A Compensation Plan That Rewards Top Talent
RogerRossmeisl
JUNE 5, 2022
(This is Blog Post #1222). The post A Compensation Plan That Rewards Top Talent appeared first on Roger Rossmeisl, CPA.
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State Discounts for Sales Tax
TaxConnex
JUNE 1, 2021
This blog will evaluate some of the details surrounding these discounts, sometimes known as a vendor’s compensation or dealer’s discount. And if it sounds like free money, it can be if your company knows how to take advantage of it in states where you have nexus.
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Can We Use a Single Prohibited Group Definition for All of the Nondiscrimination Tests That Apply to Our Cafeteria Plan, Health FSA, and DCAP?
ThomsonReuters
APRIL 14, 2022
Highly compensated individuals (HCIs) are the prohibited group for two of the three cafeteria plan nondiscrimination tests. In general, HCIs for this purpose are officers, more-than-5% shareholders, highly compensated employees, and the spouses or dependents of individuals in the first three categories. Health FSAs.
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What Do All Those Employee Benefit Acronyms Stand For? (Part 1 of 3)
ThomsonReuters
DECEMBER 8, 2022
HCE – Highly Compensated Employee. HCI – Highly Compensated Individual. HCP – Highly Compensated Participant. Part 1 of 3) appeared first on Tax & Accounting Blog Posts by Thomson Reuters. FUTA – Federal Unemployment Tax Act. GHP – Group Health Plan.
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Exploring key 2024 tax bill proposals
ThomsonReuters
FEBRUARY 9, 2024
In this blog, we will dive into the details of four notable tax laws that have been introduced into legislation and deserve our attention. However, it highlights the ongoing discussions surrounding executive compensation and income disparity in the United States. What does this mean for my firm?
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IRS Addresses Options for Qualified Transportation Benefits Unused Due to COVID-19
ThomsonReuters
NOVEMBER 19, 2020
The letter explains that unused compensation reduction amounts can be carried over to subsequent periods under an employer’s plan and used for future commuting expenses, so long as the employee has made a valid compensation reduction election and remains employed by the employer. Contributing Editors: EBIA Staff.
Is an Annual Report on Form 5500 Required for a Qualified Transportation Fringe Benefit Plan?
ThomsonReuters
FEBRUARY 2, 2023
After 2025, these plans may also include bicycle commuting benefits that are not offered as compensation reduction arrangements.) appeared first on Tax & Accounting Blog Posts by Thomson Reuters. Qualified transportation fringe benefit plans may only offer qualified parking, transit pass, or vanpooling.
DOL Announces Temporary Enforcement Policy on Group Health Plan Service Provider Fee Disclosures
ThomsonReuters
JANUARY 6, 2022
These rules apply to arrangements to provide “brokerage services” or “consulting” to ERISA-covered group health plans, and require covered service providers to disclose detailed compensation information to plan fiduciaries. 5 (“Service Provider Compensation Must Be Reasonable”). Covered Plans. Fee Disclosures.
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Qualified Parking Compensation Reductions Unused Due to COVID-19 Cannot Be Transferred to Health FSA
ThomsonReuters
APRIL 14, 2022
To avoid losing compensation reduction amounts he had previously set aside for parking, the participant asked whether his unused compensation reductions could be transferred to a health FSA under a cafeteria plan. Compensation reductions set aside for one qualified transportation benefit (e.g., Contributing Editors: EBIA Staff.
IRS Form 5329: What it is and how to complete it
ThomsonReuters
APRIL 25, 2024
Using IRA assets to pay for ongoing health insurance premiums after a job loss — while receiving unemployment compensation for 12 consecutive weeks — qualifies for an exception. Blog Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. Health insurance premiums.
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Are There Any Substantiation Requirements for Transit Passes Distributed by a Qualified Transportation Plan?
ThomsonReuters
APRIL 7, 2022
QUESTION: Our company’s qualified transportation plan allows employees to purchase transit passes with pre-tax compensation. You mention that the plan is funded entirely by pre-tax compensation reductions. appeared first on Tax & Accounting Blog Posts by Thomson Reuters. Contributing Editors: EBIA Staff.
