosures for
calendar 2012, principally in the form of a discussion of the
valuation process and certain quantitative details involving Level
3 investments.... Read More »
Posted By: | Tuesday, June 26, 2012
If your company has a benefit plan such as a 401(k) with 100 or
more eligible participants, each year you are required to have an
audit performed on that plan that is filed with the IRS and the
Department of Labor (DOL). Failing to do so could mean major
penalties for your business.
What often happens is that a company gets to that 100 employee
mark and it is not aware of the requirement. A few weeks
before the deadline, the company that is preparing the required
Form 5500 for all benefits plans... Read More »
Posted By: | Monday, June 18, 2012
This issue of Tax Advisory Insights includes the following
What Are Your Chances of Being Audited?
By Galina Velcheva, CPA, MT
Earlier this year the IRS issued its annual data book, which
provides statistical data on its fiscal year (FY) 2011 activities.
The data book provides valuable information about how many... Read More »
Posted By: | Thursday, June 14, 2012
There are several areas of an employee benefit plan where
employees or plan sponsors have the ability to commit fraud.
The following are key areas where an employer should focus when
reviewing their plan.
Contributions are one of the most susceptible areas of the
employee benefit plan. The payroll clerk or HR manager could
have the ability to divert more deferrals or another employee's
deferrals into their own account. Additionally, the plan
sponsor may not be remitting the... Read More »
Posted By: | Thursday, November 10, 2011
Have you put together your 2012 marketing plan? There is still
The Coming Year
Moody’s, Goldman Sachs, the Economist and other sources point to
2012 as another year of stagnate growth for the U.S.
economy. Most of these sources point to less than 2% growth in
GDP. As you know, anything can happen but it appears to be
another tough year to grow your business. You need to plan for
more of the same and hope for better.
Part of this planning should include developing your marketing
programs and... Read More »
Posted By: | Wednesday, May 30, 2012
This month's Special Delivery e-newsletter includes:
IRS Issues New Tax Blueprint for Buildings
The IRS recently issued lengthy and complex temporary
regulations relating to business repairs and capital improvements.
These new regulations cover expenses paid to acquire, produce or
improve tangible property. They are generally effective for tax
years... Read More »