IRS expands list of preventive care for HSA participants to include certain care for chronic conditions
The Internal Revenue Service today added care for a range of chronic conditions to the list of preventive care benefits that may be provided by a high deductible health plan (HDHP). Notice 2019-45 (PDF), posted today on IRS.gov, lists the new...
Employers Should Review EEO-1 Guidance Before Pay-Data Reporting Deadline
The Equal Employment Opportunity Commission (EEOC) released a sample form, instructions and FAQs to help employers submit employee pay data—due to the agency by Sept. 30—sorted by job category, race, ethnicity and sex.
AICPA Issues Auditing Standards for Employee Benefit Plans and Annual Reports
The American Institute of CPAs’ Auditing Standards Board has released a pair of auditing standards related to the financial statements of employment benefit plans and transparency in annual reports.
National Taxpayer Advocate Nina Olson releases comprehensive report intended to improve EITC administration; publishes "subway map" of taxpayer’s journey through the tax system
National Taxpayer Advocate Nina E. Olson today released a special report on the Earned Income Tax Credit (EITC), which makes recommendations designed to increase the participation rate of eligible taxpayers and reduce overclaims by ineligible...
GASB Proposes Guidance on Internal Revenue Code Section 457 Deferred Compensation Plans
The Governmental Accounting Standards Board (GASB) has proposed new accounting and financial reporting guidance on Internal Revenue Code Section 457 deferred compensation plans (Section 457 plans). The Exposure Draft, Internal Revenue Code...
The father of the 401(k) on how his invention has reshaped retirement
In 1980, Ted Benna, owner of Pennsylvania benefits consulting company The Johnson Companies, developed the 401(k) savings plan, forever changing the way Americans save for retirement. In this podcast, Benna, now the owner of Benna401(k), a...
Why the TCJA Packs Even More Depreciation Punch
The Tax Cuts and Jobs Act (TCJA) combines powerful enhancements for the Section 179 “expensing” and “bonus” depreciation deductions. That’s an effective 1-2 punch that’s hard to beat. Given the TCJA's impact on deductions, there’s a good...
When the IRS is Lenient on Early Plan Distribution
Generally, distributions from qualified retirement plans like 401(k) plans and IRAs are subject to a 10 percent penalty for early withdrawals, but certain exceptions may apply. The IRS usually sticks to the strict letter of the law on these...
The Shifting Deduction Landscape Under the TCJA
Before the Tax Cuts and Jobs Act (TCJA), most moderate-to-high-income taxpayers itemized deductions on Schedule A, rather than claiming the standard deduction on their personal returns. Due to a few sizeable deductions, the amount often exceeded...
Before You Dismiss Mindfulness...
What comes to mind when you think of mindfulness? For many it’s an image of a yogi, a Buddha, or a wellness influencer. Maybe it’s a phone app or a fitness outlet. For me, it’s science. Mindfulness has become a buzzword synonymous with...

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    Why Everyone Should Be Paying Attention to the Medicaid Debate 

By CzepigaDalyPope LLC

While the American Healthcare Act or ACA (also known as Obamacare) has so far escaped the repeal-and-replace hatchet, the debate over how to restructure healthcare in this country is far from over.

One of the most controversial elements of that debate is Medicaid. Despite the broad news coverage on this topic, there is still a great deal of misunderstanding about what Medicaid is, who uses it, and how it’s spent.

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Limit Your Liability AND Reduce Your Estate Taxes: Get a QTIP Trust

By Paul T. Czepiga, CzepigaDalyPope LLC

Let’s set the stage. You are a professional service provider and are concerned about professional liability exposure. Or you are engaged in a business that is high risk and you are worried about being sued.

So your lawyer said put all your assets in your spouse’s name.

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  Connecticut CPA magazine feature
U.S. Department of Labor’s New Fiduciary Rule Now Applies
Expands definition of investment advice

By George J. Kasper, J.D., LL.M., Pullman & Comley; Member, CTCPA Employee Benefit Plans Interest Group

Last year the U.S. Department of Labor (DOL) released a controversial new fiduciary regulation (the “Fiduciary Rule” or “Rule”) and related exemptions that impact investment advisers to certain retirement plans, IRAs, and other similar arrangements. The Rule has garnered much attention due to its broad application not only to financial institutions and their advisers, but others who provide services to plan sponsors, participants, and retirement account owners as well. In the midst of ongoing debate, legal challenges, and a directive from President Trump, the DOL delayed the Fiduciary Rule “applicability date” until June 9, 2017.

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Obama’s Fiduciary Rule, After a Delay, Will Go Into Effect

New consumer protections requiring financial advisers to put their customers’ interests ahead of their own – at least when handling their retirement money – will take effect next month, putting to rest the question of whether they would be delayed further.

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Federal and Connecticut Estate Tax Tension: Two Big Reasons to Add a Trust to Your Estate Plan

By Paul T. Czepiga, CzepigaDalyPope LLC

Connecticut residents are exposed to both a federal estate tax and a Connecticut estate tax if their net worth at death exceed a certain level. Unfortunately, the net worth level at which these taxes apply, and how they apply, is different for the federal estate tax and for the Connecticut estate tax.

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Challenging a Will in Connecticut – What You Need to Know

By David Green, CzepigaDalyPope LLC

Contrary to popular belief, a Will or Last Will and Testament, isn’t always written in stone. Quite frequently, disputes arise over the contents of a Will and the parties who are at odds must seek outside help to resolve the issues. Because there are often conflicts of interest around such disputes, it’s important for each party to retain appropriate legal guidance to ensure that their rights are protected.

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  Connecticut CPA magazine feature
College Funding Survival in the Wake of Divorce

By John F. Pearson, CPA, CASL, Barnum Financial Group

I’ve been doing college funding workshops at Connecticut high schools for close to 10 years now, and I’ve met hundreds of high school parents looking for the “golden ticket” that is going to make paying for college somehow magically affordable.

By my count, about one in four appointments I have with workshop attendees are with single parents – typically moms. Late 40s, early 50s, divorced. As part of the settlement, she got the house and joint custody, but the children seem to spend the majority of time residing with her.

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  Connecticut CPA magazine feature
College Funding Advice: Should it Be Part of Your Practice?

By John F. Pearson, CPA, CASL, Barnum Financial Group

The average CPA in public practice in Connecticut is in his or her 50s. This means that, for most of us, paying for college for our kids is a present (or recent) reality – one that most of us would likely just as soon forget.  You’ve got a lot of clients who feel the same way.

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