How to successfully offer pro bono accounting services
ThomsonReuters
OCTOBER 27, 2023
This blog offers insights into how to go about setting up a successful pro bono accounting services program, avoiding some of the most common pitfalls, and articulating your value to clients. This allows you to clearly quantify how much work you’re willing to do without monetary compensation.
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IRS Announces 2023 Retirement Plan Dollar Limits and Thresholds
ThomsonReuters
OCTOBER 27, 2022
Compensation. The annual limit on compensation that can be taken into account for contributions and deductions will increase to $330,000 (up from $305,000). The threshold for determining who is a highly compensated employee (HCE) will increase to $150,000 (up from $135,000). 2 (“HCE Compensation Threshold”). Key Employee.
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Are Employer-Paid Retirement Planning Services Taxable?
ThomsonReuters
APRIL 28, 2022
Note that the exclusion only applies to benefits received by highly compensated employees if the benefits are available “on substantially the same terms to each member of the group of employees normally provided education and information regarding the employer’s qualified employer plan.” Contributing Editors: EBIA Staff.
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Can Our Employees Make Pre-Tax Payroll Contributions to Their HSAs If We Don’t Have a Cafeteria Plan?
ThomsonReuters
AUGUST 19, 2021
If your company processes payroll deductions for employees’ HSA contributions without setting up a cafeteria plan, it will have to treat those contributions as taxable compensation subject to all applicable withholding requirements, and it will still be responsible for paying the employment taxes.
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How tax professionals can add value by investing in advisory services
ThomsonReuters
FEBRUARY 23, 2023
Monetize advisory services One of the first steps in ensuring you are being properly compensated is to shift to value pricing and cut ties with hourly billing. However, it is critical to maximize your time spent with clients and be properly compensated for the knowledge and expertise you provide.
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What Do All Those Employee Benefit Acronyms Stand For? (Part 1 of 3)
ThomsonReuters
DECEMBER 10, 2020
HCE — Highly Compensated Employee. HCI — Highly Compensated Individual. HCP — Highly Compensated Participant. Part 1 of 3) appeared first on Tax & Accounting Blog Posts by Thomson Reuters. FSA — Flexible Spending Arrangement. FUTA — Federal Unemployment Tax Act. GHP — Group Health Plan.
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Law Firm Leverage: How to Overcome Common Obstacles to This Essential Profit Strategy
Anders CPA
NOVEMBER 20, 2023
million – more than compensating for whatever hours the partner needed to spend in training and supervision. If a firm is full of attorneys hoarding work, it also might be a sign of a problem in the compensation model. I’ve seen this dynamic play out when I worked with a firm that had a compensation model based on partner charge hours.
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Tax professionals can add value by
ThomsonReuters
FEBRUARY 23, 2023
Monetize advisory services One of the first steps in ensuring you are being properly compensated is to shift to value pricing and cut ties with hourly billing. However, it is critical to maximize your time spent with clients and be properly compensated for the knowledge and expertise you provide.
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Three steps to standing out in a crowded talent market
ThomsonReuters
DECEMBER 1, 2021
Compensation. Offering competitive compensation is almost a no-brainer. Do your compensations packages match their qualification levels? Are you compensating your employees in a way that makes them feel valued? . Compensation is not the only way your employees can feel valued. Reimbursements .
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London Neobank Revolut Debuts Four New Cryptocurrencies
PYMNTS
DECEMBER 11, 2020
London challenger bank Revolut has rolled out four new cryptocurrencies — EOS, OMG Network, Tezos and 0x — for users in the Europe Economic Area (EEA), the company said in a blog post on Thursday (Dec. Token holders receive a reward for taking part in the proof-of-stake consensus mechanism,” the blog post said.
Will COVID-19 bring about an end to the executive pay status quo?
ThomsonReuters
NOVEMBER 25, 2020
In April, I published a post, The Coronavirus pandemic: Executive pay cuts a sign of the times , highlighting companies across multiple industries that were making downward adjustments to the compensation of their executives and board members to help stay afloat in response to the crisis. In late May 2020, Darden Restaurants, Inc.,
Court Denies Remedies for Mental Health Parity Violation
ThomsonReuters
JULY 14, 2022
The post Court Denies Remedies for Mental Health Parity Violation appeared first on Tax & Accounting Blog Posts by Thomson Reuters. Contributing Editors: EBIA Staff.
