Novak Francella
Novak Francella

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. […]
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Parking Tax Repealed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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Notice of OLMS Proposed Rulemaking: Form T-1 Trust Annual Report

May 30, 2019
The Office of Labor-Management Standards (OLMS) today published a Notice of Proposed Rulemaking (NPRM) to establish a Form T–1 to require annual reporting on financial information pertinent to “trusts in which a labor organization is interested”. Follow this link for our client bulletin: Bulletin Please contact us for additional information
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Offering COBRA to a terminated employee’s domestic partner

March 11, 2019
Domestic partners can be covered under employee COBRA plans but lack independent COBRA rights. Employers may offer "COBRA-like" rights through plan design. Self-insured plans have more flexibility than insured ones. Consult insurers and stay updated on plan documents and notice requirements.
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Novak Francella ranks first in number of multiemployer plans audited

February 1, 2019
At the 2018 International Foundation of Employee Benefit Plans annual conference the Department of Labor conducted a training session titled "Conversations with the DOL". Included in the presentation is the list of accounting firms that service multiemployer benefit plans and Novak Francella was listed as the firm servicing the most plans! Follow the link for […]
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IRS raises valuation limit for employer-provided vehicles

January 1, 2019
IRS updated valuation limit for employer-provided vehicles to $50,400 for 2019. Personal use must be included in employee income. Notice 2019-34 provides interim guidance on cents-per-mile and fleet-average rules. Revised regulations expected for 2018-2019 tax years.
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Keep a close eye on your employment records

January 1, 2019
Employers must protect confidential employment records. Key documents include pay, benefits, applications, and medical info. Separate sensitive data. Keep files secure, updated, and organized. Establish clear policies for access and use. Proper record management aids legal defense and improves HR processes.
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Walking on eggshells: ERISA compliance depends on plan documents

January 1, 2019
The Employee Retirement Income Security Act (ERISA) covers both defined-benefit and defined-contribution retirement plans. If your organization offers its employees either, you may feel like you’re constantly walking on eggshells trying to oversee all the regulatory details involved. One critical way to stay in compliance and avoid costly penalties is to ensure your plan operates […]
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DOL increases penalties for many labor law violations

January 1, 2019
DOL increased civil penalties for labor law violations in 2019. Key areas: minimum wage/overtime ($2,014), child labor ($12,845), and FMLA notice ($173). Other laws affected. Compliance crucial to avoid financial and reputational damage. Consult advisors to ensure adherence.
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Protect retirement plan fiduciaries through training, insurance

January 1, 2019
Employers sponsoring retirement plans must protect plan fiduciaries. Key steps: identify fiduciaries, provide proper training, and procure specific fiduciary liability insurance. Common mistakes include poor investment choices. ERISA fidelity bonds don't cover fiduciary breaches.
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2019 adjusted penalty amounts for health and other plans

January 1, 2019
The Department of Labor (DOL) announced in very late January the 2019 annual adjustments to the civil monetary penalties for a wide range of benefits-related violations. Legislation enacted in 2015 requires annual adjustments to certain penalty amounts by January 15 of each year. Because of the government shutdown, however, the 2019 penalties weren’t published by […]
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Fraud fact: Crooks prefer cash

January 1, 2019
Cash is a prime target for fraud. Three main categories: theft of cash on hand, theft of receipts, and fraudulent disbursements. Forensic experts trace cash paths, examine invoices for red flags, and scrutinize payroll records to uncover schemes like overbilling and ghost employees.
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