Chances are the benefits your organization offers employees are governed by the Employee Retirement Income Security Act (ERISA). This law was designed to protect individuals who participate in private pensions, retirement funds and other employee-sponsored plans. ERISA documents the minimum standards around documenting, funding and administering a plan. ERISA regulations can be complicated to understand. […]

We are pleased to announce that a new Member of the Firm, Robert A. Rabkin, has joined the Fairfield office. Bob has extensive experience in dealing with various tax related issues and shares Smolin’s commitment to excellence. As a sole practitioner for the last 25 years in his own practice and a prior partner in an […]

If your company offers sponsored benefits to employees, particularly those that offer retirement or health benefits, you are likely subject to ERISA regulations. The Employee Retirement Income Securities Act (ERISA) sets the standard for how employer-sponsored plans must be administered. Failing to adhere to these regulations can have costly penalties for both the company and […]

Employee-sponsored benefits are subject to federal ERISA laws. The Employment Retirement Income Security Act (ERISA) is a federal law that governs all benefits where employers cover some of the costs. Unless an organization is a government entity or religious organization, they are subject to ERISA regulations.   What does ERISA do? ERISA sets the minimum standard on how all employee-sponsored benefits must be administrated. This is […]

In May 2014, new rules were implemented regarding how revenue is recognized for reporting purposes. The Financial Accounting Standards Board (FASB), released Accounting Standards Update 2014-09, Revenue from Contracts with Customers. This far-reaching change can potentially alter how most businesses operate and will substantially affect those businesses that enter into contracts with customers. The updated standard no […]

The healthcare reforms provided by the American Care Act (ACA) affect businesses of every size. Understanding what is required can be complex. However, failing to be in ACA compliance can result in penalties that can quickly add up to the millions of dollars. It is in your organization’s best interest to plan for and implement changes needed to be […]

In 2010, President Obama signed the Affordable Care Act (ACA) into law. ACA significantly impacts how employers offer, administer and keep records regarding health care benefits. Businesses that are not in ACA compliance face extensive fines. To avoid costly consequences and penalties, it is important that your organization understands the requirements of the ACA and what steps your organization must take to achieve ACA compliance. […]

The Affordable Care Act (ACA) was enacted in 2010 as a way to reform health care in the United States. Employer mandates for providing health coverage go into effect between 2014 and 2018. Despite the fact that failing to meet ACA compliance deadlines can result in costly fines, many businesses seem ill-prepared to meet the compliance and reporting requirements imposed […]

In January 2014, the Financial Accounting Standards Board (FASB) issued an update for accounting guidance of Service Concession Arrangements No. 2014-05. This amendment specifically applies to an operating entity of a service concession arrangement entered into with a public-sector entity grantor when the arrangement meets both of the following conditions: The grantor controls or has […]