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  • IRS OKs student loan debt reduction program linked to 401(k)s February 19, 2019 Student loan debt can be a significant deterrent to many of your employees’ retirement savings efforts — not to mention an anxiety-inducing drag on their productivity. Combining student debt payment ...
  • Retirement plan limits: 2018 vs. 2019 February 19, 2019 The change of the new year also brought some changes in retirement plans for employees. See below for a listing of limit changes happening to plans this year so that ...
  • Are you ready for VCP electronic filing? February 19, 2019 As of April 1, you’ll no longer be able to file paper forms and use paper checks to pay fees under the IRS’s Voluntary Correction Program (VCP). Instead, you’ll have ...
  • COMPLIANCE ALERT February 19, 2019 Upcoming compliance deadlines: 2/15     Quarterly benefit statements due for defined contribution plans with calendar year plans 2/28     Deadline for filing paper 2018 Form 1099 with IRS (electronic filing deadline is March ...
  • Critical Audit Matters – CAMs February 12, 2019 Identifying CAMs: The new-and-improved auditor’s report Public company auditors have been conducting test runs to help them add critical audit matters (CAMs) to the auditor’s report. To comply with this new ...
  • AICPA to Align Audit Standards with Public Company Standards February 12, 2019 The AICPA’s Auditing Standards Board (ASB) is taking steps to enhance the consistency of financial reporting between public and private companies. A new omnibus auditing standard will cover standards on ...
  • Credit Loss Standards – Phase In Option February 10, 2019 New phase-in option for credit losses standard Bank regulators have completed a rule that will allow banks to phase in the capital effect of the new credit losses accounting standard ...
  • What is Form 1118? Corporation Foreign Tax Credit Form and Instructions January 31, 2019 The IRS has released a new Form 1118, “Foreign Tax Credit — Corporations,” and new instructions along with it. The agency notes that, to incorporate the provisions of the Tax ...
  • Iraq-based Worker Was Entitled to Foreign Earned Income Exclusion January 31, 2019 The U.S. Tax Court has determined in Wentworth v. Commissioner of Internal Revenue that a taxpayer who worked for a security company in Iraq was a “qualified individual” entitled to ...
  • Limit on FBAR Willful Violation Penalty Applies Annually January 31, 2019 A U.S. district court recently held in U.S. v. Shinday, et al., that the monetary limit on the penalty for willfully failing to file a Report of Foreign Bank and ...