Category: Employee Benefit Plans

Employee Benefit Plans

Not All IRAs are Protected in Bankruptcy Proceedings by Adam Cohen


Posted on August 14, 2014 by Adam Cohen

The Supreme Court recently made a distinction between Individual Retirement Accounts (IRAs) that an individual owns and funds during his or her lifetime and those that one inherits from a family member. Specifically, the court excluded inherited IRAs from bankruptcy protection, arguing that such accounts lack the retirement-planning aspects of owner-funded plans. Moreover, because beneficiaries […]

The ABCs of Required Minimum Distributions for IRAs by Jack Winter


Posted on August 05, 2014 by Jack Winter

Individual Retirement Accounts (IRAs) offer taxpayers a simple method to save for retirement with pre-tax dollars and allow those contributions to grow tax-deferred over time. Account holders incur tax liabilities penalty-free when they withdraw funds at age 59 ½, or when they begin taking the minimum distributions required by law when they reach age 70½. […]

Clarification to the Affordable Care Act’s 90-Day Waiting Period by Adam Cohen


Posted on July 25, 2014 by Adam Cohen

The IRS, Department of Labor and Department of Health and Human Services recently released final guidance clarifying the 90-day waiting period under the employer mandate of the Affordable Care Act, which prohibits health insurers from imposing a waiting period of more than 90 days before offering affordable health coverage to full-time employees. Under the new […]

IRS Releases 2015 Annual Contribution and Deduction Limits for Health Savings Accounts by Nancy M. Valdes


Posted on May 23, 2014

On April 23, 2014, the Internal Revenue Service released the 2015 annual contribution and inflation-adjusted deduction limits for health savings accounts (HSAs). To be eligible to contribute to an HSA, individuals must participate in high-deductible health plans. For 2015, the deductible for these plans may be no less than $1,300 for self-only coverage and $2,600 […]

President Obama Introduces MyRA to Make Retirement Savings a Reality for All by Jack Winter


Posted on February 24, 2014 by Jack Winter

In his January 2014 State of the Union Address, President Obama introduced MyRA, a new savings instrument intended to help more Americans set aside money for retirement. According to the U.S. Treasury Department, approximately half of all workers and only 25 percent of part-time workers have access to employer-sponsored retirement plans. Equally staggering, a mere […]

The Myths and Realities of Obamacare by John G. Ebenger


Posted on April 25, 2013

Many employers are still confused about the rules and penalties related to providing health insurance under Affordable Care Act. A recent article in BusinessWeek reported that the biggest rumor is that all businesses would need to provide insurance or be penalized. Three years after Obamacare became law and less than nine months before its biggest […]

IRS Extends Look-Back for Work Opportunity Tax Credits by Karen Lake


Posted on April 02, 2013

Companies that hired veterans in 2012 are eligible for tax credits up to $9,600. The Work Opportunity Tax Credits typically must be claimed within a short 28-day window.  Because of the delays related to the Fiscal Cliff negotiations, the IRS has granted an extension up to 15 months. The deadline to submit claim requests is […]