Accelerating Tax Deductions for Prepaid Expenses

Friday, December 8, 2017

Accelerating deductions for prepaid expenses is a good way to save on your taxes for the current year. The general rule for prepaid expenses is that any prepayment for a service or benefit must be capitalized and amortized over the useful life of such payment. However, the IRS allows accelerated deduction of certain prepaid expenses, with some complex restrictions involved. The […]

DOL to Plan Sponsors: Find Missing Participants

Friday, December 8, 2017

Several recent Department of Labor (DOL) investigations in Philadelphia have revealed that retirement plan benefits due to participants in qualified retirement plans were not being paid because plan sponsors claimed participants were “missing.” The DOL, however, was easily able to locate these missing participants and recovered benefits totaling more than $165 million. As a result, the DOL is expanding this Philadelphia pilot […]

Reducing Retirement Plan Fraud

Friday, December 8, 2017

In 2016, the Department of Labor’s Employee Benefits Security Administration closed 2,002 civil investigations, with 1,356 of those cases resulting in monetary results for retirement plans or other corrective actions. Additionally, over $777 million was recovered for direct payment to plans, participants, and beneficiaries. There are preventive controls that fiduciaries to retirement plans can use to mitigate the risk of plan asset […]

2018 California Employment Law Changes

Friday, December 8, 2017

Expanding Parental Leave to Small Employers Effective January 1, 2018, new legislation will expand parental leave benefits to employers with 20 or more employees. The new law will require businesses with 20-49 employees (currently 50 employees) within a 75-mile radius to provide 12 weeks of unpaid leave to eligible employees after the birth of a child, adoption, […]