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There is a new mandatory electronic filing requirement (known as "EFAST2") that now applies to your Form 5500 filings.
Read MoreWith the continued upward pressure on cost and pricing constraints imposed by Health Care Reform, insurers and health plans are exploring new ways to drive consumer and provider behavior.
Read White PaperEmployees and employers, now more than ever, need to take the appropriate steps to ensure that prudent decisions are made in respect to employees saving at an adequate deferral rate, establishing an appropriate asset allocation mix, and planning to replace income throughout their retirement.
Read White PaperIn January 2013, without new tax legislation, many taxpayers will be facing an increased federal tax burden. One way to shed the future tax burden on retirement assets is to do a Roth conversion in 2012 before these tax changes tax effect.
Read White Paper |
Recent Industry News |
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At the Summit |
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 February 2014
January 2014 Market Update
January 2014
Q4 2013 Capital Market Update Available!
October 2013
IRS Announces 2014 Pension Plan Limits
The Internal Revenue Service recently announced the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2014. September 2013
U.S. Treasury and IRS Revenue Ruling 2013-17
Guidance on Application of Same-Sex MarriageOn August 29th, the U.S. Treasury and IRS issued Revenue Ruling 2013-17 to address marriage of same-sex individuals for federal law purpopses. August 2013
DOL Provides Relief for Second Round of 404(a)(5) Disclosures
On July 22, 2013, the Department of Labor (DOL) issued Field Assistance Bulletin (FAB) 2013-02, which announced a transitional enforcement policy regarding the due date for the second round of 404(a)(5) participant disclosure regulations. July 2013
Defense of Marriage Act (DOMA)
Supreme Court Ruling Extends Federal Benefits to Married Same-Sex CouplesIn a 5-4 decision on Wednesday, June 26, the Supreme Court found that same-sex couples legally married under state law should receive federal benefits. The decision to overturn Section 3 of the Defense of Marriage Act (DOMA) will impact more than 1,100 federal statutes governing federal benefits.  February 2014
90 Day Waiting Period Requirement and Employee Orientation Periods
February 2014
Government Issues Final Regulations Regarding the "Pay or Play" Requirements of the Affordable Care Act
On February 10th the Internal Revenue Service and the Treasury Department issued "Final Regulations" governing the implementation of one of the next phases of the Affordable Care Act. This aspect of the law, called the "Employer Shared Responsibility" (ESR) is often referred to as the law's "Pay or Play" feature because it includes potential penalties for certain employers that fail to offer coverage that provides "minimum value" and that is deemed "affordable" under the law. This brief summary is intended to provide an overview of how the newly issued final regulations may apply to you. December 2013
End of the Year Action Items for Benefit Plans
As 2013 comes to a close, it's the time of year to review those end-of-the-year benefit plan "action items" that may require your attention.
November 2013
Action Needed: Defense of Marriage Act, Medicare Part D, HIPAA Privacy and Marketplace Exchange Notices
Action Needed: Defense of Marriage Act, Medicare Part D, HIPAA Privacy, and Marketplace Exchange Notices IRS Clarifies Federal Tax Treatment of Same-Sex Marriages: Assessing the Impact on Employee Benefit Plans In response to the June 26 Supreme Court ruling on the Defense of Marriage Act (DOMA), the Treasury Department has issued Revenue Ruling 2013-17, announcing that all legal same-sex marriages will be recognized for federal tax purposes. Effective September 16, a same-sex marriage legally entered into in any state will be recognized for all federal income, gift and estate tax purposes, November 2013
MA Health Connector Eliminates Section 125 Plan and HIRD Requirements
Massachusetts Health Connector Eliminates Section 125 Plan and HIRD Requirements On October 28th the Massachusetts Health Connector initiated significant changes to four key components of the Massachusetts Health Reform law. The changes, announced in Bulletin 03-13, took steps to eliminate a conflict between Massachusetts law and some provisions of the Affordable Care Act (ACA) and are designed to further align Massachusetts law with the ACA. Although the Bulletin announces the filing of legislation to enact the changes into law, it also says that the provisions should be considered effective immediately. The announced changes will repeal the following Massachusetts health reform provisions: -Section 125 plan requirement -The recently created Section 125 Notification requirement -Employer Health Insurance Responsibility Disclosure (Employer HIRD) report -Free Rider Surcharge (which provided for potential penalties for employers who failed to offer a Section 125 plan) November 2013
Flexible Spending Accounts (FSA) Use-It-Or-Lose-It Provision Modified
Flexible Spending Accounts (FSA) Use-It-Or-Lose-It Provision Modified The U.S. Department of the Treasury and the IRS on Thursday issued Notice 2013-71 modifying the longstanding "use-or-lose" rule for health flexible spending arrangements. Participants now can carry over up to $500 of their unused FSA balances remaining at the end of a plan year. According to Notice 2013-71: "An employer, at its option, is permitted to amend its [FSA] plan... to provide for the carryover to the immediately following plan year of up to $500 of any amount remaining unused as of the end of the year in a health FSA. The carryover... may be used to pay or reimburse medical expenses under the health FSA incurred during the entire plan year to which it is carried over. ...the amount remaining unused as of the end of the plan year is the amount [remaining] after medical expenses have been reimbursed at the end of the plan's run-out period for the year."  November 2013
New White Paper Available!
Net Investment Tax in 2013Starting in 2013 high income taxpayers [whose income is at or above $200,000] may be subject to two new Medicare taxes which consist of a 0.9% tax on earned income and self-employment income, and a 3.8% tax on net investment income. October 2013
Tips for Managing Your Finances After a Divorce
Summit Financial Strategies Financial Planning InsightAugust 2013
Clarifying the Home Office Deduction for both Employees and Business Owners
Summit Financial Strategies Tax InsightJuly 2013
Alternative Investments
Summit Financial Strategies Financial Planning InsightToday’s economic landscape is forcing us to reconsider what we thought we knew about diversification.
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Securities and advisory services offered through Commonwealth Financial Network, Member www.finra.org and www.sipc.org, a Registered Investment Adviser. Fixed insurance products and services, as well as benefits consulting and plan administration, offered by Summit Financial Corporation are separate and unrelated to Commonwealth. Fixed insurance products and services, as well as tax services, offered by Summit Financial Strategies, Inc. are separate and unrelated to Commonwealth. This communication is strictly intended for individuals residing in the states of AL, AZ, CA, CO, CT, DC, DE, FL, GA, IL, ME, MD, MA, MI, NV, NH, NJ, NY, OH, OR, PA, RI, SC, TN, TX, VT, VA. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services. |
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