Big Changes Will Affect How, When You Report Your Foreign Assets
Do you have assets outside the U.S.? It’s becoming more common these days for people and businesses to have economic ties to other countries as the global economy grows and becomes more interconnected. But with these ties come additional reporting requirements, as the government tries to clamp down on tax evasion. And the penalties for not complying with these reporting requirements are incredibly high. If you have financial accounts overseas, you may be required to file Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”) and/or Form 8938, Statement of Specified Foreign Financial Assets . You may also need to file other forms to report interest in. Read More.
Reduce Your Property Taxes with a Better Understanding of How Obsolescence Works
Do you think your assets have to be completely unusable, abandoned, or destroyed before you can claim obsolescence to reduce your property tax bill? Think again. Most business owners think obsolescence means when something isn’t in use or isn’t capable of use. It can also include anything that inhibits the use of an operating asset or real property. However, the real definition of obsolescence (at least for tax purposes) has more nuances. For example, obsolescence can actually include a building that is simply underutilized. It doesn’t have to be ruined or abandoned. Without fully understanding all the scenarios that can. Read More.
EEOC Issues Guidance on Leave as an ADA Accommodation
Cherry Bekaert Benefits Consulting (“CBBC”) has issued a Health & Benefits Update discussing the Equal Employment Opportunity Commission’s (“EEOC”) new guidance on the rights of employees who request a leave-of-absence as a reasonable accommodation for a disability. The full Health & Benefits Update can be downloaded from the CBBC website.
IRS Issues PEO Certification Program Guidelines
The Internal Revenue Service (“IRS”) has issued final and temporary regulations that outline the criteria for Professional Employer Organizations (“PEOs”) seeking IRS certification status. Cherry Bekaert Benefits Consulting’s (“CBBC”) Health & Benefits Update discusses the certification requirements PEOs must satisfy ahead of submitting their applications to the IRS. Read more by downloading the May 2016 CBBC Health & Benefits Update .
Partners Can’t Get Employee Benefits – What Should Your Next Move Be?
Your partnership or limited liability company (“LLC”) may have to reconsider the way it structures compensation for partners. That’s because the Internal Revenue Service (“IRS”) recently released temporary regulations that ban a practice used by many of these entities. LLCs that are treated as corporations for tax purposes are not impacted by the new rules. Background The Internal Revenue Code prohibits individuals from being treated as employees of an entity that is treated as a partnership for tax purposes, regardless of the size of the individual’s partnership interest. Individuals are also prohibited from being employees of a certified professional employer. Read More.
FLSA Overtime Rule Changes to Impact Colleges & Universities
If you’re a campus administrator, chances are you’ve heard that the Department of Labor (“DOL”) recently issued new regulations (“Final Rule”) that address the overtime provisions of the Fair Labor Standards Act (“FLSA”). Effective December 1, 2016, the Final Rule amends key provisions related to “white collar” exemptions. The Final Rule will extend overtime eligibility to many campus employees, and is certain to strain your institutional budget. As a result, your college or university will likely face difficult choices in the coming months to meet full compliance by December 1. Cherry Bekaert Benefits Consulting’s (“CBBC”) latest Alert discusses the FLSA’s new. Read More.
EEOC Issues Final Wellness Plan Rules
The Equal Employment Opportunity Commission (“EEOC”) has issued wellness plan rules with respect to Title I of the Americans with Disabilities Act and Title II of the Genetic Information Nondiscrimination Act. Applicable to wellness programs that are part of a group health plan or offered outside of the group health plan, the new guidance will be effective for plan years beginning on and after January 1, 2017. More on the EEOC’s final wellness plan rules is in Cherry Bekaert Benefits Consulting ’s latest Health & Benefits Update .