For a nonprofit organization, a board member can either be a valuable resource or a tremendous distraction. Effective board members can add to organizational effectiveness, infusing keen insight and ideas into the organization’s operations. Conversely, ineffective...

Last week, the New York State Comptroller’s office issued a report focused on the New York State nonprofit sector, utilizing data from 2017, the most recent data available. The report provided the following hi-lights: Nonprofits provided over 1.4 million jobs,...

On June 24th President Trump signed an Executive order directing Health and Human Services (HHS) to write rules within 3-6 months requiring Hospitals and Medical Providers to make their standard charges and negotiated pricing available in a consumer-friendly format....

On June 13, 2019, the Internal Revenue Service (IRS), Department of Labor and Department of Health and Human Services (HHS) issued a new regulation that is intended to increase the use of tax-favored health reimbursement arrangements (HRAs) as a means of expanding...

A few years ago, I worked on a case, where one shareholder was buying out her partner of over 30 years. The two of them, who were best friends when they started the business, had a falling-out, which made the buy-out very difficult. While they had a shareholder...

In today’s faced-paced business world, it’s challenging to find or make the time to serve our communities and give back. With thousands of nonprofit organizations existing on Long Island and in and around New York City, chances are you know someone who serves on a...

401(k) retirement plans often have a feature to allow participants to take a hardship distribution. These distributions come with stricter rules and regulations that plan management must follow. These include distribution amounts can only be taken from the...

Developing a pension plan document can be a difficult undertaking. When creating a plan document, the plan sponsor must be aware of not only IRS and ERISA regulations, but also of keeping administrative costs low while providing maximum benefit to their employees....

They say that no good deed goes unpunished. You establish a pension plan to help your employees provide for their retirement, and in so doing, you create a potential minefield of regulatory booby traps and compliance trip wires that can wind up costing you extra money...

If you have a pension plan, you have a fiduciary responsibility to ensure that your plan is compliant with regulations. You also have a responsibility to your employees, to help them to maximize their benefit under the plan. In order to meet these responsibilities,...