Audit & Accounting Update: May 18, 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

New Revenue Recognition Resource Center goes live
RSM US LLP recently launched a Revenue Recognition Resource Center with information about the new guidance in FASB ASC Topic 606.
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IRS permits self-certification for safe-harbor hardship distributions
Two recent IRS memorandums provide guidance on plan participant hardship distribution substantiation requirements.
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Audit & Accounting Guide for employee benefit plans updated
The American Institute of Certified Public Accountants Audit & Accounting Guide, Employee Benefit Plans, was recently updated.
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Proposed reporting on financial statements of plans subject to ERISA
A recent AICPA proposal addresses the auditor reporting model for audits of employee benefit plans that are subject to ERISA.
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Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Employee Benefits Update: April/May 2017

This issue’s topics include:

Understanding IRS determination letter program changes
How changes affect individually designed retirement plans

Since the beginning of the year, sponsors of individually designed retirement plans generally have no longer been able to receive a periodic official regulatory compliance seal of approval from the IRS in the form of a routine determination letter. While this has been a source of concern to many plan sponsors and their advocates, options remain. This article summarizes the reasons for the change, the option of a mass-submitter plan and possible problems brought on by the change. A sidebar reviews some of the industry concerns about the change.

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The uncertain future of Form 5500
Will compliance burden increase?

January 1, 2019, might seem like a long way off, but to critics of the Department of Labor’s proposed overhaul of Form 5500, it’s right around the corner. That’s because proposals will require setting up systems to collect and report detailed data. This article reviews the proposal’s rationale, as well as industry concerns.

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Be prepared for your next — or first — QDRO

Domestic relations orders entitle an “alternate payee” to a portion of a participant’s retirement benefits. However, it’s up to the plan sponsor or administrator to determine whether the order is qualified, making it a qualified domestic relations order. The article discusses common errors that plan sponsors encounter when qualifying a domestic relations order and how to handle the rejection of an order.

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When is it best to claim Social Security?
Online “claiming strategy” tools to help your employees

Employees’ retirement timing decisions will depend on a variety of factors, including their accumulated vested assets in an employee benefit plan. Another key variable is Social Security. But the Social Security benefit “claiming strategy” that’s best for them isn’t always easy to determine. This brief article highlights online Social Security benefit calculators that can help.

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Compliance alert

This feature lists a few key tax reporting deadlines for April and May.

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Want to learn more?

Join our Employee Benefit Plan Resources group on LinkedIn for more frequent updates on recent developments and best practices and discuss related topics with your peers.

Join the Group

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Tax Update: February 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Border Adjusted Tax proposals may impact exporters and importers
A new destination-based tax regime may be part of comprehensive tax overhaul, but details remain unclear.
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New revenue recognition guidance is looming
Even though the tax rules have not changed, a change in book recognition could create a change in the tax method of accounting.
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Employee stock ownership from three perspectives (video)
Employee stock ownership plans can be attractive to business owners, employees and companies overall. Anne Bushman discusses the benefits.
Watch now

Final rules require 5472s from foreign-owned disregarded entities
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Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Employee Benefits Update: February/March 2017

This issue’s topics include:

Get your fiduciary house in order
DOL’s newest regulations require plan sponsor action

The majority of the U.S. Department of Labor’s complex regulations mandating fiduciary status for individuals dealing with retirement investment decision-making involve investment advisors. But the regulations, which are scheduled to take effect on April 10, 2017, also require plan sponsors to take certain steps. Remember, plan sponsors are always the fiduciary, and the regulations expand the definition of fiduciary status. A sidebar discusses the distinction between investment education and investment recommendations or advice.

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Who’s to blame?
Court equitably apportions fiduciary misdeeds

When a fiduciary breach occurs, some fiduciaries may be more culpable than others. And when that’s the case, the court can order those parties to indemnify other fiduciaries who were, despite their technical status as fiduciaries, without blame. This article summarizes a recent case of the U.S. Court of Appeals for the Seventh Circuit where the court equitably apportioned relief in a fiduciary duty setting.

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Hardship withdrawal programs require strict administration

While not required, most 401(k) plans offer a hardship withdrawal option. The IRS recently updated its guidance on how plan sponsors can remedy errors in the administration of hardship withdrawals. This article highlights the basics of hardship withdrawals and how to correct mistakes when administering a hardship withdrawal program.

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2016 vs. 2017 retirement plan limits

This chart contains updated retirement plan limits for 2017.

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Compliance alert

This feature lists a few key tax reporting deadlines for February through April.

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Want to learn more?

Join our Employee Benefit Plan Resources group on LinkedIn for more frequent updates on recent developments and best practices and discuss related topics with your peers.

Join the Group

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Employee Benefits Update: Year End 2016

This issue’s topics include:

Using eligibility rules to control plan enrollment

Plan sponsors have more flexibility than they may realize when it comes to setting eligibility rules for 401(k) plan participants. Even though ERISA sets many rules for eligibility, plan sponsors have leeway to meet the demands of the employment market. This article offers some thoughts for plan sponsors to consider when determining plan enrollment.

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Too many investment options may increase litigation risk

Giving plan participants a wide range of investment options is a good thing — but only to a point. That’s one of multiple allegations in recent class action lawsuits filed against several prominent universities. This article reviews recent litigation, and offers a cautionary note for plan sponsors who offer a high number of investment options.

