New Opportunity Zone Regulations to be Released
The Office of Information and Regulatory Affairs has released new Opportunity Zone (“OZ”) regulations, which are expected to be published in the next 48 hours. However, there is a live streamed OZ event at the White House today, so there is a chance this anticipated documentation could come sooner. Stay tuned with us as we cover this significant announcement. We will release reviews and guidance for your business once the regulations have been released. If you have any questions, please contact Wes Hudson . View Rule
10 Questions Retirement Plan Sponsors Should Ask
As a fiduciary, you are often left to guess what practices comply with the Employee Retirement Income Security Act (“ERISA”) and the Department of Labor guidelines. It is important to understand what the key fiduciary responsibilities are in order to avoid a potential breach of fiduciary duty in the complex and litigation-prone world of defined contribution plans. ERISA’s Fiduciary Standard ERISA holds plan fiduciaries to certain standards of care, and explains that a fiduciary must act in the best interest of plan participants and their beneficiaries. Other key ERISA fiduciary responsibilities are: Making decisions for the plan that are aligned. Read More.
Attracting and Retaining Talent in the Construction Industry
Retaining and attracting talent is a high priority regardless of your industry. However, talent acquisition and benefits packages can differ in construction when compared to other industries, due to the complexity of contracts and competition between companies for top talent. Attracting Talent for Your Business Larger companies often have more resources to focus on talent retention, which makes it harder for smaller businesses to recruit the talent needed. In order to attract more experienced talent, it is important to evaluate your company benefits and determine if those benefits are competitive, especially compared to larger companies from which the seasoned talent. Read More.
Industrial Revolution 4.0 – Opportunities for Manufacturers
The fourth industrial revolution – the fusion of technologies that blurs the lines among the physical, digital, biological and social spheres – has impacted how manufacturing companies plan and execute daily work, as well as how they coordinate and manage their supply chain and distribution channels. Technology is now an integral component of almost all operational and financial processes, and as a manufacturer, you must not only stay current with manufacturing “best practices,” but also with technology trends. The current work landscape of manufacturing is changing in a variety of ways, including: high-volume, high-mix, just-in-time manufacturing; virtual reality; augmented reality;. Read More.
Private Equity Tax Break Targeted By Congressional Democrats
U.S. House Ways and Means Committee member Bill Pascrell, D-N.J., and Sen. Tammy Baldwin, D-Wis., introduced companion bills in March 2019 that generally would end capital gain treatment for income from carried interests. According to the release from Pascrell and Baldwin, the Carried Interest Fairness Act of 2019 would tax carried interest compensation at ordinary income tax rates and treat it as wage income subject to employment taxes. Capital gain treatment would continue to apply for individuals “who truly put money at risk, such as private-equity partners who invest their own money in their funds,” but “all income from managing a firm’s assets would be taxed. Read More.
Tax Deferral on Stock Compensation for Employees of Private Companies
Since 2017, Congress, followed by the IRS in 2018, is making it easier for employees of closely held corporations to share in the value of their employer’s stock. If you are an employee of a private company, you are likely granted option plans or restricted stock units (“RSUs”), but are burdened with paying income tax on the value of the stock when it is received. Stock in closely held corporations often cannot be easily monetized to provide for tax payments. In option plans, this cash requirement is exacerbated by the need to pay an exercise price to acquire the stock. To. Read More.
California Enforces Economic Nexus Requirements Beginning April 1
On April 1, California will begin enforcing economic nexus requirements. Out-of-state sellers with customers in California must start to collect and remit sales tax to the state if specific economic nexus thresholds are met. Due to the population and economic activity in California, many multi-state sellers will be impacted by these new sales tax obligations. Economic Nexus Requirements Any out-of-state seller who reaches the following thresholds in the current or preceding calendar year must register with the California Department of Tax and Fee Administration and begin remitting sales tax for all transactions made with California residents: More than $100,000 in taxable. Read More.