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Archive for the ‘Employee Benefits’ Category

Electronic Filing Of All Form 5500s Is Now Mandatory

Wednesday, March 3rd, 2010

The Department of Labor is moving to electronic filing of all Form 5500s starting January 1, 2010. Electronic filing is mandatory. They will not accept paper filings for plan years beginning after January 1, 2009.

FAQ: Did Congress Extend COBRA Premium Assistance For Individuals Involuntarily Terminated From Employment In 2010?

Monday, February 1st, 2010

Yes, but only for a limited time. In late December 2009, Congress passed the 2010 Defense Appropriations Act (2010 Defense Act). The new law temporarily extends the eligibility period for COBRA premium assistance through February 28, 2010 and the duration of the subsidy for an additional six months (up to 15 months).

How Do I Make A Catch-Up Contribution?

Thursday, December 3rd, 2009

Employees can elect to make voluntary contributions from their salary to certain retirement plans. The type of plan may depend on your employer. Many employers maintain cash or deferred arrangements — 401(k) plans — as part of their defined contribution retirement plan. State and local governments can maintain “457″ eligible deferred compensation plans.

Opportunities And Challenges Presented by 2009 Roth IRA Rollovers

Wednesday, November 4th, 2009

There is an interesting new rollover opportunity that’s coming up in a few months. After 2009, you will be able to roll over amounts in qualified employer sponsored retirement plan accounts, such as 401(k)s and profit sharing plans, and regular IRAs, into Roth IRAs, regardless of your adjusted gross income (AGI). Currently, individuals with more than $100,000 of adjusted gross income as specially modified are barred from making such rollovers.

Obama Outlines Initiatives To Increase Savings

Wednesday, September 9th, 2009

I think these initiatives are great! Anything that will allow people to put more into their retirement plans and save on current taxes is a good idea in my opinion.

Debate Continues Over Health Care Reform And Tax Incentives During Congress’ Summer Recess

Thursday, September 3rd, 2009

Congress’ summer recess has been anything but quiet, as lawmakers address concerned Americans throughout the country at town hall meetings on controversial health care reform. A number of health care reform proposals are on the table, as well as revenue raisers to pay for those reforms.

5 Tips For Handling Your IRA During A Recession

Thursday, August 27th, 2009

Sometimes there can be a silver lining in a down economy, but you have to be paying attention to see them. Here are some ideas that should capture your attention.

Second Quarter 2009 Brings Many Important Tax Developments

Tuesday, August 4th, 2009

The second quarter of 2009 saw significant federal tax developments from the White House, Congress and the IRS. Many of the developments relate to temporary tax breaks in the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act), which Congress passed in February to help stimulate the U.S. economy. Additionally, important guidance for individuals, businesses and pension plans also came from the IRS. This article describes some of federal tax developments that occurred during the second quarter of 2009.

Lawmakers Struggle To Pay For Health Care Reform

Tuesday, August 4th, 2009

Health care reform continues to elude Congress as lawmakers struggle to find ways to pay for its estimated $1 trillion cost. The House is poised to pass a massive health reform bill, America’s Affordable Health Choices Act (H.R. 3200), which includes a surcharge on higher income individuals. The Senate, however, is unlikely to pass its version of health care reform before Congress’ August recess. A final bill is not expected to pass Congress until the fall or maybe later.

IRS Issues New Rules For 403(b) Retirement Plans

Wednesday, July 1st, 2009

Changes Are Substantial
While the Internal Revenue Service and Department of Labor have collectively spent a considerable amount of time and effort overseeing the compliance of the rules governing 401(k) retirement plans, they have spent very little time, up until now, examining the ways tax-exempt organizations operate their 403(b) retirement plans.  This has all changed following [...]

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