Tag Archives: Officers & Directors

IRS Guidance On Section 1446 Withholding Tax On Foreign Individual Partners Released


The Internal Revenue Service is publish a clarifying correction to fix potentially misleading information in its final regulations for reporting and withholding of foreign income by foreign financial institutions for 2014. As corrected, the correction with provide, “With respect to … Continue reading

Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax | Tagged , , , , , , , , , , | Leave a comment

J.P. Morgan Chase Hit For $461M For Madoff-Related Bank Secrecy Act Violations


The Financial Crimes Enforcement Network (FinCEN)  today fined J.P. Morgan Chase Bank, N.A. $461 million for willfully violating the Bank Secrecy Act (BSA) by failing to report suspicious transactions arising out of Bernard L. Madoff’s decades-long, multi-billion dollar fraudulent investment … Continue reading

Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax | Tagged , , , , , , , , , , , , , , , , , , , , , , | 1 Comment

IRS Shares Procedures To Seek Tax-Exemption Reinstatement For Non-Filers


Tax-exempt organizations that fail to file required returns on a timely basis risk losing their tax exemption under Section 6033(j) of the Internal Revenue Code (Code). Revenue Procedure 2014-11 provides potential opportunities for reinstatement through timely and appropriate action.  It … Continue reading

Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax | Tagged , , , , , , , , , , , , , , , | Leave a comment

IRS Reminds Financial Institutions About Foreign Account Reporting Requirements


Financial institutions creating accounts and entering registration information on the Internal Revenue Service (IRS) FATCA registration website about certain steps that they will need to take on or after January 1, 2014 — as originally announced in IRS Notice 2013-43. Announcement 2014-1 reminds financial institutions to act to meet the requirements and also provides general information concerning anticipated publication dates of final qualified intermediary (QI), withholding foreign partnership (WP), and withholding foreign trust agreements (WT). Continue reading

Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax | Tagged , , , , , , , , , , , , , | Leave a comment

Health Care Reform Adds New Cost Implications To Already Hot Worker Misclassification Risks


Businesses using non-employee workers should heed the recently announced expansion of the Internal Revenue Service (IRS) Voluntary Classification VCS Program (VCS Program) as yet another warning to clean up their worker classification practices and defenses for all workers performing services … Continue reading

Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax | Tagged , , , , , , , , , , | 1 Comment

13 Tips To Help Business Cope With Health Care Reform Now!


Since the Supreme Court’s June 28, 2012 National Federation of Independent Business v. Sebelius health care reform ruling upholding the “pay or play” mandates of the Patient Protection & Affordable Care Act (ACA), most business leaders, plan fiduciaries, health insurers, administrators of employment-based … Continue reading

Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax | Tagged , , , , , , , , , , | 1 Comment

12 Steps Every Business With Employee Health Plan Should Do Now To Manage Risks & Liabilities


While most employer and union health plan sponsors, fiduciaries and administrators are bracing to cope with “pay or play” and other mandates of the Affordable Care Act in 2014, many employer and other health plan sponsors are failing to take steps necessary now to manage already accruing exposures and costs arising from mandates applicable to their health plans under the Affordable Care Act and other federal regulations and to prepare to meet upcoming responsibilities.
Continue reading

Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax | Tagged , , , , , , , , , , | Leave a comment