Caron Bletzer News

C&B Runners Go the Distance

Congratulations to team Caron & Bletzer for their outstanding effort in the 21st Annual Cigna/Elliot Corporate 5K Road Race in Manchester, NH!  The race is a celebration of health and fitness and a great way to build team spirit.  Our women's team finished 25th out of 116 teams while the men were 65th of 99.  Great job everyone!    [caption id="attachment_115" align="alignnone" width="300"] Team Caron &...

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DOL Extends 404(a)(5) Participant Fee Disclosure Deadline

The Department of Labor ("DOL") issued Field Assistance Bulletin (“FAB”) 2013-02 on July 22, 2013, extending the deadline for plan sponsors to make their second round of required 404(a)(5) participant fees disclosures.  The 404(a)(5) regulations, effective in 2012, required plan sponsors to provide certain fee disclosure information to participants by August 30, 2012.  The regulations also required that the disclosures be made annually to participants no later than the anniversary of the initial date...

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The Impact of the Unconstitutionality of DOMA on benefit plans

The Supreme Court of the United States, in its decision handed down on June 26, 2013, found the Defense of Marriage Act, which was enacted in 1996, violates the U.S. Constitution.  The decision will have wide-ranging implications for individuals and employers, and we will begin to see some of these immediately. Same sex married couples must now be afforded the same treatment under federal law as any married couple, at least in states that recognize their...

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In-Plan ROTH conversions

As a result of the dreaded fiscal cliff negotiations, on January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012.  One of the provisions of this bill was to expand in-plan Roth conversions.  These new provisions may appeal to individuals who expect their tax rates to increase or to wealthy individuals who want to leave their retirement accounts to heirs.  In-plan Roth conversions were first introduced in 2010.  At the time the Small Business...

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C&B Tax Presentation on Itemized Deductions – Rescheduled for Wednesday March 20th

Caron & Bletzer, PLLC will be sponsoring a presentation entitled “Tax Deductions on Your 1040” at the Kingston Library on Wednesday, March 20, 2013 at 12:00.  The presentation will last about 45 minutes and be led by Kelly Root, CPA and Nora Tellifson, CPA.  Refreshments will be offered.  The Kingston Library is located at 2 Library Lane, Kingston, NH.  Come join us for your lunch...

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IRS Announces Update to EPCRS

At long last, the IRS has released their much-anticipated updated Employee Plans Compliance Resolution System (“EPCRS”) guidance, that allows, among other things, 403(b) plans to fully participate in the correction opportunities that program provides.  Revenue Procedure 2013-12 was released late in the afternoon on New Year’s Eve.  The 148-page document provides welcome guidance to 403(b) plan sponsors that have been unable to correct errors under existing guidance with any certainty. In general, the Rev. Proc. allows...

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Hardship Distribution and Participant Loan Requirements Relaxed for Hurricane Sandy Victims

The Internal Revenue Service (“IRS”) has recently relaxed 401(k) rules in order to provide relief to those adversely affected by Hurricane Sandy.  Participants in 401(k) and 403(b) plans, regardless of where of where they are live or work, may take a hardship distribution and use it to assist themselves, dependents, parents or grandparents who lived or worked in the disaster area.  Click the following link for a list of those counties (http://www.irs.gov/uac/Newsroom/Help-for-Victims-of-Hurricane-Sandy).  Further, the...

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Ann Driscoll Promoted to Principal

We are very pleased to announce that effective July 1, 2012, Ann T. Driscoll, CPA has joined the partnership as Principal.  Ann has been with the firm since 1999.  Prior to joining Caron & Bletzer, Ann served as Finance Manager at Healthsource Preferred, and as Audit Manager at Coopers & Lybrand (now PricewaterhouseCoopers, LLP).  While at the firm, Ann has concentrated her practice in ERISA and runs many of our most complex benefit plan engagements,...

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2013 Retirement Plan Limits Announced

On October 18, 2012, the IRS announced the new limits for 2013 and for a second year in a row some of the limits are increasing. The elective deferral (employee contribution) limit increases from $17,000 to $17,500 for 401(k), 403(b) and most 457 plans, however the “catch-up” contribution limit for participants over age 50 in those plans remains unchanged at $5,500. The §415(c)(1)(A) limit on total contributions to a defined contribution plan was raised from $50,000 to...

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408(b)(2) Fee Disclosures Extended to July 1, 2012

The Department of Labor has finally released the final 408(b)(2) fee disclosure regulations.  As had been hoped for, the fee disclosure reporting deadline for vendors to plan sponsors, discussed previously in our blog, has been extended from April 12, 2012 to July 1, 2012. The final regulation can be viewed here: Read More »