Earlier this year, the IRS released Revenue Procedure 2023-29, in which it announced an important indexing adjustment to the Affordable Care Act (ACA). With year end here and a fresh 12 months of the calendar on the way, it’s an ideal time to determine whether your organization is (or will be) an applicable large employer […]
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts. Here’s what you need to know about the tax implications, including when the 10% […]
Congratulations Alex Chernyak, Marijane Kantzabedian, and Liel Shemtov on being honored by the Los Angeles Business Journal as Top 100 Accountants!
It will likely come as little surprise that the cost of health care benefits for employers is expected to rise in 2024. Inflation, though not out of control, remains a persistent problem. Many industries also still face shortages of skilled labor — meaning organizations must offer higher cost benefits to compete for talent. Preliminary results […]
The employee stock ownership plan (ESOP) has long shone as a beacon to employers looking to accomplish multiple goals through a benefits arrangement. A properly structured and administered ESOP can boost employee engagement, provide tax benefits and help ownership with succession planning. However, the rules for setting up and running an ESOP are far from […]
As the Fed continues to do battle with inflation, and with fears of a recession not quite going away, companies have been keeping a close eye on the costs of their health insurance and pharmacy coverage. If you’re facing higher costs for health care benefits this year, it probably doesn’t come as a big surprise. […]
Miller Kaplan, a top-100 certified public accounting firm, is pleased to welcome two new partners—Andrea Williams, CFE and Jeff Worsham, CPA. “As we continually unlock new ways to strengthen the firm and to lead and inspire the next generation, I am happy to welcome Andrea and Jeff,” announced Michael Kaplan, managing partner at Miller Kaplan. […]
Does your organization offer health care and retirement benefits for its employees? Benefit plans with 100 or more participants are generally required to have their annual reports audited under the Employee Retirement Income Security Act of 1974 (ERISA). Here’s some guidance to help plan administrators fulfill their fiduciary responsibilities for hiring independent qualified public accountants […]
For employers of all sizes, choosing an affordable yet fully featured health plan to sponsor for employees isn’t easy. And yet, for most organizations, it’s an imperative. Under the Affordable Care Act, employers with 50 or more full-time or full-time-equivalent employees must offer a health plan that meets certain standards or face a financial penalty. […]
Many people are familiar with Roth IRAs. These popular retirement accounts feature tax-free withdrawals as long as certain conditions are met. But did you know that employers can offer designated Roth contributions as part of the 401(k) plans they sponsor for employees? Indeed, it is possible — but you’ll want to familiarize yourself with the […]
by David Lam, CISSP, CPP In today’s interconnected world, where digital technologies are an integral part of our professional and personal lives, safeguarding our digital assets and data has become the utmost priority, especially for employee benefit plan fiduciaries. Implementing a strong cybersecurity framework is crucial in protecting sensitive information, ensuring business continuity, and preserving […]
Your employees may be worried. A January 2023 report by Greenwald Research found that 70% of participants in employer-sponsored retirement plans are concerned about running out of money in their golden years. In today’s competitive hiring and employee-retention environment, many employers are on the lookout for ways to juice up their benefits packages. One intriguing […]