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Welcome to Feeley and Driscoll's tax and business updates. These short articles address current tax planning, tax services, news, and business updates.
ERISA Section 408(b)(2), which became law effective July 1, 2012, requires the disclosure of fees and expenses charged to a participant’s 401(k) retirement plan and other “covered plans”. By providing disclosure of costs charged to participant accounts, plan fiduciaries can assess reasonableness of compensation, identify potential conflicts of interest and satisfy reporting and disclosure requirements under ERISA.
With the tax side of the fiscal cliff averted, there are a number of changes that were brought into law in 2013 with the signing of the American Taxpayer Relief Act of 2012. Most notably, the American Taxpayer Relief Act allows the Bush-era tax rates to expire for individuals earning over $400,000 (families earning over $450,000).
An emerging issue for many employers is how to treat an employee’s personal use of an employer provided cell phone. Here is where the employer needs to determine whether or not the cell phone use is considered a working condition fringe benefit. Working condition fringe benefits will help the employer to determine whether or not the benefit is excludable from the employees taxable wages.
Please contact Feeley & Driscoll's Boston Accounting team by Email or call us at 1 (888) 875-9770.
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