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...
Preparing for a DOL Audit
SELF-AUDIT OF A RETIREMENT PLAN
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
Are Bonuses Really Taxed Higher?
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
Q&A on Healthcare Worker Bonus Program
Internal Controls – Cerini Short
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.
Preparing for a DOL Audit
Feb 6, 2023
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
Feb 6, 2023
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
Feb 6, 2023
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
Jan 20, 2023
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?
Dec 20, 2022
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
Aug 31, 2022
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
Aug 22, 2022
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
Aug 19, 2022
*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...