September 30, 2016
The IRS has released new guidance to help taxpayers avoid taxes and penalties for late rollovers of distributions from employer-sponsored retirement plans and individual retirement accounts (IRAs). Ordinarily, such rollovers must be completed within 60 days to be considered valid. The new guidance establishes a process for taxpayers who miss... Read More
July 7, 2016
The Affordable Care Act (ACA) requires health insurance issuers and sponsors of self-insured health plans to pay Patient-Centered Outcomes Research Institute fees (PCORI fees).  The fees are reported and paid annually using IRS Form 720 (Quarterly Federal Excise Tax Return).  Issuers and plan sponsors are generally required to pay the... Read More
June 17, 2016
The IRS recently identified a number of common errors seen in two of the most popular retirement plans used by small businesses — the SEP plan and the SIMPLE IRA plan. General Rules for SEPs With a SEP (Simplified Employee Pension) plan, employers establish individual retirement accounts (IRAs) for each eligible employee. Contributions are... Read More
January 28, 2016
Affordable Care Act (ACA) Reporting - 1095 Forms Under the Affordable Care Act, taxpayers who do not have health insurance coverage generally must pay a penalty when they file their tax returns.  What is a 1095 Form? Those who have health insurance that meets the standards of the ACA may receive Form 1095-B and/or Form 1095-C from their... Read More
October 23, 2015
Financial institutions anticipating questions for the next exam should consider reviewing the Federal Financial Institutions Examination Council’s (FFIEC) Cybersecurity Assessment Tool (Assessment) which was released in June 2015. While the Assessment is not required, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit... Read More