Payroll July 16, 2026
62% of Workers Say Working Harder No Longer Leads to Financial Progress
A majority of American workers no longer believe that increased effort at work leads to meaningful financial progress.
July 12, 2014
Pennsylvania Gov. Vows to Take Pension Reform to Public Vote
After more than a day of criticism from fellow state Republicans for allegedly failing to show leadership, Gov. Tom Corbett said Friday he has worked behind the scenes for long enough and will take his cause of pension reform to the public.
July 11, 2014
Retirement Plans for Small Businesses: The Keogh Plan Is Not Extinct
In the not-so-distant past, the Keogh plan was the hottest retirement planning commodity around. But like fax machines and VHS recorders, Keoghs are now regarded by many as relics. Nevertheless, this type of plan still might fit the bill for certain sole practitioners.
July 10, 2014
Small Business 401(k) Plans: Not a Nightmare Anymore, But No Fairytale Either
Once upon a time, an entrepreneur with just a handful of employees wouldn’t even think about starting up a 401(k) plan for the business. The administrative costs, as well as the complexity, could turn into a nightmare. But costs have come down in recent years and now the 401(k) is a viable vehicle for an…
July 2, 2014
Small Business Retirement Plans: SEPs Take the Easy Way Out
Most of your clients who are small business owners are consumed with their day-to-day operations. They usually don’t have the time, nor the inclination, to devote to administering a qualified retirement plan for employees, even though they also will benefit from it personally. For these harried entrepreneurs, a Simplified Employee Pension (SEP), also called a…
June 30, 2014
Starting a Qualified Plan for a Small Biz? It’s SIMPLE
SIMPLE. The name says it all. It stands for Savings Incentive Match Plan for Employees, a contrived moniker, but you get the picture. This type of qualified retirement plan, created back in 1996, is designed to provide an easy and convenient retirement plan option for small business operations.
June 30, 2014
Supreme Court Rules Businesses Don’t Have to Cover Contraception
In their 5-4 decision, the justices recognized for the first time that for-profit business such as East Earl, Pa.-based Conestoga Wood Specialties, owned by a Mennonite family, can hold religious views derived from their owners under federal law.
June 27, 2014
Should Your Clients Join the Rush to Roth IRAs?
Although it’s been almost five years since the floodgates were opened, we’re still seeing a steady stream of conversions to Roth IRAs. As long as Congress doesn’t clamp down on the rules, you can expect for this trend to continue.
June 26, 2014
Massachusetts Increases Minimum Wage to $11, Decreases Unemployment Insurance
Governor Deval Patrick signed legislation to increase the minimum wage in increments to $11 per hour by 2017. The law also lowers unemployment insurance costs.
June 22, 2014
Report Shows Who is Most Likely to Come Up Short on Retirement Savings
Will Baby Boomers and Gen Xers have enough money to live on when they retire, and if not, when will they run short? New modeling by the nonpartisan Employee Benefit Research Institute (EBRI) finds that those in the lowest-income brackets are most likely to run short, many in the first year of retirement.
June 18, 2014
GASB Proposes Improvements to State and Local Post Employment Benefits Reporting
On Monday, the Governmental Accounting Standards Board (GASB) published two proposed Statements intended to significantly improve financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also published a third Exposure Draft that would establish requirements for pensions and pension plans that are outside the scope…
June 13, 2014
How Employers and Accounting Firms Can Navigate Obamacare Penalties
Thomson Reuters has released a special report for employers, accounting firms, and other professionals who advise business clients, Get Ready to Play or Pay: Employer Shared Responsibility Under Health Care Reform. The report highlights key provisions employers must understand to avoid tax penalties related to the Affordable Care Act.
June 10, 2014
What’s the Difference Between a Low-Equity and a Non-Equity Partner?
Non-equity partners don’t usually have the same “rights” that equity partners have: a vote, capital buy-in, goodwill-based retirement benefits, obligation to pay retirement benefits to others, legal liability and a share in the profits.