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Are Employees Taxed on Their Personal Use of Frequent Flyer Miles Earned by Business Travel?
ThomsonReuters
JANUARY 6, 2022
For example, it does not apply if travel or other promotional benefits are “converted to cash, to compensation that is paid in the form of travel or other promotional benefits, or in other circumstances where these benefits are used for tax avoidance purposes.” appeared first on Tax & Accounting Blog Posts by Thomson Reuters.
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What’s Hot on Checkpoint for Accounting, Audit, and Corporate Finance Professionals?
ThomsonReuters
NOVEMBER 8, 2022
In this edition, we take a look at recent editions to Checkpoint’s ESG toolkit, new SEC rules on clawback of executive compensation, and new FASB guidance on revenue contracts. SEC final rulemaking adopting the long-awaited clawback rules that govern the recovery of incentive compensation awarded to executive officers in error.
More March Madness? NCAA Student-Athlete Worker Classification Battle Heats Up
ThomsonReuters
MARCH 3, 2022
If the complaint were to succeed, it would not only potentially change the way student athletes’ behavior can be controlled, but also their rights to compensation, work-time requirements, and more. . NCAA Student-Athlete Worker Classification Battle Heats Up appeared first on Tax & Accounting Blog Posts by Thomson Reuters.
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What’s Hot on Checkpoint for Payroll and Benefits Professionals?
ThomsonReuters
NOVEMBER 8, 2022
Cafeteria Plans manual at Section XXVIII.M (“Highly Compensated and Key Employees—Identifying the ‘Prohibited Group’ Members”), Section X (“Contributions: The Code’s Annual Limitations”), and Section XVIII.K.2 2 (“HCE Compensation Threshold”), XVIII.K.2 appeared first on Tax & Accounting Blog Posts by Thomson Reuters.
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What Disclosure Requirements Have Been Added for Group Health Plan Service Provider Agreements?
ThomsonReuters
MAY 27, 2021
Fortunately, a statutory exemption allows for reasonable arrangements between a plan and a party in interest for certain necessary services so long as no more than reasonable compensation is paid for the services. 5 (“Service Provider Compensation Must Be Reasonable”) and EBIA’s ERISA Compliance manual at Section XXVIII.D.7
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Former Employee’s Recollection of “Christmas Card List” Was Insufficient to Defeat COBRA’s Small Employer Exception
ThomsonReuters
JUNE 10, 2021
Employers claiming the small employer exception should be able to substantiate their employee counts with items such as tax documents, timesheets, payroll and personnel records, and workers’ compensation reporting forms. For more information, see EBIA’s COBRA manual at Section IV.C (“Small Employer Exception”).
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IRS Announces 2022 Retirement Plan Dollar Limits and Thresholds
ThomsonReuters
NOVEMBER 11, 2021
Compensation. The annual limit on compensation that can be taken into account for contributions and deductions will increase to $305,000 (up from $290,000). The threshold for determining who is a “highly compensated employee” (HCE) will increase to $135,000 (up from $130,000). 2 (“HCE Compensation Threshold”).
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EEOC Letter Addresses ADEA’s Application to ICHRAs
ThomsonReuters
JANUARY 28, 2021
According to the letter, if the employer’s ICHRA contribution for each employee is the same, the ICHRA does not violate the ADEA prohibition against providing lesser compensation to older employees based on their age. See also EBIA’s Group Health Plan Mandates manual at Section XIX.C (“Analyzing Health Benefits Under the ADEA”).
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IRS Addresses Options for Qualified Transportation Benefits Unused Due to COVID-19
ThomsonReuters
NOVEMBER 19, 2020
The letter explains that unused compensation reduction amounts can be carried over to subsequent periods under an employer’s plan and used for future commuting expenses, so long as the employee has made a valid compensation reduction election and remains employed by the employer. Contributing Editors: EBIA Staff.
Can HSAs Provide Tax-Free Reimbursement for the Same Expenses as Health FSAs?
ThomsonReuters
JULY 21, 2022
under COBRA or USERRA), (3) health plan coverage while the HSA account holder is receiving unemployment compensation under state or federal law, and (4) for HSA holders who are age 65 or older, any health insurance other than a Medicare supplemental policy. appeared first on Tax & Accounting Blog Posts by Thomson Reuters.
