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
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
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
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
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
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
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
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
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