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Non-profit entities, including schools and universities, that sponsor 403(b) retirement plans should begin the process of restating their plans to comply with current law. This is the first restatement cycle since the December 31, 2009 deadline for sponsors of 403(b) plans to adopt written plan documents. A 403(b) plan is similar to a 401(k) plan …
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It is no secret that a business which is owned by a private equity fund will eventually be sold. As part of the sale process, the potential buyer will examine the employee benefit documents and the plans’ operations to determine if there are any potential risks. If errors are found, the seller may be required …
Companies generally are allowed to deduct all ordinary and necessary expenses paid during the year to carry on a trade or business, including most expenses related to settlement of a lawsuit or claim relating to the business. But expenses such as illegal bribes and fines paid to the government for violation of any law are …