With concerns about inflation in the news for months now, most business owners are keeping a close eye on costs. Although it can be difficult to control costs related to mission-critical functions such as overhead and materials, you might find some budge room in employee benefits. Many companies have lowered their benefits costs by offering […]
In January, the Biden administration issued a policy statement indicating its intent to extend the COVID-19 national emergency (NE) and public health emergency (PHE) declarations to May 11, 2023, and then end both emergencies on that date. However, in a Joint Resolution, Congress passed and the President signed legislation ending the COVID-19 NE on April 10. The […]
Employers that offer a 401(k) plan should generally encourage participants to invest as much as they can and not touch the money until retirement. However, there may be instances when employees feel they need to access their plan funds before reaching retirement age. In some of those cases, participants may qualify for a 401(k) hardship […]
Recently, the IRS announced 2024 indexing adjustments to the applicable dollar amount used to calculate employer shared responsibility penalties under the Affordable Care Act (ACA). Although next year might seem a long way off, it’s best to get an early start on determining whether your business is an applicable large employer (ALE) under the ACA. If […]
At the very end of 2022, President Biden signed into law the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). Now that the year is well underway, small employers would be well-advised not to forget about a key feature of the law: marked improvements to the small employer pension plan start-up cost […]
Late in 2022, the IRS released final regulations addressing extended deadlines for certain information-reporting requirements of the Affordable Care Act (ACA). The final regs generally apply to calendar years beginning after December 31, 2021. If your organization is an applicable large employer (ALE) under the ACA, or could be in the immediate years ahead, now’s a […]
The U.S. Department of Labor (DOL) recently announced the 2023 annual adjustments to civil monetary penalties for a wide range of benefits-related violations. Legislation enacted in 2015 requires annual adjustments to certain penalty amounts by January 15 of each year. The 2023 adjustments are effective for penalties assessed after January 15, 2023, with respect to violations occurring […]
Late last year, the Consolidated Appropriations Act, 2023 (CAA 2023) was signed into law. Much of the discussion about this massive “omnibus” spending package has centered on the Setting Every Community Up for Retirement Enhancement 2.0 Act, a law within the package that addresses qualified retirement plans. However, the CAA 2023 also brings changes to […]
Many small businesses start out as “lean enterprises,” with costs kept to a minimum to lower risks and maximize cash flow. But there comes a point in the evolution of many companies — particularly in a tight job market — when investing money in employee benefits becomes advisable, if not downright mandatory. Is now the […]
Miller Kaplan, a top-100 certified public accounting firm, is pleased to announce the promotion to Partner of three accomplished professionals—Marijane Kantzabedian, CPA; Kelly Pollard, CPA; and Liel Shemtov, CPA. “We are so proud of the level of service these individuals have been providing to our clients” observed Michael Kaplan, managing partner at Miller Kaplan. “I […]
The IRS recently announced the 2023 dollar limits and thresholds for qualified retirement plans, reflecting the latest cost-of-living adjustments. Here are some relevant amounts to be aware of: Contribution limits for 401(k)s and other defined contribution plans. The annual limit on contributions will increase to $22,500 (up from $20,500) for 401(k), 403(b) and 457 plans, […]
Under the Affordable Care Act (ACA), applicable large employers (ALEs) must offer minimum essential health care coverage that’s affordable and provides minimum value to full-time employees and their dependents. An ALE may incur a penalty if at least one full-time employee receives a premium tax credit for buying coverage through a Health Insurance Marketplace (commonly […]