- A review course on education tax credits
- Unclaimed property can be a business issue
- Watch out for special rules when making a Roth conversion
- Some business meals get a full deduction
- DB(k) retirement plans are new this year
- Pay yourself reasonable wages
- The kiddie tax: A basic review
- Follow IRA withdrawal rules
- Homebuyer tax credit extension
- Collectibles face special tax rules
- Rental property tax rules are complicated
- Payroll tax update
- Don't overlook the Roth five-year holding requirement
- Can you qualify for the small business health insurance credit?
- Military tax breaks are available
- Do you need to file an FBAR?
- Roth IRA conversion: Act now, pay later?
- Start your 2010 planning with your 2009 tax return
- Don't ignore employer penalty notices
- The HIRE Act offers tax breaks for hiring
- Direct deposit: Should you buy savings bonds?
- The Patient Protection and Affordable Care Act reforms health care
- Can you take a home office deduction?
- Deducting interest expense: What you need to know
- Did you receive Form 1099-C?
- Missing a W-2?
- Who has to file an income tax return?
- New law allows early deduction for Haiti relief donations
- The dependency exemption: What you need to know
- What's your status?
- Payroll - A 2010 employer update
- Review payroll reporting for 2009
- What to expect on your 2009 return
- Check these vehicle tax breaks for 2009
- Know the rules for backup withholding
- Tax issues come with gifting stock
- Hiring seasonal employees? What you need to know
- Don't get tripped up by a wash sale
- New law includes two important tax changes
- Two IRA tax breaks are scheduled to expire soon
- Take a tax deduction for worthless stock
- Withdrawals from your SIMPLE IRA may not be so simple
- Savings bonds can help pay for college
- Tax tips for first-time employers
- First-time homebuyer credit to expire November 30
- Closing your business has tax implications
- You need basis to deduct an S corporation loss
- Unemployed? Pay health premiums from your health savings account
- Some IRA terms you should know
- Employee or independent contractor? Don't misclassify workers
- Take a penalty-free IRA withdrawal for medical expenses
- Your business vehicle expenses are deductible
- Plan for the phase-out of tax breaks
- Your business could benefit from the extended net operating loss carryback
- When is income taxable, and when is it not
- IRS has a new procedure for correcting payroll returns
- Capture tax breaks when you refinance
- Prepare now for a possible disaster
- Tax law changes could affect your 529 plan
- Two reasons to review tax payments
- The COBRA credit: What employers must know
- Don't waste your tax refund
- A new vehicle could give you a new tax break
- Check out the "making work pay" credit
- Don't overlook a theft loss deduction
- Who owes self-employment tax?
- The Internal Revenue Service and Treasury Department Release Additional FBAR Guidance
- HIRE Act
- Health Care Updates
News
Ensuring your Employees’ Retirement Plans are 401 “O(k)”
Contact: Paul Seach
Tel. 212-404-5557
Email: pseach@sb-cpa.com
FOR IMMEDIATE RELEASE
June 23, 2009
NEW YORK - Timely topics along with knowledgeable participants naturally made for a dynamic group discussion on 401(k) plans led by the Employee Benefits Group of Salibello & Broder LLP (S&B) today.
While today's headlines often reflect 401(k) plan participants' concerns over their retirement nest eggs, today's discussion focused on the challenges these new regulations and developments pose to benefits professionals.
Held at the New York offices of Salibello & Broder, the event gave attendees the opportunity to share their experiences, concerns and questions regarding 401(k) plans.
"There are many issues that, if left until the last minute, can become problems once the Department of Labor and Internal Revenue Service start their audits," said speaker Bob Hamilton, a senior manager at S&B. "After working on numerous 401(k) plans throughout the years, Salibello & Broder has been able to identify these issues and we believe we should let others know so they can try to avoid these issues down the road." Mr. Hamilton led the discussion on the new Schedule C reporting. These new reporting requirements facilitate an annual review of plan-related fees and expenses and aim to increase transparency.
Gary Broder, senior partner at S&B, led the discussion on FAS 157. The new standard established a consistent definition of fair value and method of determination under U.S. Generally Accepted Accounting Principles (GAAP).
Speaking on the significance and complexity of plan governance was Tony Calabrese, a Partner and chairman of the Financial Services and Investment Companies Group at S&B. His presentation also touched upon the consequences for non-compliance including taxes, penalties, litigation and personal liability.
The seminar closed with a discussion on recordkeeping considerations led by Michael Campione, a district manager in the Major Accounts Retirement Services at ADP. Topics during his discussion included the knowledge and expertise of a recordkeeper, legal compliance, the importance of communication, participant education, and quality and timeliness of service.
More roundtable discussions of employee benefits plans will be announced soon. See www.sb-cpa.com for a schedule of upcoming events.
# # #
Founded in 1978, S&B has grown into a full-service accounting and professional services firm with offices in New York and Los Angeles.
S&B has become a middle-market leader due to our dedication to value-added year-round client service, our commitment to providing the highest quality service, and our investment in the ongoing training of our staff.
The 401(k) Roundtable Discussion is part of a series of seminars organized by S&B's Employee Benefits Group. If you would like more information on our seminars, or would like us to present to your company, please contact Paul Seach at 212-404-5557 or pseach@sb-cpa.com.
Visit www.sb-cpa.com for a full list of services, information about S&B and to join our weekly tax tips list and to receive invitations to our upcoming events.
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