Category: Regulations

Health Coverage 2013 Changes

Any business entity that employs one or more employees with not less than $500,000 of gross receipts is required to provide notice to the employee(s) about the existence of health insurance exchanges, premium tax credits to assist in purchasing coverage and other related provisions by October 1, 2013. You must have acknowledgement from the employee of having received the notice! Health Coverage Forms Also, make sure the employee(s) I-9's are on file as well. Go to www.dol.gov/ebsa/healthreform/index.html for the model letter notices for employers offering or not offering a health plan and click on the links below. Model Letter Notices:…

Financial Statement Impact American Taxpayer Relief Act

The Act was enacted on January 2nd. Even though it was applicable retroactively to 2012, the accounting rules are quite clear about when such changes can be recognized in the financial statement. The effects of changes in tax laws or rates can be recognized in the financial statements only in the period in which the law is enacted (ASC 740). Taxpayer Relief Act Extensions The Act extended many business tax credits and other provisions that expired December 31, 2011. While this is not by any means a comprehensive list of all those items, some important extensions are: The tax credit…

Benefit Plans to Increase Disclosure about Costs

Beginning this July, employee benefit plans will be required to disclose more information about the direct and indirect fees paid to certain outside providers, such as administrative services, recordkeeping, and investment advice. Direct costs paid by either the plan or the sponsor (like the fees paid for the Plan's audit) are not included. The service providers must provide to the Plan detailed written information about the cost of the services provided and identify any potential conflicts of interest. The information must include details about the arrangement. The cost of services paid by the Plan will have to be disclosed to…