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Tag: DepartmentofLabor

Employment Tax Filings for Nonprofits: How to Ensure Compliance with IRS Rules

By Linda Curro Nonprofit organizations frequently form organically, in response to a need in the community. The people who establish and run them are usually concerned citizens and activists, passionate about the cause, but often less knowledgeable about the operational and financial aspects of running a nonprofit organization. However, it is critical for nonprofit leaders to understand business and finance, particularly when it comes to employment tax compliance. Failure to properly...

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Changing Overtime Rules? New Recommendation Could Change Who Qualifies

By Laura Melville Under current regulations, employees are exempt from overtime pay if they meet three criteria: the employee must be salaried, perform executive, administrative or professional duties, and earn more than $455 per week, or $23,660 per year. The current salary threshold was enacted in 2004. But that salary threshold could be increasing, as the U.S. Department of Labor last year recommended raising the salary criteria to $913 per week, or $47,476 per year. (The rule...

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How Proposed Changes to Form 5500 Could Impact Your Filing Requirements

By Wiss Associate If your company has an employee benefit plan, you should be familiar with IRS Form 5500, the form you use to report activity regarding your retirement and welfare plans. On July 11, 2016, the U.S. Department of Labor (DOL) proposed revisions to Form 5500 and the related schedules in an effort to promote more thorough monitoring of plans by employers, fiduciairies, participants and, of course, the DOL. Here are some of the changes and how they could significantly...

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What’s your Responsibility to Find Missing 401(k) Plan Participants?

By Craig Erickson  As the fiduciary of a 401(k) plan, you are responsible for retirement plan participants, even if they’ve left your company with no forwarding addresses or you have contact information that’s no longer valid. If employees work at your company long enough to take part in your 401(k) plan, and then disappear, moving from state to state, taking a series of jobs,  how responsible are you for tracking them down? When a participant cannot be located via routine delivery...

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