If the answer is yes, then the company must have a written plan document that complies with IRC Section 125. This section of the tax code provides that an employee will not be taxed on the employee’s cost of coverage even...
Read MoreBy: Deborah L.Grace (Member, Troy)Occasionally, an employer may determine that it did not withhold deferral contributions for a new employee in accordance with the terms of its 401(k) plan. If the plan has an automatic...
Read MoreBy: Deb Grace If you were eligible in 2016 to make contributions to a Health Savings Account (H.S.A.) and you have not already made the maximum contribution for the year, you have until April 18, 2017 to make your contribution. ...
Read MoreBy Deb Grace In May, the Department of Health and Human Services (“HHS”) published a final rule implementing Section 1557 of the Affordable Care Act (“ACA”). The rule prohibits discrimination on the basis of race, color,...
Read MoreBy Deborah Grace The Department of Labor (“DOL”) recently issued a new rule setting forth a frame work by which a plan sponsor or an IRA owner can ascertain whether a person providing investment advice for a fee is a fiduciary....
Read MoreBy Deborah Grace It is important for businesses that have common ownership to determine if the entities are members of a controlled group as defined by Code Sections 414(b) and (c). Separate legal entities that are members of a...
Read MoreBy Deborah L. Grace By April 30, 2016, a profit sharing or 401(k) plan that uses an IRS pre-approved document must be restated to maintain its qualified status. A plan that is “qualified” is granted special tax benefits under...
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