Monthly Archives: May 2011

New Rules for Retirement Plan Fiduciaries

The Department of Labor has promised to update the retirement plan landscape and has delivered some of the most significant changes since the passage of ERISA in 1974. Three major rule changes are scheduled for the near future. All retirement plan fiduciaries and administrators should be aware of them. #1: “Covered service providers” must fully describe their services & fees. This rule was supposed to take effect in July, but the date has been pushed back to January 1, 2012. It requires “covered service providers” (financial advisors, consultants or third-party administrators who expect to receive $1,000 or more in direct … Read more

Posted in Commentary, Executive Compensation, Recent Posts |

Audits up for the Affluent

In 2011 we saw more audits for successful Americans On March 14th, the Internal Revenue Service released the 2010 IRS Data Book. Confirming the anecdotes we’re hearing from clients, the Book reported a number of interesting, and concerning statistics. IRS audits are up nearly 8% for the wealthiest 2% of Americans. The IRS audited 18.4% of 2010 tax returns filed by taxpayers with adjusted gross incomes above $10 million. That’s up from just 10.6% for 2009. Taxpayers with AGI between $5 million and $10 million were also targets. Audits increased by 55% for this group in 2010 (the percentage of … Read more

Posted in Commentary, Recent Posts, Taxes |