June 26, 2014
Governor Deval Patrick signed legislation to increase the minimum wage in increments to $11 per hour by 2017. The law also lowers unemployment insurance costs.
June 22, 2014
Will Baby Boomers and Gen Xers have enough money to live on when they retire, and if not, when will they run short? New modeling by the nonpartisan Employee Benefit Research Institute (EBRI) finds that those in the lowest-income brackets are most likely to run short, many in the first year of retirement.
June 18, 2014
On Monday, the Governmental Accounting Standards Board (GASB) published two proposed Statements intended to significantly improve financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also published a third Exposure Draft that would establish requirements for pensions and pension plans that are outside the scope…
June 13, 2014
Thomson Reuters has released a special report for employers, accounting firms, and other professionals who advise business clients, Get Ready to Play or Pay: Employer Shared Responsibility Under Health Care Reform. The report highlights key provisions employers must understand to avoid tax penalties related to the Affordable Care Act.
June 10, 2014
Non-equity partners don’t usually have the same “rights” that equity partners have: a vote, capital buy-in, goodwill-based retirement benefits, obligation to pay retirement benefits to others, legal liability and a share in the profits.
June 5, 2014
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.
June 4, 2014
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.
June 4, 2014
About 10,000 Baby Boomers will turn 65 every day until around 2030. That's a lot of retirement parties, but it's also something that should have them thinking about what they're going to do after they leave the office for the last time.
June 3, 2014
You've met Mr. or Mrs. Right and fallen in love, set the date and picked out the dress, but have you talked about your finances? Before taking the vow of “for richer or poorer,” it is important to discuss your current financial situations and determine how finances will be handled during marriage.
June 2, 2014
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…
May 29, 2014
When a worker changes jobs, what do they do with their 401(k) or other employer-based retirement savings? That's a question of increasing interest and concern to policymakers and employers alike.
May 28, 2014
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…