The IRS Initiates Project to Review 401(k) Plan Compliance

  • June 21, 2010

According to the IRS web site - 401(k) plans represent the largest retirement plan market segment and have a significant impact on the health of the private retirement system in America. Employee Plans Examinations, previously conducted a baseline study of 79 market segments, and the findings indicated that 401(k) plans are by far the most non-compliant plan type in the retirement plan universe. In an effort to improve plan compliance the IRS is sending a questionnaire to 1,200 randomly selected 401(k) sponsors that filed a form 5500 in 2007. The questionnaires were designed to assess compliance with retirement plan regulations. Plan sponsors who receive a letter will complete the Questionnaire by accessing a special Web site.

Not-for-Profit Entity Corporate Governance

  • June 14, 2010

It can be an honor to be asked to serve on the board of a not-for-profit entity but doing so comes with a great deal of responsibility. A not-for-profit entity’s board of directors is responsible for establishing the organization’s policies, procedures and overall organization direction. It is also the board of directors that must ultimately answer to the public and the organizations donors.

Smaller Not-for-Profit Entities May Qualify for the New Small Business Health Care Tax Credit

  • June 7, 2010

A provision of the recently enacted Patient Protection and Affordable Care Act provides a Small Business Healthcare Tax Credit. The tax credit is retroactive to January 1, 2010, and applies to certain not-for-profit entities. The credit is designed to encourage smaller not-for-profit entities with low to moderate income employees to provide health care coverage for its employees. While the eligibility rules restrict the credit to relatively small organizations with low to moderate wages, the credit can be significant and possible allow the organization to provide health care benefits when it might otherwise be unable to do so.

Concerns About Risks Confronting Boards – A Board of Directors Survey

  • June 4, 2010

With heightened awareness of the need for corporate governance, American boardrooms are immersed in increasingly intense discussions about the issues of risk and compliance. With these new concerns, directors of public companies are under the microscope more so than ever before. While financial risk remains paramount, all systemic risks lead to financial risk in one way or another. This survey explores not only financial risk, but the other important areas of risk being discussed in boardrooms, such as regulatory compliance and reputational risk, as well how boards gain insight on new topics of interest to their companies.

Trends in Private Equity:Views & Insights for 2010

  • June 4, 2010

Private equity continues to evolve as an essential industry while the financial markets continue to recover from the resounding events of the past few years. A review of the current trends in private equity yields no earth-shattering revelations, yet they do reflect an industry in transition; an industry that is robust and ever-changing. This ability to transition with changing times is essential to its longevity.

Q & A: How do I Claim the Small Business Health Insurance Tax Credit for 2010?

  • June 2, 2010

The small business health insurance tax credit, created by the health care reform package, rewards employers that offer health insurance to their employees with a tax break. The credit is targeted to small employers; generally employers with 25 or fewer employees. In May 2010, the IRS issued Notice 2010-44, which describes the steps employers take to determine eligibility for the credit and how to calculate the credit.

Audits of Wealthy Individuals Trending Upward, IRS Oversight Board Reports

  • June 2, 2010

The IRS Oversight Board recently released its 2009 annual report to Congress. The report evaluates the IRS's performance during the 2009 fiscal year (FY), enumerates strategic challenges affecting tax administration, and provides measures the agency's performance during FY 2009. According to the Oversight Board's report, audits of individuals with incomes above $1 million grew 29 percent in FY 2009 compared to FY 2008. However, the number of audits of wealthy individuals represented only 2.58 percent of all individual audits in FY 2009.

FAQ: What Tax Legislation is Congress Expected to Pass This Year?

  • June 2, 2010

At the start of 2010, Congress had a full tax agenda. As summer approaches, many tax bills remain unfinished, most notably an estate tax bill. Other important tax legislation is also on Congress's agenda for action before year-end. Including: Estate tax, Individual tax rates, Capital gains and dividends, Child tax credit and more.

Planning for the 3.8 percent Medicare Tax on Investment Income

  • June 2, 2010

The health care reform package (the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010) imposes a new 3.8 percent Medicare contribution tax on the investment income of higher-income individuals. Although the tax does not take effect until 2013, it is not too soon to examine methods to lessen the impact of the tax.