Benefits
IRS Gives an Inch on Once-A-Year IRA Rollover Rule
The IRS isn’t backing off on its tough stance involving the “once-a-year-IRA rollover” rule. In the aftermath of a new case tightening the restriction for IRA owners (Bobrow, TC Memo 2014-21), it recently announced it intends the follow the Tax Court’s lead on this issue. However, showing some leniency, the IRS now says it won’t implement the new rule until 2015, providing clients with leeway for the rest of this year (Announcement 2014-15)
Take It or Leave It? Several Factors Impact Retirement Plan Rollovers
When a worker changes jobs, what do they do with their 401(k) or other employer-based retirement savings? That's a question of increasing interest and concern to policymakers and employers alike.
GASB Moves to Improve State and Local Government Health Insurance and Benefits Reporting
The Governmental Accounting Standards Board (GASB) has voted unanimously to approve two Exposure Drafts proposing significant improvements to financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also approved a third Exposure Draft that would establish requirements for pensions and pension plans that are outside the scope of the pension standards the GASB released in 2012.
IRS Nixes “Pump-and-Dump” Obamacare Strategy
Employers can’t get around the Obamacare “shared responsibility” provision simply by giving employees tax-free cash to pay for health insurance from a state-run exchange. In effect, this would pump up a worker’s pay and dump them in the marketplace. According to a new question and answer (Q&A) posted on the IRS website, as initially reported by the New York Times on May 25, the agency authoritatively states that the scheme won’t be allowed.
Thomson Reuters Offers Solution to Help Firms Market Healthcare Reform Services
As trusted financial advisors to millions of Americans and businesses, accounting firms are uniquely positioned to provide their clients with information and services regarding the Affordable Care Act. Thomson Reuters is offering a new solution to help firms market their expertise to clients and has released a tax act overview and monthly client marketing newsletter focused on the Affordable Care Act.
The Best States for Military Retirees
Retirement is typically viewed as the end of the line – a time for rest, relaxation and the pursuit of interests long ago put on the back burner. But the narrative is far different for military retirees.
Which States Have the Best 401(k) Growth?
Which states have the best 401(k) plans? That question isn't usually tied to geography, but financial advisory firm Judy Diamond Associates has found some key differences and benefits based on location.
What are the Tax Implications of ObamaCare?
Most people have heard the endless political arguments about the Affordable Care Act, aka ObamaCare, but many still don't really know the full extent of what the law is. The Affordable Care Act was enacted by Congress and signed into law by President Obama in 2010, becoming the biggest healthcare reform measure since the implementation of Medicaid and Medicare in 1965.