Alerts

DOL’s Proposed Changes to Overtime Pay Will Impact Retail Industry

Possibly impacting employers in the retail industry, the U.S. Department of Labor (“DOL”) has proposed changes to overtime pay rules under the Fair Labor Standards Act (FLSA). Announced earlier this month, the DOL is proposing setting the minimum salary threshold at the 40th percentile of weekly wages for full-time salaried workers based upon Bureau of Labor Statistics data. The DOL also proposes publishing the minimum salary 60 days before going into effect, and is considering whether nondiscretionary bonuses will be allowed to fulfill a portion of the FLSA’s standard salary test requirement. If approved, the FLSA’s final overtime rules could. Read More.

Last Chance to File for Late Partial Disposition Election is Coming Soon

As you’re probably aware, under the old rules for tangible property, when replacing a portion of your asset, the replacement was required to be capitalized alongside the original portion of the asset that was disposed. This left you with the original asset and replaced portion on your fixed asset records, creating duplicate assets and depreciation deductions. With the new tangible property regulations (TPR), however, you have an opportunity to eliminate retired or disposed assets from your fixed asset records, and take advantage of a one-time election for partial disposition deductions. Claiming losses on partial dispositions for previous tax years is. Read More.

July 31 Filing Deadline for PCOR Fees

Discussed in the June edition of Cherry Bekaert Benefits Consulting’s (“CBBC”) June Client Alert , plan sponsors with applicable, self-funded arrangements including most Health Reimbursement Arrangements must pay the Patient Centered Outcomes Research Fee (PCOR) by Friday, July 31, 2015 for plan years that ended in 2014. Fees have to be submitted by the plan sponsor and not through a third party. When filing the PCOR, plan sponsors are required to use the updated Form 720, Quarterly Federal Excise Tax Return for 2015. The full Client Alert is available via the CBBC website .

Workplace Wellness

Covered in the latest Health & Benefits Update , enforcement agencies are addressing how workplace wellness programs meet compliance with the myriad of federal standards like the Health Insurance Portability and Accountability Act (HIPAA). For instance, the Departments of Labor, Health and Human Services, and Treasury issued final workplace wellness regulations that update previous HIPAA guidance and incorporate changes in the Affordable Care Act (ACA). The complete Health & Benefits Update discussing workplace wellness is available on the Cherry Bekaert Benefits Consulting website.

Reminder! Due Date for the BEA Foreign Investment Survey is June 30th

Every five years, the Bureau of Economic Analysis (“BEA”), a division of the U.S. Department of Commerce, gathers information regarding investments in foreign affiliates by U.S. persons, which include business entities, estates and individuals. The survey generally requests financial, operational, and ownership information about investments outside of the U.S. This is not a tax filing, and no payments are due. However, failure to file the required forms can result in substantial penalties. In the past, the BEA would send out notifications letting you know if you needed to file. This year, however, the rules have changed. If you are a. Read More.

FAQ Clarifies Coverage of No-Cost Preventive Services

Cherry Bekaert Benefits Consulting’s (“CBBC”) June Health & Benefits Update discusses the recently issued FAQs Part XXVI, which addresses no-cost preventative services coverage. With the Affordable Care Act requiring all non-grandfathered insured and self-funded group health plans to cover certain preventive services without cost-sharing, some plan members have expressed concern for being improperly charged. As a result, the FAQ clarifies that non-grandfathered group health plans must cover certain services at no cost to its members. For the complete Update, please visit the CBBC website .

IRS Releases DRAFT 2015 ACA Reporting Forms

The Internal Revenue Service (“IRS”) has issued draft versions of the 2015 Affordable Care Act (ACA) Reporting Forms 1094-C and 1095-C. Cherry Bekaert Benefits Consulting’s (“CBBC”) newly available Health & Benefits Update notes that the major change to this year’s forms is on Form 1095-C, which permits employers and service providers to include a two-digit Plan Start Month. While employers and service providers use the 2014 forms as templates in preparation for the reporting the new mandatory ACA requirements, the IRS stresses that the 2015 edition of Forms 1094-C and 1095-C should not be used until the final versions are issued. To read the. Read More.

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