The IRS recently announced 2021 indexing adjustments for some critical percentages under the Affordable Care Act (ACA). This makes now a good time to review whether your organization is an applicable large employer (ALE) under the ACA and, if so, whether the health care coverage you offer employees will still be considered “affordable” as defined […]
In response to the COVID-19 crisis, the IRS recently issued Notice 2020-52. It offers sponsors of safe harbor 401(k) plans with temporary relief from certain requirements applicable to midyear reductions or suspensions of contributions. The guidance also clarifies the requirements for midyear contribution reductions (during or after the pandemic) that affect only highly compensated employees (HCEs) […]
The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. Some companies fared better than others. Many businesses that had been taking an informal approach to IT strategy discovered their systems weren’t as robust and scalable as they’d hoped. Some may have lost […]
In Notice 2020-50, the IRS recently provided guidance on “coronavirus-related distributions” from retirement plans under Section 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some pertinent details for employers. Pension plans The Notice points out that Sec. 2202 doesn’t change the rules for when plan distributions are permitted to be made from employer […]
Under IRS regulations regarding electronic consents and elections, if a signature must be witnessed by a retirement plan representative or notary public, it must be witnessed “in the physical presence” of the representative or notary unless guidance has provided an alternative procedure. In Notice 2020-42, the agency recently established temporary alternative procedures that allow signatures witnessed […]
by David Lam | This article originally appeared in The Los Angeles Business Journal. We get it, you reacted quickly to respond to COVID. You learned about how COVID spreads, how to protect yourself and your family from getting sick, and how to keep your business afloat. Now we are in an emerging new normal and […]
Family businesses make up the vast majority of companies in the United States and produce 62% of the country’s gross domestic product, according to the Conway Center for Family Business. Generally defined as companies that are majority owned by a single family with two or more members involved in their management, family businesses can be […]
To cope with the COVID-19 crisis, many employers are taking employees’ temperatures and asking them general health-related questions as they report to work. A cogent question that often arises in light of this activity is: How do the requirements of the Health Insurance Portability and Accountability Act (HIPAA) apply to the information gathered? Covered entities […]
“It’s not often that an entire industry has so much opportunity for innovation at one time, and it can be difficult to capitalize on it all as quickly as needed, but I think this year has shown us all that we’re a lot more adaptable than perhaps we even realized.” Read the full article here.
The IRS recently issued another notice extending tax deadlines because of the COVID-19 pandemic. Notice 2020-35 supplements IRS Notice 2020-23 and earlier guidance by extending the deadlines for certain additional time-sensitive actions relating to employment taxes; exempt organizations; employee benefit plans, including 401(k)s; Health Savings Accounts (HSAs); IRAs; and other specified accounts. With some exceptions, the extensions […]
by Alex Chernyak, CPA and Catalina Kirby, CPA Earlier this year, Office of Labor-Management Standards (OLMS) issued a final rule on a Form T-1 Trust Annual Report that requires annual reporting by certain Form LM-2 filing labor organizations on financial information pertinent to “trusts in which a labor organization is interested.” In general Form […]
By David Lam, CISSP, CPP; Kim Pease, CISSP; and Stan Stahl, Ph.D. With more people working from home, more cybercriminals seeking to take advantage of the new normal, and IT departments stretched thin, the risk of cyberattacks and security incidents has been magnified considerably. Here are some practical tips and best practices for protecting […]