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Where’s Waldo?
Locating missing plan participants

It’s not uncommon for previously active employed plan participants to fall off the radar screen. They include retirees and former employees that move away without informing the plan administrator. Before anyone realizes it, they become “lost” participants. This article sets out the steps to take when dealing with these participants.

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IRS permits high-earner Roth IRA rollover opportunity

As highly compensated employee (HCE) 401(k) plan participants approach retirement, a potentially useful tax-efficient IRA rollover technique may be a valuable savings tool. This brief article reviews IRS rules about how HCEs can allocate both pretax and after-tax employee contribution 401(k) assets between standard and Roth IRAs.

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Compliance alert

This feature lists a few key tax reporting deadlines for December and January.

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Want to learn more?

Join our Employee Benefit Plan Resources group on LinkedIn for more frequent updates on recent developments and best practices and discuss related topics with your peers.

Join the Group

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Employee Benefits Update: October/November 2016

This issue’s topics include:

Small employers on notice
Fiduciary focus important for any size employer

One recent lawsuit alleging fiduciary duty violations caught the attention of many in the employee benefits business not because of the nature of the charges, but instead because it involved a small employer. A string of large employers have faced similar charges and ultimately compensated participants. Even though the plaintiffs later withdrew their complaint, this article examines why the filing of this case matters. A sidebar offers several methods of allocating recordkeeping fees equitably among participants.

Damberg et al v. LaMettry’s Collision Inc., 0:16-cv-01335 (Minn. D.C. 2016)

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IRS places high priority on retirement plan internal controls

When IRS examiners check under the hood of many retirement plans, they often find a lack of sufficient internal controls. The consequences can be severe — even if an IRS audit doesn’t turn up any other problems. The worst-case scenario? Theft of plan assets that is financially damaging to participants and your company, and can also lead to plan disqualification. This article highlights the importance of internal controls for both retirement plan sponsors and their service providers.

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Fair Labor Standards Act update
New employee exempt status threshold rules affect retirement plans

Changes to the Fair Labor Standards Act (FLSA) that take effect December 1 could have implications for retirement plans. The changes affect what forms of compensation businesses use to calculate employer contributions to their qualified retirement plans and determine highly compensated employee (HCE) status. This article reviews the new exemption rules and how they affect retirement plans.

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Hybrid pension plan interest credit rule amendment deadline nears

The deadline for hybrid pension sponsors to adopt plan amendments bringing them into compliance with key provisions of final IRS hybrid plan regulations is fast approaching: January 1, 2017 (2019 for collectively bargained plans). This article reviews the deadline for transitional amendments to satisfy the regulations’ market rate-of-return rule.

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Compliance alert

This feature lists a few key tax reporting deadlines for October and November.

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Want to learn more?

Join our Employee Benefit Plan Resources group on LinkedIn for more frequent updates on recent developments and best practices and discuss related topics with your peers.

Join the Group

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Tax Update: October 2016

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the McGladrey Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Employment tax and employee benefits: 5 issues for growing companies
A growing workforce means growing tax and employee benefit challenges.
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Are you ready for your business’ succession?
Important owner readiness considerations.
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2017 fixed asset management primer
Assess and improve your fixed asset strategy and implement best practices that can maximize efficiency, accuracy and benefits.
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International tax controversy: New developments and opportunities
Our tax professionals will discuss new IRS developments that affect international tax controversy matters in this webcast.
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Proposed 2704 regulations have significant life insurance implications
Proposed 2704 regulations: Loss of discounts could materially impact liquidity needs and planning with existing policies.
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Frequently asked questions on country-by-country reporting (CbCR)
A guide for multinational corporations regarding country-by-country reporting questions and BEPS.
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First steps to finding the right tax department resource balance
Redesigning your tax department? Assess your current state first. These three questions will help direct you to optimal tax resource management.
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Retailers must be mindful of gift card tax pitfalls
Retailers should assess gift card procedures including an annual review of reporting, sales tax, unclaimed property and more.
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Is your sales force creating nexus around the country?
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Foreign federal contractors must act quickly to avoid 2% excise tax and penalties
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Will your health plan trigger IRS penalties?
Read more

Source: RSM US LLP
Used with permission as a member of the McGladrey Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: August 2016

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the McGladrey Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

5 myths that keep companies from filing for WOTC
Mistaken ideas about the Work Opportunity Tax Credit (WOTC) keep many employers from realizing tax savings.
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The future of carried interest?
Carried interest is always a hot topic in partnership taxation. Is change coming and, if so, what might it look like?
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Minnesota Supreme Court upholds partial MTC repeal
Minnesota Supreme Court holds the enactment of the MTC did not create a contract prohibiting the state from partially repealing the law.
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What’s the deal with sales and use tax on remote purchases?
Growth in remote purchasing has states seeking ways to collect the sales tax funds they are due, holding both retailers and consumers responsible.
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Tax planning for high net worth individuals immigrating to United States
Understand the U.S. income, gift and estate tax exposures of immigrating to the United States.
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BEPS will mean higher costs and uncertainty for middle-market companies
A 2016 survey commissioned by RSM and conducted by Euromoney Institutional Investor found middle-market companies face major impact from BEPS.
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Research tax credit limitations for partners and S corporation shareholders
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IRS addresses deferred revenue treatment in taxable stock acquisition
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Source: RSM US LLP
Used with permission as a member of the McGladrey Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

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