Employee Benefits


The Pension Benefit Guaranty Corporation (PBGC) raises to $3,579.55 per month (or $42,954.60 per year) the maximum amount it guarantees for retirees in underfunded single-employer, defined-benefit plans terminating in 2002—5.5% higher than in 2001. The Employee Retirement Income Security Act of 1974 requires the PBGC to adjust this amount annually based on changes in the factors that the Social Security Administration uses to calculate benefits and payroll taxes. ( www.pbgc.gov/news/press_releases/2001/pr02_07.htm )

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.