Employee Matters

Preparing for a DOL Audit

With the Department of Labor (“DOL”)’s recent expansion of audits of employee benefit plans it’s important to consider the various factors that may trigger an audit and whether or not your organization is at risk. While some plans are chosen at random, factors that...

SELF-AUDIT OF A RETIREMENT PLAN

A periodic self-audit of your company’s retirement plan is crucial to ensure compliance with rules and regulations set by governing bodies such as the Internal Revenue Service (“IRS”) and the United States Department of Labor (“DOL”). Selecting provisions for your...

Changes in Form 5500

The IRS Form 5500 is an annual report that’s filed with the U.S. Department of Labor that contains pertinent information about a pension plan’s financial condition.

Guest Article: Impact on Worker’s Compensation from COVID-19 Pandemic

The COVID-19 pandemic has presented many challenges for nonprofits making it difficult for them to operate as they have in the past. During this time, especially throughout 2020, many nonprofits and their employees were not able to offer in person services. Instead,...

Are Bonuses Really Taxed Higher?

It is the end of the calendar year and the holiday season which can mean for many employees their employer will be looking to reward a year of hard work with year-end bonuses. Both employees and employers can often be shocked and saddened when they see the net pay...

Employee PTO Donation Policy

For many, work and their co-workers can be like a family. As such, there are instances where employees may wish to “donate” earned paid time off (PTO) to other employees who may need it, typically to cover some sort of long-term medical condition or other emergency. This benefit is designed to be altruistic and allow co-workers to help another in need. Programs like this are especially popular now given the COVID-19 pandemic and the need to quarantine and isolate and to deal with potential long-term repercussions of the disease. However, there can be unseen tax consequences to these programs.

Healthcare Worker Bonus Clarification

On Friday, August 19, 2022, NYS did a townhall regarding the Healthcare Worker Bonus (HWB).  A recording of the webinar can be found here and a copy of the presentation from the NYS DOH can be found here.  There were several technical issues with the webinar which...

Q&A on Healthcare Worker Bonus Program

*Information as of August 17, 2022* Ken Cerini, Managing Partner and Edward McWilliams, Tax Partner of Cerini & Associates, LLP gave a background of the Healthcare Worker Bonus and answered participant questions. General Program Background:- Healthcare Worker...

Internal Controls – Cerini Short

Internal Controls Cerini Short In this Cerini Short, Nicholle Mezier, CPA, Manager explains Internal Controls. WHAT ARE INTERNAL CONTROLS? WHY DO WE NEED THEM? Internal controls are one of the most essential elements within any organization. Internal controls are put...

Internal Controls: The 5 Components

What are internal controls? Why do we need them?
Internal controls are one of the most essential elements within any organization. Internal controls are put in place to enable organizations to achieve their goals and missions.

Guest Article: 2023 Retirement Plan Limits

Guest Article: 2023 Retirement Plan Limits

2021 2022 2023 401(k)/403(b)/457(b) Elective Deferral Limit $19,500 $20,500 $22,500 Catch-up Contribution Limits:(for Plan Participants age 50 and older) 401(k)/403(b)/457(b) Plans $6,500 $6,500 $7,500 SIMPLE Plans $3,000 $3,000 $3,500 Traditional IRA/ROTH IRA $1,000...

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Preparing for a DOL Audit

Preparing for a DOL Audit

With the Department of Labor (“DOL”)’s recent expansion of audits of employee benefit plans it’s important to consider the various factors that may trigger an audit and whether or not your organization is at risk. While some plans are chosen at random, factors that...

read more
SELF-AUDIT OF A RETIREMENT PLAN

SELF-AUDIT OF A RETIREMENT PLAN

A periodic self-audit of your company’s retirement plan is crucial to ensure compliance with rules and regulations set by governing bodies such as the Internal Revenue Service (“IRS”) and the United States Department of Labor (“DOL”). Selecting provisions for your...

read more
Changes in Form 5500

Changes in Form 5500

The IRS Form 5500 is an annual report that’s filed with the U.S. Department of Labor that contains pertinent information about a pension plan’s financial condition.

read more
Are Bonuses Really Taxed Higher?

Are Bonuses Really Taxed Higher?

It is the end of the calendar year and the holiday season which can mean for many employees their employer will be looking to reward a year of hard work with year-end bonuses. Both employees and employers can often be shocked and saddened when they see the net pay...

read more
Employee PTO Donation Policy

Employee PTO Donation Policy

For many, work and their co-workers can be like a family. As such, there are instances where employees may wish to “donate” earned paid time off (PTO) to other employees who may need it, typically to cover some sort of long-term medical condition or other emergency. This benefit is designed to be altruistic and allow co-workers to help another in need. Programs like this are especially popular now given the COVID-19 pandemic and the need to quarantine and isolate and to deal with potential long-term repercussions of the disease. However, there can be unseen tax consequences to these programs.

read more
Healthcare Worker Bonus Clarification

Healthcare Worker Bonus Clarification

On Friday, August 19, 2022, NYS did a townhall regarding the Healthcare Worker Bonus (HWB).  A recording of the webinar can be found here and a copy of the presentation from the NYS DOH can be found here.  There were several technical issues with the webinar which...

read more
Q&A on Healthcare Worker Bonus Program

Q&A on Healthcare Worker Bonus Program

*Information as of August 17, 2022* Ken Cerini, Managing Partner and Edward McWilliams, Tax Partner of Cerini & Associates, LLP gave a background of the Healthcare Worker Bonus and answered participant questions. General Program Background:- Healthcare Worker...

read more