October 19, 2020
As a business owner, are you certain your workers are classified correctly, as either employees or independent contractors? Do you know those who should be participating in your retirement plan or not?” If you’re a California employer, you are probably aware AB5, the law that makes gig workers such as Uber and Lyft, classify their drivers as employees. Currently on the November ballot is Proposition 22, that aims to exempt these ride-sharing and food-delivery firms from AB5.
August 31, 2020
The Internal Revenue Service (IRS) has announced it is extending relief to plan participants whose spouses are laid off and who take COVID-related distributions or loans from their retirement accounts. The IRS in Notice 2020-50 (Notice) expands the categories of individuals eligible for COVID-19 distributions and loans.
July 17, 2020
In the past, the government has required anyone over the age of 70½ to withdraw a minimum amount of funds from their retirement plan. Beginning in 2020, you can suspend taking your Required Minimum Distribution (RMD), since this change in the law was contained in the CARES Act. When the CARES Act was signed into law March 27, 2020 many people had already taken their RMD and would not have withdrawn funds from their retirement accounts, if they had known this was not a requirement.
July 17, 2020
Many successful businesses have the very popular 401(k) Plan for their employees. Employees who participate in those plans are responsible for tracking, managing, and consolidating retirement accounts as they move from job-to-job, which is not always an easy task. It is estimated that 30% of employees have left a retirement account at their previous employer. Surveys indicate 43% are “GenXer’s” and 35% are “GenYers.”
June 12, 2020
Congress is giving employers up to $15,000 to start a retirement plan for their employees. The newly adopted SECURE Act provides for an optional tax credit for up to three years for qualified startup costs paid or incurred by an eligible employer to establish an eligible employer plan. The credit is for new plans effective after 12/31/2019. Learn how this could be advantageous for your business in this timely and informative article by Robert Gorelick, APA, Founder of Benefit Equity, Inc.