By now, many employers have chosen to offer employees a high-deductible health plan (HDHP) along with a Health Savings Account (HSA). One interesting issue that’s arisen is, at some organizations, employees have asked whether they can make pretax HSA contributions. Doing so would enable them to save on income taxes every pay period rather than […]
As of this writing, many public health experts are cautiously optimistic that cases, hospitalizations and deaths related to COVID-19 will continue to trend downward or at least remain at manageable levels in most areas. The United States might finally be moving from pandemic to endemic. This means that many employers can, at long last, greenlight […]
In a historically tenuous time to retain employees, small employers are particularly at risk. Whereas a large employer might be able to shift duties or promote from within to cover the departure of one or more staff members, small employers are often left high and dry with no one to cover certain shifts or tasks. One […]
On February 4, the Department of Labor, IRS and Department of Health and Human Services issued additional frequently asked question (FAQ) guidance addressing the terms and conditions under which group health plans must cover over-the-counter (OTC) COVID-19 diagnostic tests. The FAQs build on earlier guidance (FAQs Part 51) that established, during the COVID-19 public health emergency, group […]
Ever since the Affordable Care Act was signed into law, business owners have had to keep a close eye on how many employees they’ve had on the payroll. This is because a company with 50 or more full-time employees or full-time equivalents on average during the previous year is considered an applicable large employer (ALE) […]
Any employer that sponsors a pension plan or a qualified retirement plan, such as a 401(k), is undoubtedly familiar with the Employee Retirement Income Security Act (ERISA). The law also applies to employer-sponsored health maintenance organization plans, Flexible Spending Accounts, and life and disability insurance. Established in 1974, ERISA holds plan fiduciaries responsible for their […]
It’s a common problem every year. Employers discover that, when their 401(k) plans must make required minimum distributions, the addresses on file for some distributees have become invalid. The U.S. Department of Labor (DOL) and the IRS have both offered guidance about dealing with participants and beneficiaries who are unresponsive or cannot be located — […]
In recent years, Congress has undertaken efforts to protect American health care consumers from “surprise billing.” This problem occurs when those covered by health insurance suddenly find themselves hit with unexpected medical bills — often of several thousand dollars or more — because of hard-to-detect coverage gaps. The Consolidated Appropriations Act, passed in December 2020, included […]
Miller Kaplan, a top-100 certified public accounting firm, is pleased to announce that three distinguished professionals—Qiva Dinuri, J.D., LL.M. Taxation; Nicky Lipset, CPA, M.S. Taxation; and Gustavo Valle, CPA, MBA—have been promoted to Partner. “All three of these individuals have been exemplary in their dedication to their clients and the firm” remarked Michael Kaplan, managing […]
As the new year approaches, the future of the Build Back Better Act (BBBA) — and the strength of the economic recovery — remains uncertain. One thing that’s not uncertain when it comes to your business is the impending deadline to apply for COVID-19 Economic Injury Disaster Loan (EIDL) funding, some of which needn’t be […]
The IRS recently announced that the amount individuals can contribute to their 401(k) plans will increase in 2022. The tax agency has also announced other cost‑of‑living adjustments affecting dollar limitations for pension plans and retirement-related items for tax year 2022. Let’s look at some highlights. Rising limit First and foremost, the contribution limit for employees […]
by David Lam | This article originally appeared in The Los Angeles Business Journal. Pioneers of the information security field have known for decades how important it is—and forever will be—to protect one’s data. When my business partners started our practice in 2001, large companies were already well aware of this fact, so our […]