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Are you Ready for 401(K) Plan Changes Under the SECURE Act?
Posted by Diane Caron on Wed, Jun 29, 2022 @ 11:30 AM

Here’s a Look at the New Long-Term Part-Time Employees Rules

When signed into law in December 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act represented the first major legislative reform to the retirement landscape in more than a decade. The new law was designed to help more Americans save for the future by making several changes to qualified retirement plans, most notably by expanding access. As eligibility dates approach, it's important to ensure compliance with the new legislation to avoid operational errors and additional work down the road.

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Topics: retirement plans

Evaluating Your Insurance Company’s Internal Tax Department Needs
Posted by Gerry McCarthy on Wed, Jun 1, 2022 @ 11:47 AM

Insurance company tax departments are under immense pressure as they struggle to keep up with fluctuating regulations, staffing shortages, and resource constraints. To make matters worse, the “Great Resignation” has made it challenging to find qualified candidates to help boost productivity.

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Topics: Insurance, co-sourcing, tax co-sourcing

What to Know About SAS 136: A New Audit Standard for ERISA Employee Benefit Plans
Posted by Hal Hunt on Wed, May 4, 2022 @ 11:38 AM

The AICPA, with observation from the Department of Labor (DOL), issued a new audit standard for employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). ERISA is a federal law that sets minimum standards for most voluntarily established retirement and health plans for private industry to provide protection for individuals in these plans.

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Topics: employee benefit plan, ERISA, EBP audit, SAS 136

3 Ongoing Challenges with Revenue Recognition Accounting
Posted by Mark Winiarski on Tue, May 3, 2022 @ 02:25 PM

When the changes to revenue recognition under ASC Topic 606 were introduced in 2014, it marked one of the most significant accounting changes in history. The goal of the standard update was to improve guidance on how revenue should be recognized when companies enter into contracts with customers.

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Topics: FASB, Revenue recognition, revenue

Lending Considerations for 2022 and Beyond
Posted by Michael Caron on Tue, May 3, 2022 @ 01:55 PM

While the business interruption impact of the pandemic hit virtually all companies during 2020 and 2021, the financial impact from the pandemic is still present in 2022. The economy has reopened, and business as usual may not feel so familiar, but we’re now learning to adapt to our new normal.

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Topics: lending, Forbearance Agreement Risk, lending arrangements

Don’t Let Independent Contractors Put Your Organization in Jeopardy
Posted by Chrissy Hammond on Wed, Apr 6, 2022 @ 02:18 PM

Independent contractor or employee? An organization may pay an independent contractor and an employee for the same or similar work, but there are important legal differences between the two. Independent Contractors are not entitled to benefits such as health insurance, paid time off, and retirement plans.

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Topics: Independent Contractor

Biden Administration Renews Tax Plan and Proposes Billionaire’s Minimum Tax
Posted by Bill Smith and Nate Smith on Wed, Mar 30, 2022 @ 11:12 AM

President Biden’s latest budget proposal calls again for higher corporate and individual tax rates, and proposes a new “Billionaire’s Minimum Tax” that would subject wealthy individuals to a minimum 20% tax rate on income that includes unrealized capital gains. These and other tax proposals were outlined in the Treasury Department’s annual Green Book on March 28. The Green Book represents the President’s “wish list” for tax policy, while Congress must draft and pass any associated legislation. Although the fate of the Build Back Better Act (BBBA) remains stalled in the Senate, the Green Book is intended to help shape ongoing and future negotiations in Congress.

The major points from this year’s Green Book and some observations follow. We begin with major business provisions, and continue with individual provisions most likely to be relevant.

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Topics: individual tax, tax, President Biden, corporate tax, Biden Administration, Billionaire’s Minimum Tax

ASC 740 Considerations for Pass-Through Entity Tax Regimes
Posted by Bill Smith and Nate Smith on Tue, Mar 29, 2022 @ 05:27 PM

An increasing number of states are embracing an entity-level income tax on pass-through entities (PTEs) as a way to mitigate the $10,000 deduction limit for state and local income taxes (SALT cap). Congress imposed the SALT cap on individuals as part of the tax reform law in 2017. These PTE tax (PTET) regimes effectively bypass the SALT cap, but introduce novel considerations for companies that prepare U.S. GAAP financial statements.

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Topics: tax, pass-through entities, SALT Cap, PTE, PTET, PTE Tax

IRS Cracks Down on Documentation for Research Credit Claims
Posted by Bill Smith and Nate Smith on Fri, Mar 25, 2022 @ 11:49 AM

Last October, the IRS announced changes in documentation requirements for claims made with respect to the credit for Increasing Research Activities (the research and experimentation or R&D Credit). Together with an October memorandum from the IRS chief counsel’s office and subsequent procedural guidance in January, the IRS now requires that taxpayers must submit at least five pieces of information with an amended return or administrative adjustment request (AAR) that claims an R&D Credit, in order for claim to be valid. These new documentation requirements apply for claims postmarked on or after Jan. 10, 2022.

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Topics: tax, R&D, research and development tax credit, research credit claims

2022 Accounting Preview
Posted by Mark Winiarski on Fri, Mar 25, 2022 @ 11:46 AM

As 2022 rolls along full-steam-ahead, financial professionals need to be aware of important accounting updates impacting companies this year. Several accounting standards are now taking effect — from government grant disclosures to income tax accounting simplifications — and you need to know which updates impact your company and when and how the transitions are happening.

Read on for a quick preview of what’s changing for 2022 reporting and what these accounting updates mean for you.

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Topics: FASB, lease accounting, stock compensation, income tax simplification

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