DOL Expands Retirement Plan Options for Smaller Businesses

The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses to join forces in multiple employer plans (MEPs) that provide their employees a defined contribution […]

Measuring “Fair Value” for Financial Reporting Purposes

The standard for valuing certain assets and liabilities under U.S. Generally Accepted Accounting Principles (GAAP) is “fair value.” This differs from other valuation standards that may apply when valuing a security or business interest in a litigation or mergers and acquisitions (M&A) setting. FASB Guidance The Financial Accounting Standards Board (FASB) issued Accounting Standards Codification […]

IRS Posts 2017 Retirement Plan Limits

The Internal Revenue Service has posted cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. Highlights of changes for 2017 The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the saver’s credit all […]

IRS Proposes Regulations to Bar Discounts for Family Businesses

Valuation discounts are a significant component of estate planning. The IRS has used various legal theories to challenge discounts, but with limited success. In the most recent effort to curtail valuation discounts for family control entities (both active operating businesses and passive asset businesses, the IRS has issued new proposed regulations under section 2704 of […]