Archive for November 2014
IRS Checklist for 403(b) Plans
403(b) plans have been a benefits staple of nonprofit organizations for many years. Up until 2009, the Internal Revenue Service and Department of Labor paid these plans very little attention; regulatory guidance was sparse and reporting requirements minimal. This all changed when ERISA-covered plans were required to look and feel much more like their qualified…
Read MoreGSA Q&A: How Can State and Local Government Customers Use the GSA Schedules?
Note: In the interest of space, we reference below several terms and acronyms that are common in the schedules world such as BOA, IFF and CAV, but have not included full definitions of each. If you are not familiar with those concepts or need to brush up on their definitions and all the schedules basics, please…
Read MoreIRS Releases New Guidance for ACA Compliance
The IRS released fact sheets 2014-09 discussing the Affordable Care Act (ACA) as it pertains to individuals, and 2014-10 discussing the ACA as it pertains to employers. These fact sheets provide a helpful overview in gaining a broad understanding of essence of the ACA. In short, all individuals, with very limited exceptions, must have insurance…
Read MoreYou May Have More Time to Comply with the New Revenue Recognition Standards
The FASB and IASB have identified areas requiring additional research and discussion As it stands today, the new revenue recognition standard is effective for annual and interim reporting periods beginning Jan. 1, 2017 for public companies and Jan. 1, 2018 for private companies. However, due to multiple requests received by the Boards to delay the…
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