Solutions Newsletter

The IRS has joined forces with states and the tax preparation industry to identify and implement additional taxpayer safeguards as part of its continuing effort to improve fraud detection and prevention measures. These measures include enhanced authentication procedures through various filters, improved information sharing, heightened cyber security, new tax software log-in standards, and greater education and outreach to the public. Some states have […]

The Roth IRA offers tax-free retirement growth opportunities that are attractive to many taxpayers. However, some find themselves ineligible to contribute because their income is too high. The IRS has provided a way to avoid the income limitation rules by enabling taxpayers to roll traditional IRA contributions into a Roth IRA through a “backdoor.” Roth IRAs and Limitations A Roth […]

Retirement plan sponsors have long struggled with obtaining documentation from participants to support hardship distribution claims. There has been uncertainty over the type of documentation required and as to who was responsible for verifying the claim. In February 2017, the Treasury Department issued a “Memorandum for Employee Plans Examinations” outlining substantiation guidelines for safe harbor hardship distributions from 401(k) and 403(b) plans. It […]

In a report released in May 2015, the Department of Labor (DOL) Employee Benefits Administration expressed concerns over the quality of employee benefit plan (EBP) audits. The Accounting Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) and the DOL believe that auditors’ reports could be more informative and transparent about both the auditor’s role […]

Summer is prime vacation time. However, it is good to be aware that whenever you hit the road for fun, criminals are on the prowl for information leaks to steal your data, property, and money. To avoid being a victim, follow the tips below before you depart: Protect your mobile phone by enabling Find My iPhone on IOS devices, or […]