Benefits

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treasury1

June 5, 2014 

IRS Releases Final Guidance on Tribal Government Benefits Excluded as Income

The U.S. Department of the Treasury and Internal Revenue Service (IRS) have issued final guidance specifying that a wide range of benefits and services provided by Indian tribal governments qualify for the general welfare exclusion from income. These include programs for housing, education, cultural and religious purposes, and the elderly and disabled, among others.

Isaac M. O'Bannon

 Survey: Men More Confident than Women on Retirement

June 4, 2014 

Survey: Men More Confident than Women on Retirement

American men, particularly those aged 51 or older and with an income over $75,000, are more confident about retirement according to a recent survey conducted by financial services group OneAmerica. Contributing to their confidence is a realistic knowledge of how much retirement income they will need.

Isaac M. O'Bannon

 IRS Gives an Inch on Once-A-Year IRA Rollover Rule

June 2, 2014 

IRS Gives an Inch on Once-A-Year IRA Rollover Rule

The IRS isn’t backing off on its tough stance involving the “once-a-year-IRA rollover” rule. In the aftermath of a new case tightening the restriction for IRA owners (Bobrow, TC Memo 2014-21), it recently announced it intends the follow the Tax Court’s lead on this issue. However, showing some leniency, the IRS now says it won’t…

Ken Berry, JD

gasb

May 28, 2014 

GASB Moves to Improve State and Local Government Health Insurance and Benefits Reporting

The Governmental Accounting Standards Board (GASB) has voted unanimously to approve two Exposure Drafts proposing significant improvements to financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also approved a third Exposure Draft that would establish requirements for pensions and pension plans that are outside…

Isaac M. O'Bannon

 IRS Nixes “Pump-and-Dump” Obamacare Strategy

May 27, 2014 

IRS Nixes “Pump-and-Dump” Obamacare Strategy

Employers can’t get around the Obamacare “shared responsibility” provision simply by giving employees tax-free cash to pay for health insurance from a state-run exchange. In effect, this would pump up a worker’s pay and dump them in the marketplace. According to a new question and answer (Q&A) posted on the IRS website, as initially reported…

Ken Berry, JD

thomson_10296414

May 20, 2014 

Thomson Reuters Offers Solution to Help Firms Market Healthcare Reform Services

As trusted financial advisors to millions of Americans and businesses, accounting firms are uniquely positioned to provide their clients with information and services regarding the Affordable Care Act. Thomson Reuters is offering a new solution to help firms market their expertise to clients and has released a tax act overview and monthly client marketing newsletter…

 The Best States for Military Retirees

May 20, 2014 

The Best States for Military Retirees

Retirement is typically viewed as the end of the line – a time for rest, relaxation and the pursuit of interests long ago put on the back burner. But the narrative is far different for military retirees.

 Which States Have the Best 401(k) Growth?

May 15, 2014 

Which States Have the Best 401(k) Growth?

Which states have the best 401(k) plans? That question isn't usually tied to geography, but financial advisory firm Judy Diamond Associates has found some key differences and benefits based on location.

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