Human Resources

Tax

Early Plan Needed to Exit Retirement Accounts

Now, before retirement, is the time to act on forming a plan to exit IRA accounts to avoid tax ramifications and government plan regulations that cost investors considerable amounts of money and a revolutionary plan may assist investors who are looking to secure their retirement funds and limit distribution costs. Young workers, or those who are closer to retiring, who are looking for an IRA Exit Strategy have a unique opportunity to prepare now, before their options are limited. Good advice is crucial in estate planning and retirement saving for the growth of assets.

Improved benefits added to companies on 2007 America's Best Workplaces list

Support of employees raising families, more flexibility and more fun at work than ten years ago, are some of the benefits added to America's best workplaces, according to the Great Place to Work Institute which partners with FORTUNE to produce the annual "100 Best Companies to Work For" list. "While many commentators long for the workplace of old -- with fully paid health care, generous pensions and lifetime job security -- we see that for many lucky employees, the workplace has never been better," says Robert Levering, co-founder of the Great Place to Work Institute, an international

New State Health Plans Include Children

Both employers and employees are feeling the pinch from rising health insurance costs. In the annual survey by Compensation Data of more than 5,300 employers, results show that 41.2 percent of families can expect to pay over $250 a month on premiums.

Be Aware of HSA Changes

The Health Opportunity Patient Empowerment Act of 2006, part of the Tax Relief and Health Care Act of 2006, provides new opportunities for those who participate in Health Savings Accounts (HSA) to build their account funds. HSA Trustee Services, a leader in the HSA market, advises people to fully fund their accounts before any other tax-advantage accounts, such as an IRA or 401K, because the HSA funds are always accessible to the participant and family dependents for qualified health care expenses while still receiving tax benefits. "Ever since passage of the new law, we have r

Does Older Always Mean Wiser?

While study seems to confirm the adage "older and wiser" and some aspects of emotional intelligence (EQ) do develop with age, there is no guarantee that this is true. There are assumptions generally held about age and emotional intelligence. "Common sense" leads us to conclude that older people are wiser and more restrained. But is this always true? The research that exists does indicate a slight connection between emotional relationship and age, but does not explain how strong this effect is or which areas of EQ are most affected by age.

Work-Life Balance Wellness Plan for 2007

This is the time that organizations and individuals construct their plans to create a healthy work-life balance plan to increase wellness and energy for the coming year. The Human Performance Institute is providing a free five-minute test, the a Full Engagement Free Profile, to help individuals access their energy and engagement challenges and provide steps to meet and improve their goals. "We get energy for sustained performance when we manage our energy resources effectively," says Chief Executive Officer (CEO) Jim Loehr of the Human Performance Institute.

New SEC Regulations on Pay and Perk Disclosures Go Into Effect

In mid-December of 2006, new Securities and Exchange Commission (SEC) rules became effective that require more information to investors by public companies in their filings about the pay packages and perks of executives. At a time of widespread backdating of options and the ever-widening divide between salaries of employees and executives, the changes are aimed at increasing corporate transparency. The new requirements will be added to existing disclosure tables found in the SEC filings.
Tax

The New York Yankees Receive $26 Million Luxury Tax Bill

New York Yankees have clinched their ninth straight American League East title, and for their troubles have received a $26 million luxury tax bill from Commissioner Bud Selig, according to the Associated Press. Their tax payment is due in the commissioner’s office by Jan. 31. Their four-year total now comes to $97.75 million.The tax threshold also increased $8.5 million, to $136.5 million this year and only New York and Boston exceeded the threshold, according to the New York Times. Boston will pay only $497,549, while the exact figure for the Yankees is $26,009,039.
Tax

Cafeteria Plans Need Updating

Employers are running out of time to amend and update the old, outdated Section 125 Cafeteria Plans before the end of the year, reports Core Documents, Inc., the nation's primary source for Section 125 Cafeteria, HSA and HRA plan documents. This includes: Section 125 Premium Only Plans, Health Flexible Spending Accounts and Dependent Care Assistance FSA plans. Employers risk making mistakes by not using the many updates in the tax code, revenue rulings and the laws affecting the administration of the tax-free benefit plans.
Tax

Moratorium Lifted on Suspended Cash Balance Conversion Applications

The Internal Revenue Service (IRS) has lifted a moratorium on determination letter applications for conversions from traditional defined benefit pension plans to so-called cash balance plans.

HSAs Expanded in Last Days of Congress

Congress gave final approval to H.R. 6111, the "Tax Relief and Health Care Act of 2006", with provisions that expand Health Savings Accounts (HSAs) and incorporates provisions from H.R. 6134, the "Health Opportunity Patient Empowerment Act of 2006". The new provisions would make several improvements to the HSA program. In September, Ways and Means Chairman Bill Thomas (R-CA) said, "HSAs are still relatively new, but we are already seeing them grow in popularity.
A&A

The Differing Work Habits of Small Business Men and Women

A survey conducted of men and women who work in the Small and Medium Sized Business (SMB) segments revealed that working habits differ between the sexes. The survey of 314 men and women was conducted in the last quarter of 2006 by Broadwick Corporation.
Tax

States Must Confront Huge Retiree Obligations

Soaring health care costs and low investment returns in pension funds are forcing state and local governments to make drastic changes to retiree health care benefits and to lengthen vesting periods for new workers. As of December 15, the Government Accounting Standards Board (GASB), requires government entities to record Other Post-employment Benefits (OPEB) as accrued liabilities under statements 43 and 45.
Tax

Holiday Bonuses: The Good, the Bad and the Fruitcake

While giving holiday bonuses to hard-working employees sounds like a simple enough proposition, it’s anything but.“Holiday bonuses are very tricky,” said Kate Zabriskie, founder of Business Training Works. “The wrong bonus sends the wrong message.”She must be right because employees are full of tales of holiday woe. Valerie Bent regularly worked 55-hour weeks at a Los Angeles-area investor relations firm, which gave bonuses equal to about 40 percent of an employee’s annual salary.
Tax

IRS Offers Tips for Year-End Charitable Donations

‘Tis the season of gift-giving.
Practice Management

2007 Salary Guide for Accounting and Finance Professionals Released

Compliance demands and expansion of businesses will increase the need for skilled workers in the accounting and finance fields and make recruitment even more difficult in the coming year, according to the 2007 Salary Guide released by Robert Half International.Advertisement

Santa’s Super Gift Ideas for Accountants in 2006

It is again that time of the year to ask Santa for gift ideas for that favorite accountant and this year the ideas should have something for everyone.Advertisement
Tax

IRS Issues New Guidelines for Charitable Payroll Deductions

The Internal Revenue Service (IRS) on Friday announced new guidelines for taxpayers to follow to substantiate donations to charities made by payroll deductions. Notice 2006-110 explains how a taxpayer who makes charitable contributions by payroll deductions can meet the new recordkeeping requirements. The recently enacted Pension Protection Act of 2006 changed the recordkeeping requirements for taxpayers claiming deductions for cash contributions to charities, including contributions made by payroll deductions.
Tax

Guidance on Reporting and Withholding Under Code Section 409A Issued

The Treasury and the Internal Revenue Service (IRS) issued Notice 2006-100, Reporting and Wage Withholding Under Internal Revenue Code Section 409A on Thursday, providing guidance to employers and payers on their reporting and wage withholding requirements for calendar years 2005 and 2006, with respect to deferrals of compensation and amounts includible in gross income under Code Section 409A and relief from reporting deferrals that are not includible in income during those years.Notice 2006-100 supersedes Notice

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