Resources - Novak Francella | Certified Public Accountants

IRS Announces New Pilot “Pre-Audit” Compliance Program for Retirement Plans

June 21, 2022

IRS launched a pilot pre-audit program for retirement plans. Plans get 90 days to self-review and correct issues using EPCRS. If they respond, IRS may agree or conduct further examination. If not, full audit follows. Program aims to reduce burden and IRS exam time. Full details pending.

DOL Form T-1

March 31, 2021

Update: The OLMS will not seek to enforce the filing of the Form T-1 for one year from the original due date. Office of Labor-Management Standards (OLMS) published a final rule on May 30, 2019 establishing a Form T–1 Trust Annual Report which requires annual reporting by Form LM-2 filing labor organizations on financial information […]

American Rescue Plan Act - Information for Labor Unions and Benefit Funds

March 17, 2021

On March 11, 2021 the American Rescue Plan Act became law. It makes important changes to relief available for Labor Unions and Benefit Funds. Please see our bulletin for additional information. ARPA Bulletin

DOL proposes changes to Form LM-2

October 7, 2020

The Office of Labor-Management Standards (OLMS) Department of Labor (DOL) is expected to publish a Notice of Proposed Rulemaking (NPRM) to modify the existing Form LM-2 and to establish a LM-2 Long Form (LM-2 LF). Please follow this link for our client bulletin: Bulletin Copies of the draft LM-2 and LM-2 Long Form can be […]

CARES and Families First Payroll Protection Acts - information for Benefit Funds and Labor Unions

April 1, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act both provide potential relief for nonprofit associations. We are still awaiting important details on the many provisions of the Acts, but we wanted to provide a summary of some of the programs which will be of interest to our […]

We're Open for Business

March 31, 2020

Our firm has been deemed “Life Sustaining” which allows us to remain open. Please see our bulletin regarding our ongoing operations: We're Open for Business

CARES and Family First Acts provide potential relief for Unions

March 31, 2020

CARES Act and Families First Coronavirus Response Act offer relief for nonprofit associations, including unions. Key programs of interest to union clients are summarized. Details on many provisions still pending. Updates will follow as more information becomes available.

IRS Extends Filing Deadline

March 25, 2020

The Treasury Department and the Internal Revenue Service has provided special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak, by extending the 2019 tax filing deadline from April 15, 2020 to July 15, 2020. Please see our bulletin below for more information: Bulletin

COVID-19: Our Response & Resource Plan

March 17, 2020

Please see the bulletin below providing information regarding our response and current resource plan: COVID-19 Response

2020 Tax Rates and Limits

January 13, 2020

We have provided a summary listing the Tax Rates and Limits in effect for 2020. The list includes payroll tax limits, the standard mileage rate as well as other limits. 2020 Rates and Limits Please contact us for additional information

2019 Automobile Rules Bulletin

January 13, 2020

The taxable income resulting from the personal use of automobiles provided by an employer is computed by the employer using guidelines established in the Internal Revenue Service regulations and must be reported on a Form W-2, Employee Wage and Tax Statement. This information is required to enable the employees to prepare their individual tax returns. […]

Parking Tax Repealed

December 20, 2019

Both the House of Representatives and the Senate passed a bipartisan tax bill that includes the repeal of the unrelated business income tax (UBIT) on transportation and parking benefits. Follow this link for our client bulletin: Read the full bulletin

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