Understanding forms 1095-A and 1095-B can help in preparing clients’ individual income tax
returns and fulfilling their professional due-diligence responsibilities.
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Employee Benefits
2017 Pension Contribution Limits Announced
While many limits remained the same as 2016, some were raised to reflect cost-of-living increases.
DOL’s Final Overtime Rule Has Traps for the Unwary
Various definitions of compensation may need to be accommodated or modified.
The Cadillac Tax: How to Address Questions Your Clients May Have
Many business decision-makers will have questions about whether the tax applies to them and whether it can be avoided altogether.
Nondiscrimination Relief for Closed Defined Benefit Plans Extended
The IRS extended a relief provision that allows sponsors of closed defined benefit plans to comply with the nondiscrimination rules of Sec. 401(a)(4).
Defined Benefit Plan Participants Can Receive Lump Sum and Annuity Under New Rules
The Irs issued new rules giving retirement plan participants greater flexibility in choosing how to receive their pension benefits.
Proposed Regulations Govern Sec. 409A Nonqualified Deferred Compensation Plans
Proposed rules clarify and modify previous regulations regarding Sec. 409A nonqualified deferred compensation plans.
New DOL Rules Increase Scrutiny of IRA Trustee Fees
This column addresses issues facing IRA trustees.
Determining Investment in the Contract for Phased Retirement Distributions
The IRS issued guidance on how to determine the investment in contract for calculating certain retirement distributions.
IRS Allows Self-Certification for Late Rollovers of Retirement Plan Funds
The IRS issued a procedure permitting taxpayers, in certain circumstances, to give an IRA trustee or retirement plan administrator a certification statement to treat a rollover as timely even if the taxpayer failed to complete the rollover within 60 days after a distribution.
Differences in Treatment for Nonqualified Deferred Compensation
A nonqualified deferred compensation plan allows
compensation earned in one year to be set aside and paid in a later year.
Employer Beware: Affiliated Service Group Is a Single Employer for Benefit and Health Care Coverage Testing
Practitioners may not know how the affiliated service group rules apply to various situations.
Agencies Propose Amendments to Employee Benefit Plan Reporting
Employee benefit plans will face new reporting requirements under extensive changes to Form 5500, Annual Return/Report of Employee Benefit Plan, proposed by the federal government.
Temporary Regulations Prohibit Partners From Being Employees
The IRS issued temporary regulations intended to halt the practice of treating partners as employees of a disregarded entity in order to include them in employee benefit plans.
IRS Issues Sec. 409A Proposed Regulations
The IRS issued proposed regulations under Sec. 409A, which provides that if certain requirements are not met, amounts deferred under a nonqualified deferred compensation plan are currently includible in gross income.
How to Calculate the Investment in the Contract for Phased Retirement Distributions
The IRS explained how to calculate the investment in the contract for retirement benefits distributed while the employee is still working part time and that nonqualifying contracts could not take advantage of the same rules.
Final Regulations Change Allocation Rules for Roth IRA Rollovers
The regulations allow taxpayers to allocate pretax amounts to direct rollovers, rather than having to make pro rata allocations.
IRS Releases 2017 Health Savings Account Limits
The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts.
IRS Reinforces That ESOP Plan Document Terms Matter
An ESOP, like any tax-qualified plan, will only receive promised benefits if the employer follows all of requirements related to establishing and maintaining a tax-qualified
plan.
Regulations Would Permit Closed Pension Plans to Meet Nondiscrimination Rules
Employers would be able to maintain closed defined benefit plans without running afoul of nondiscrimination rules.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
