| NEWEST DEVELOPMENTS |
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Retirement Plan Loans
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Getting the Maximum Loan Amount Right
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| The IRS released guidance on the maximum amount that an employee can borrow from a retirement account. A plan loan may not exceed the lesser of (1) $50,000, reduced by any excess of (i) the highest outstanding balance of loans during the one-year period ending the day before the date on which the loan is made, over (ii) the outstanding loan balance on the date the loan is made or (2) half of the participant's account balance. When a participant has taken multiple loans and repaid them during the year, it was previously unclear whether the highest loan balance was a combination of the loans that have been repaid or the balance of the larger loan. Ether amount can be used to determine the maximum loan amount. Subscribe to Read More |
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Health Benefits
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Small Businesses Must Mind the Details in Group Health Renewal Offers
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| Many small business owners who have health care insurance renewals with smaller than usual increases should pay attention to the details of the renewal policy. For example, new policy terms may not reimburse based on average charge for health care providers in the area but now use a percentage of what Medicare would normally reimburse. In many cases, this change can lead to substantial decreases in the benefits that are being provided. Further, changes on reimbursement for prescription drugs can also reduce the benefits resulting in a policy that is actually worth less. Subscribe to Read More |
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Fringe Benefits
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Qualified Transportation Programs and Employees' Use of Personal Vehicles
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| Many employees may wonder if it is permissible to offer tax-preferred reimbursement for use of employees' vehicles in carpooling. In most cases, however, employee vehicles cannot qualify as "commuter highway vehicles". In order to qualify, the vehicle must be capable of transporting six or more adults (not including the driver), and the number of employees transported to or from work must be at least half of the vehicle's seating capacity. Further, at least 80 percent of the vehicle's annual mileage must be used to transport employees between work and home. Subscribe to Read More |
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| FEATURED ARTICLE |
The Fool-Proof Inherited IRA
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| Inheriting an IRA has become a much more frequent occurrence in recent years—meaning that clients will increasingly have questions regarding the rules governing these accounts. Unfortunately, when it comes to inherited—or "stretch"—IRAS, the IRS has imposed relatively strict rules that often cannot be corrected once violated. This places a premium on knowing the rules of the inherited IRA game in advance so that clients can maximize the value of this growing source of tax-preferred wealth without regrets. Subscribe to Read More |
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Tax Facts Online: |
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About The National
Underwriter Company: |
| For over 110 years, The National Underwriter Company has been the first in line with the targeted tax, insurance, and financial planning information you need to make critical business decisions. With respected resources available in print and online, National Underwriter remains at the forefront of the evolving insurance industry, delivering the thorough and easy-to-use resources you rely on for success. |
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| Contact Us: |
| Tax Facts Online offers core content in the areas of Insurance, Employee Benefits, and Investments. Feel free to contact Rick Cline, Managing Editor, at rcline@alm.com, for more information or visit TaxFactsOnline.com for more information about the range of useful topics that are covered with a Tax Facts Online subscription. |
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