Do Not Panic If You Receive a Benefit Audit Notice

Do Not Panic If You Receive a Benefit Audit Notice

Dec 5, 2019 | Now You Know

Receiving a notice that the IRS is auditing an employee benefit plan is news that no employer wants to receive. If your company does get such a notice, knowing what to expect and preparing for the audit itself are the best ways to help the process go as smoothly as...
Check Out the Many Benefits of Apprenticeships

Check Out the Many Benefits of Apprenticeships

Dec 5, 2019 | Now You Know

What do European employers know that many American employers fail to appreciate? Answer: The value of apprenticeship programs. The title of the Harvard Business School (HBS) study says it all: Room to Grow: Identifying New Frontiers for Apprenticeships. It points out...
FAQs about Home Office Deductions

FAQs about Home Office Deductions

Dec 5, 2019 | Now You Know

In the past, home office deductions were available to a wide range of taxpayers, including certain employees who worked from home. But the Tax Cuts and Jobs Act (TCJA) has effectively eliminated home office deductions for employees through 2025. Fortunately, many...
Small Employers Get 7-Day Safe Harbor for 401(k) Deposits

Small Employers Get 7-Day Safe Harbor for 401(k) Deposits

Nov 6, 2019 | Now You Know

Small employers* now have added certainty in knowing their time frame for transmitting employee 401(k) contributions to the plan. Compliance with deadlines is important, because holding on to employee contributions too long constitutes a prohibited transaction that...
Protect Your Company’s Plan From an IRS Attack

Protect Your Company’s Plan From an IRS Attack

Nov 6, 2019 | Now You Know

When your company sponsors a qualified retirement plan, you must comply with complex rules established by the IRS and the Department of Labor. Ignore the rules and your firm could face costly penalties from federal regulators — and plan participants might sue you for...