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When it comes to IRS audits, “an ounce of prevention is worth a pound of cure,” as Benjamin Franklin so wisely put it. The cure, in this case, most often requires restitution of deposits to your 401(k) or 403(b) plan, plus earnings, and in some cases, a sanction paid to the Internal Revenue Service (IRS).
The Internal Revenue Service (IRS) has released guidance on its advice provided by determination letters and private letter rulings reflecting several changes that took effect January 1.
Payments that an employer makes to an employee under a fixed indemnity health plan must be included in the employee’s taxable income, the Internal Revenue Service (IRS) recently indicated, if the plan premiums were paid by the employer or by salary reduction under a cafeteria plan.
The Internal Revenue Service (IRS) has proposed to shift the definitions of qualified matching contributions (QMACs) and qualified nonelective contributions (QNECs) to employer-sponsored retirement plans to apply at account allocation, not at the initial plan contribution stage.
Effective January 1, 2017, the Internal Revenue Service (IRS) is providing an exemption from a user fee for some small-employer benefit plans seeking a determination letter about their qualified status.
Question: If we create an employee recognition program that awards points to employees that can be used to purchase company-branded items from an online store, does the value of the items “purchased” by the employees have to be added to their gross income for tax purposes?
Navigating the latest tax reporting changes and avoiding filing errors is not always straightforward and can present unique challenges to small and midsized businesses.
by Donna Koppensteiner, SVP at Runzheimer Now that the 2017 IRS business mileage rate is out, it’s time for companies to strategically evaluate their business vehicle reimbursement policies to ensure they are appropriately reimbursing business drivers while keeping expenses to a minimum.
by Jane Meacham The Internal Revenue Service (IRS), in its first “Required Amendments (RA) List” on December 13, 2016, informed individually designed employer-sponsored retirement plans about required amendments for 2016 that may be needed to reflect changes and ensure the plans keep their qualified status. In the release, IRS Notice 2016-80, the agency also said […]
by Todd Castleton of Proskauer Rose LLP When retirement plan sponsors adopt a “safe harbor” 401(k) plan design, they are deemed to be compliant with the actual deferral percentage (ADP) and actual contribution percentage (ACP) nondiscrimination testing provisions of the Internal Revenue Code (IRS)—the federal tax Code.