Employee benefits

Defined contribution plans can offer deferred annuities to older participants

Under guidance released on Friday, qualified defined contribution plans will be allowed to provide lifetime income to plan participants by offering funds including deferred annuities among their assets, even if some of the funds are available only to older plan participants (Notice 2014-66). In the notice, the IRS explained how

Federal courts disagree on premium tax credits through federal exchanges

The IRS will continue processing credit claims despite one circuit’s decision overruling a key Affordable Care Act provision. The appellate courts for the D.C. Circuit and the Fourth Circuit issued conflicting decisions on July 22 regarding the availability of the Sec. 36B premium tax credit for taxpayers who purchase health

Tax relief for small employer retirement plans

To avoid the expense of establishing a retirement plan, many small employers have left their employees on their own when it comes to saving for retirement. However, the small employer pension plan startup costs credit under Sec. 45E alleviates some of the burden by allowing a credit for establishing a

Doctors lack standing to challenge delay of employer mandate

The Seventh Circuit affirmed the dismissal of a suit objecting to the IRS’s decision to delay imposing the Sec. 4980H employer mandate penalty until 2015 (Association of American Physicians and Surgeons, Inc., No. 14-2123 (7th Cir. 9/19/14), aff’g No. 13-C-1214 (E.D. Wis. 3/18/14)). Under Sec. 4980H, an applicable large employer

Changes proposed to allocation rules for rollovers

The IRS says it has become aware that some plan providers have been treating disbursements from retirement plans that contain both pretax and after-tax contributions as a single distribution of the aggregate disbursement amount, rather than as separate distributions, as required by the regulations. In proposed regulations issued on Thursday

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Building client loyalty with payroll services

In this report, CPA experts detail their tactics for performing successful payroll services, how to mitigate risk in the process, and the impact payroll can have as a value-added service.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.