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International Tax Technical Update- September 2018

MOVING EXPENSESTHE DISALLOWANCE OF MOVING EXPENSES AND ITS IMPACT ON DOMESTIC AND GLOBAL MOBILITY PROGRAMS

On December 22, 2017, the enactment of tax reform (also known as the Tax Cuts and Jobs Act) brought about widespread changes to includable and excludable items, with moving expenses being one of the most notable. Read more

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Consider Telemedicine and Make Sure Employees Use It

telemedicine

With outcomes that benefit employees and employers, telemedicine holds the promise of improving health care efficiency and quality as well as lowering overall cost.

Telemedicine continues to change the way that medical professionals and patients interact.

In a survey by the Mercer consulting firm, nearly three-quarters of employers with at least 500 workers said they make telemedicine services available. Yet employers with programs in place reported that only 7% of eligible employees used telemedicine at least once. And despite its wide availability, many employees who have access to telemedicine aren’t even aware that it’s an option for them. Read more

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Tax Reform: Which Changes Are Temporary vs. Permanent?

Tax Reform Changes

It’s hard to keep track of what aspects of the new tax law are permanent and which changes are scheduled to expire at the end of 2025

The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it’s sometimes hard to keep track of which changes are permanent and which are scheduled to expire at the end of 2025 — unless Congress extends them.

Here’s a scorecard to help you keep track of the permanent vs. temporary changes as the tax law currently stands.  Read more

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Calculating W-2 Wages for Limitations on the QBI Deduction

W-2 Wages

For the new QBI deduction for pass-through entities, the details bring about heavy complexities.

Recently proposed IRS regulation on the new deduction for qualified business income (QBI) provide guidance on how to compute limitations on the deduction based on W-2 wages. As you’ve probably heard, the QBI deduction is complicated, and numerous rules and restrictions apply.

Important note: While new QBI deduction regulation are in proposed form, taxpayers can rely on them until final regulations are issued.  Read more

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Tax-Exempt Organizations: New Guidance UBTI Rule

UBTI

Thanks to the Tax Cuts and Jobs Act, unrelated business taxable income (UBTI) must be calculated for each separate trade or business.

The IRS recently issued much-needed guidance on how tax-exempt organizations should calculate unrelated business taxable income (UBTI) for each separate trade or business they operate. This requirement was part of the Tax Cuts and Jobs Act (TCJA), which was signed into law in December 2017. The new UBTI requirement generally applies to tax years beginning after 2017. Organizations can rely on Notice 2018-67 until proposed regulations are issued. Read more

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Retirement Plan Sponsors: Is Cyber Security Part of Your Fiduciary Duty?

Fiduciary Duty

Everyone in this era needs to be cautious when it comes to cyber security, none more so than employee benefit plan sponsors.

We’ve all received suspicious-looking emails asking us to provide personal information to redeem a prize that we’ve won or alerting us that someone we know needs financial help. By now, most of us recognize these scams—and don’t open the email.

But what if the message looked like it was coming from an official, known source? Would you open an email you thought was coming from your 401(k) service provider or the sponsor of your retirement plan? Read more

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Fees for 401(k) Services: What Plan Sponsors Need to Know

Fees 401(k)

Avoid having the gavel come down on you by being well aware of the fees associated with your employee benefit plans.

Political candidates who don’t know the cost of a gallon of gas or a movie ticket usually wind up paying that price with voters and losing on election day. Likewise, many plan sponsors are finding themselves on the losing side of lawsuits because they allowed their defined contribution plan to pay unreasonable service fees. Read more

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Employees, Sponsors Sailing Toward Safe Harbor 401(k) Plans

Safe harbor 401(k)

For employers, a safe harbor 401(k) plan can be a beacon in what feels like a sea of red tape.

Just the name sounds tranquil… “safe harbor 401(k) Plans.” And that’s no accident. Understanding and meeting the nondiscrimination requirements of standard 401(k) plans can be daunting. Safe harbor plans are relatively new, which has caused some to watch from the sidelines to see how they work out.   Read more

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When Is Service Business Income Eligible for the New QBI Deduction?

Service Business

Some service businesses may be hit with a QBI deduction disallowance rule if their owners’ taxable income is above certain levels

The IRS has issued much-anticipated regulations addressing the new deduction of up to 20% of qualified business income (QBI) from pass-through entities. The QBI deduction was a major piece of the Tax Cuts and Jobs Act that was signed into law in December 2017.  Read more

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Gen Z May Change How You Manage Employees

Generation Z

Each generation has their own perceived characteristics. What behaviors are already being attributed to Generation Z as they enter the workforce?

Is your workplace ready for Generation Z? Lately, many demographers and generation-focused marketing experts have been vocal about what they observe in Gen Z, the newest additions to the job applicant pool.  Read more