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IRS Tax Tip Explains Key Aspects of Enhanced Business Meal Deduction for 2021 and 2022
ThomsonReuters
JULY 14, 2022
The exceptions include amounts that are treated as compensation to an employee, expenses incurred under a reimbursement arrangement, and expenses for certain recreational or social activities for employees. For more information, see EBIA’s Fringe Benefits manual at Section XVI (“Employer-Provided Meals”). Contributing Editors: EBIA Staff.
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Legal Expert Recommends Regular Audit of AI Tools Used for Employment
CPA Practice
OCTOBER 31, 2023
This article first appeared on the Thomson Reuters blog. tools in rooting out certain potential discrimination in hiring, compensation analyses, and performance management is promising. Used with permission. Some links may go to the Thomson Reuters Checkpoint research system, which requires subscription.] By using A.I. By using A.I.
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IRS Updates Tools for Reviewing Retirement Plan Document Compliance
ThomsonReuters
SEPTEMBER 2, 2021
The package on employee and matching contributions covers nondiscrimination testing, the types of contributions provided under the plan, corrections, plan definitions of highly compensated employees and compensation, safe harbor contributions, and QACAs. Contributing Editors: EBIA Staff.
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Taking Aggressive Tax Positions in Light of the Expected IRS Hiring Binge
Withum
SEPTEMBER 14, 2022
Subchapter S corporation reasonable compensation : Perhaps the worst kept secret in entity planning is using a S corporation rather than an LLC or sole proprietorship. Therefore, S corporation shareholders, assuming they are not passive investors, must receive “reasonable compensation” for the work they perform. Contact Us.
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No Fiduciary Breach Where Insurer Sets Guaranteed Rate of Return on Stable Value Contract in Shared Interest of Plan Participants
ThomsonReuters
SEPTEMBER 30, 2022
On remand, the trial court ruled that there was no breach of loyalty where the insurer received reasonable compensation for setting a composite crediting rate that (1) appropriately accounted for its risks and costs, (2) made the investment options more competitive, and (3) allowed the insurer to fulfill its guarantees to plan participants.
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How Can We Minimize the COVID-19 Pandemic’s Impact on Qualified Transportation Plan Participants?
ThomsonReuters
NOVEMBER 19, 2020
QUESTION: Our company has a qualified transportation plan that allows employees to purchase parking and transit benefits with pre-tax compensation reductions. Unlike the rules governing health FSAs, the qualified transportation plan rules place few restrictions on compensation reduction election changes. Refunds are not permitted.
Grab the Documents
FraudFiles
MAY 2, 2022
Miles Mason, a Memphis divorce attorney, has a great article on his blog called Grab the Documents: What Spouses Need to Copy for Divorce Lawyers. Pension plans, profit-sharing plans, deferred compensation agreements, and retirement plans. Read the article for details and descriptions on each item, but below is the basic list.
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Don’t get fooled: How to use “quick questions” during tax season to expand your CPA advisory services
ThomsonReuters
MARCH 21, 2023
Everyone loves free stuff, but a lot of firms may be wondering how they can be compensated for their advisory services. It may seem easier to just answer clients’ questions because you don’t want to lose a client by asking to be compensated for advisory services at the last minute.
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Investing in Real Estate? How to Qualify for Real Estate Professional Tax Status
Anders CPA
JULY 25, 2023
To establish material participation, you must meet one of the seven criteria of material participation, which are detailed in the blog linked above. Anders has experienced tax advisors on our real estate team that can help investors navigate complex tax challenges that come with the industry.
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Employer Violated ERISA by Interfering With Employee’s Use of Health Benefits
ThomsonReuters
MAY 26, 2022
The court awarded the employee equitable relief in the form of $67,500 in front pay (roughly the difference between the compensation he would have received in his former position and that he would receive with his new employer for a five-year period), plus reasonable attorney’s fees and costs. Contributing Editors: EBIA Staff.
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What Are Starter 401(k) Plans Under the Secure 2.0 Act?
ThomsonReuters
MARCH 2, 2023
Under a starter 401(k) plan, each eligible employee is automatically treated as having elected to make elective contributions of at least 3% and not more than 15% of compensation, as specified in the plan. appeared first on Tax & Accounting Blog Posts by Thomson Reuters. Contributing Editors: EBIA Staff.
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