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Finance/Taxes

Plan to Cap Retirement Funds May Reach Beyond the Wealthy

May 17, 2013
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A Washington-based think tank says the Obama proposal would affect 20 percent of Americans ages 25 to 64 with retirement plans that could hinder incentives to save money.
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There's No Such Thing as a Free Lunch

May 2, 2013
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Silicon Valley's tech companies are famous for the perks they offer to lure the best and brightest employees. One such perk—elaborately gourmet free meals. Never one to leave money on the table, the IRS is reportedly examining the taxability of these meals.
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Law Firm Ordered to Restore Retirement, Pension Plan Assets

January 23, 2013
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Eichholz Law Firm P.C. and former Managing Partner Benjamin Eichholz breached their fiduciary responsibilities under the Employee Retirement Income Security Act by improperly transferring and lending plan assets to prohibited recipients.
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NHL Players Score New Pension Plan

January 23, 2013
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The defined contribution plans, created during the last league lockout in 2005, will be restructured into voluntary contribution plans and neither plan will be terminated.
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Higher Financial Penalties Proposed for Uninsured Massachusetts Residents

January 11, 2013
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In 2012, the maximum penalty for non-compliance was $105 a month, or $1,260 a year. The maximum penalty this year for those with incomes that exceed 300 percent of the federal poverty level will be $106 for each month that an individual is not covered by health insurance, or $1,272 a year.
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No-Strings-Attached Roth 401(k) Conversion Is Good Deal—for Select Few

January 4, 2013
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Until now, to make such a distribution without incurring a 10 percent penalty, workers must either have been retiring, terminating their job with their employer or turning 59½. But under the new law, employees can move their traditional 401(k) to a Roth version of the account without those events and without the penalty.
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IRS Rules Ease Compliance With Health Reform Law Employer Mandate

January 2, 2013
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The massive $2,000-per-full-time-employee penalty will not apply so long as employers offer coverage to at least 95 percent of their full-time employees and their dependents up to age 26, the IRS said.
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Tax Bill Will Reduce 401(k) Taxes, Ease Fund Transfers

January 2, 2013
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A provision tucked into the American Taxpayer Relief Act will expand the opportunities for employees to transfer funds from traditional 401(k) plans to Roth 401(k)s. Employees who are in lower tax brackets now compared with when they retire will reap big tax savings from such transfers.
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Changes in Tax Rules Could Cut 401(k) Plan Sponsorship: Survey

December 14, 2012
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Almost half of employers, 46 percent, said they would consider dropping their plans under the 28 percent tax credit scenario, while one-third would do so in the event of a limited tax exclusion or under the 20-20 proposal.
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