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New Jersey Allows Cannabis Businesses to Deduct Expenses on State Taxes

CPA Practice

Since cannabis is federally prohibited, cannabis businesses were not allowed to deduct expenses like normal businesses would (Section 280E of the IRS Tax Code). The measure was sponsored by state Sens. Jelani Gibson is content lead for NJ Cannabis Insider. Distributed by Tribune Content Agency, LLC. Visit nj.com.

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Changes to Your Annual Employee Benefit Plan Audits Are Here: What You Need to Know

Withum

136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, as amended, primarily addresses certain performance and reporting requirements for audits of retirement plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and changes the form and content of the auditor’s report.

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Agencies Issue Regulations Implementing Prescription Drug and Health Care Spending Reporting Requirements, Including Rules for Aggregating Data

ThomsonReuters

These regulations, which are generally applicable beginning December 27, 2021, describe the content and timing requirements for the reports. For more information, see EBIA’s Health Care Reform manual at Section XXXVI.I (“Pharmacy Benefit and Drug Cost Reporting”). See also EBIA’s Self-Insured Health Plans manual at Section XXIX.D.4

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Form 8950 and Instructions Updated for Pre-Submission Conference Requests Under VCP

ThomsonReuters

Also, the penalty of perjury statement has been split into three parts, the first applicable to submissions by a plan sponsor, the second applicable to submissions made by a representative on behalf of a plan sponsor, and the third applicable to pre-submission conference requests. Content of Conference Request.

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Employee-Paid LTD Policy Cannot Be Severed From Employer’s ERISA Plan

ThomsonReuters

To do this, the court analyzed whether the LTD policy was part of an employer-sponsored ERISA plan or whether it fell within the DOL’s regulatory safe harbor exempting certain “voluntary” insurance arrangements from ERISA if employees pay the full premium and the employer makes no contributions and does not endorse the arrangement.

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Ninth Circuit Finds Anti-Assignment Clause Inapplicable, Requiring Plan to Pay Assignee

ThomsonReuters

Multiple participants in an employer-sponsored group health plan received treatment from the same out-of-network hospital. Parsing the language, the court rejected the contention that “anyone else” meant anyone other than the participant. See also EBIA’s Self-Insured Health Plans manual at Section IX (“Written Plan Document”).

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How Do We Self-Correct a Failure to Enroll a New Employee in Our Automatic 401(k) Contributions?

ThomsonReuters

One of these methods reduces the QNEC for the missed deferrals to 25% of the missed deferrals if the correction occurs within the three-year period for self-correcting significant failures, or, if earlier, by the end of the month after the month the employee notifies the plan sponsor of the failure. Content of 45-Day Notice.

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