At one point the top hat was commonly found throughout American history and pop culture. During the 19th century, it served as a symbol of freedom sitting atop President Abraham Lincoln’s head as he navigated the country through the Civil War.
Social Security and Medicare taxes are collected under the Federal Insurance Contributions Act (FICA) and the Self-Employment Contributions Act (SECA). Many people refer to contributions to Social Security and Medicare as either FICA or SE taxes.
In March 2010, the Affordable Care Act was enacted to encourage small businesses and tax-exempt organizations to offer health insurance to their employees for the first time or continue the health care coverage they already provided.
Many nonprofits who sponsor ERISA 403(b) plans are not aware that they need an audit, because counting participants involves much more than knowing how many full-time employees the organization has or how many account balances are in the plan.
In a time when nonprofit organizations are facing higher demand for their services with fewer financial resources available to them, maintaining compliance with the ever-changing landscape of regulatory requirements is becoming increasingly difficult.
On February 13, 2014, IRS has issued final regulations that provide guidance to employers that are subject to the shared responsibility provisions for employee health coverage under Code Sec. 4980H , which was enacted by the Affordable Care Act (ACA).
Is Your Nonprofit Subject to the Employer Shared Responsibility Provisions of the New Health Care Act?
When last we saw the Winter Olympics transpire from Vancouver, British Columbia, Canada, Congress was putting the finishing touches on the 2049 pages of legislation known as the Patient Protection and Affordable Care Act (PPACA) for President Barack Obama to sign into law on March 23, 2010.
You are a nonprofit and your organization has a Code section 403(b) retirement plan But is an independent qualified plan audit required to be attached to the 5500 filing? Let’s look further into the requirements of a retirement plan to attach an independent qualified plan audit to the 5500 filing.
Many larger nonprofit organizations or sponsoring organizations of affiliated entities provide health insurance to its employees or affiliated entity employees under self-insured health plans.
Posted By Chris Ciminera, Supervisor I have been auditing a nonprofit organization for a few years now. The organization currently has a defined benefit plan and this year I was asked by our contact at the organization to provide some information on switching from a defined benefit plan (DB) to a defined contribution plan (DC). Specifically the organization was looking to switch … Continued