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

Regulations update hybrid defined benefit plan rules

On Monday, the IRS released final and proposed regulations providing guidance on so-called hybrid defined benefit pension plans (T.D. 9693 and REG-111839-13). The regulations deal with changes made by the Pension Protection Act of 2006, P.L. 109-280, and the Worker, Retiree, and Employer Recovery Act of 2008, P.L. 110-458. The

ERISA: 40 years later

The 40th anniversary of ERISA’s enactment is a good time to look back at the problems with pensions that the legislation was intended to solve, and the problems that face today’s and tomorrow’s retirees, who increasingly must provide for their own retirement.

High-functioning firms

High-functioning firms have leadership teams that assess situations, develop strategies, and make and execute decisions with relative ease, speed, and success. Others, however, function with a drag that pulls against their momentum, causing the business of leading, managing, and executing to take longer and produce less-than-stellar results. High-functioning firms seem

Guidance issued on application of Windsor to retirement plans

Qualified plans must recognize same-sex marriages after the Windsor decision and must be amended, if need be, to make them conform to the results of that decision. Under guidance issued by the IRS, administrators of qualified retirement plans must recognize the same-sex spouses of legally married participants as of June

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.