401(k) and 403(b) Plans
Small Business Jobs Act of 2010 Offers Tax Incentives for Businesses of All Sizes
On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 , or H.R. 5297 (hereafter, “the Act”). Though many of the Act’s provisions focus on small businesses , the new law also contains tax incentives that apply to all businesses as well as new retirement savings incentives for individuals . It is important to note that some of these provisions offer taxpayers a very small window of opportunity, requiring action before the end of the year to take advantage of the savings. INCENTIVES FOR ALL BUSINESSES The Act enhances and extends a number of tax incentives that were originally included in the Economic Stimulus Act of 2008 (“the 2008 Stimulus Act”) and the American Recovery and Reinvestment Act of 2009 (“the. Read More.
New Small Business Jobs Act Offers Benefits to All Businesses
On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 , or H.R. 5297 (hereafter, “the Act”). Though many of the Act’s provisions focus on small businesses , the new law also contains tax incentives that apply to all businesses as well as new retirement savings incentives for individuals . It is important to note that some of these provisions offer taxpayers a very small window of opportunity, requiring action before the end of the year to take advantage of the savings. INCENTIVES FOR ALL BUSINESSES The Act enhances and extends a number of tax incentives that were originally included in the Economic Stimulus Act of 2008 (“the 2008 Stimulus Act”) and the American Recovery and Reinvestment Act of 2009 (“the. Read More.
Have You Adopted Automatic Enrollment Features for Your 401(K) Plan?
A recent poll conducted by the International Foundation of Employee Benefit Plans indicated that of the employers offering a defined contribution retirement plan to employees: 51% of sponsors now have auto enrollment 81% have matching contributions The most common match reported is $.50 per $1.00 up to 6% of pay 6% indicate they have dropped their matching contribution entirely since 2008 Click here to read a more detailed summary of the survey’s findings.
Economic Rebound Creates Great Investment Opportunity for Employers
According to the majority of the world’s leading economic advisors, the global economy is about to start its ascent and begin to rebound from the worst financial period since the Great Depression. As investors act to rebuild personal savings and get back on track with their financial health, employers should capitalize on anticipated investment gains, available tax incentives and the financial gain available with a qualified retirement plan. If you already have a qualified retirement plan for your employees, then you need to ensure that your plan document is current with all IRS legislation. In addition, as a company owner/participant,. Read More.
Is the Time Ripe to Select a New Employee Benefit Plan Auditor?
Through service to over 300 plans , CB&H’s Employee Benefit Plan Audit practice has earned a leading reputation by advising clients regarding compliance concerns, operational efficiencies, and asset management. Our clients benefit from more than just an audit: Open communication during audit planning and execution Deep technical knowledge of ERISA and GAAP PCAOB registered Dedicated, trained team of benefit plan audit professionals Proactive service to timely file Form 5500s Service team continuity to leverage efficiencies Insight into mitigating risk Integration of plan administration/compensation services Value-driven fee structure
New Roth Conversion Rules for 2010
The IRS recently released new Roth IRA conversion rules that provide any person, regardless of income level, with the opportunity to convert their individual IRAs to Roth IRAs in 2010. This conversion may be done by recognizing the entire Roth account value in 2010 or by dividing the income between the 2011 and 2012 tax years. For years after 2010, the Roth conversions will be allowed but will not have the two-year recognition opportunity for 2011 and 2012. The rules also govern eligible rollover distributions from qualified employer retirement plans to Roth IRAs. An IRS notice (IRB 2009-39) outlines the. Read More.