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Executive Order Calls for Minimizing Economic Burden of ACA

President Trump has signed an executive order calling upon federal administrative agencies to minimize the economic burden of the Affordable Care Act (ACA), pending repeal of the law. Until further guidance is issued or legislation is signed, however, all ACA requirements remain in effect, including penalties for noncompliance. In addition to making clear that the Trump administration seeks the prompt repeal of the ACA, the executive order specifically calls upon agencies to exercise authority and discretion to: Waive, defer, grant exemptions from, or delay the implementation of any ACA provision or requirement that would impose a fiscal...

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Envision your advisory board before you form it

Many companies reach a point in their development where they could benefit from an advisory board. It’s all too easy in today’s complex business world to get caught up in an “echo chamber” of ideas and perspectives that only originate internally. For many business owners, an understandable first question about the concept is: What should my advisory board look like? To find an answer, start by envisioning the ideal size and composition of your company’s board in terms of skill sets and personalities. The guest list First and foremost, participants in your advisory board should have skills, experience and expertise that complement your...

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PTO banks: A smart HR solution for many companies

“I’m taking a sick day!” This familiar refrain usually is uttered with just cause, but not always. What if there were no sick days? No, we’re not suggesting employees be forced to work when they’re under the weather. Rather, many businesses are adopting a different paradigm when it comes to paid time off (PTO). Under the “PTO bank” concept, employers merge most (or all) of the traditional components of excused absences (vacation time, sick time, personal days and so on) into one simple employee-managed account, typically offering not quite as many PTO days as under a traditional PTO system. One benefit...

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Is your business committed to its cost-control regimen?

At the beginning of the year, many people decide they’re going to get in the best shape of their lives. Similarly, many business owners declare that they intend to cut costs and operate at peak efficiency going forward. But, like keeping up an exercise routine, controlling costs takes an ongoing effort. You need to not only review expenses now, but also commit yourself to doing so regularly. Here are some key points to keep in mind. Choosing where to slim down A good cost-control plan starts by clearly identifying manageable expenses in every business area — no exceptions. Prime candidates include: ...

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Succession planning and estate planning must go hand in hand

As the saying goes, nothing lasts forever — and that goes for most companies. Then again, with the right succession plan in place, you can do your part to ensure your business continues down a path of success for at least another generation. From there, it will be your successor’s job to propel it further into perpetuity. Some business owners make the mistake of largely ignoring succession planning under the assumption that it’s taken care of within their estate plans. Others create a succession plan but fail to adequately integrate it into their estate plan. To avoid these mistakes, it’s important...

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Welcome F. Stephen Fishel!

Stephen Fishel joined SIMA Financial Group in 2016 and brings to the organization 40 years of experience in both corporate environment and public accounting. He has spent the last 25 years working with small to medium size businesses by providing accounting, tax and consulting services. A graduate of Virginia Commonwealth University with a bachelor’s degree in accounting and a master’s in business administration, Stephen uses his accounting, tax and analytical skills to educate clients on how their financial decisions impact the growth of their business, and providing sound, unbiased counsel to help clients make the financial and tax decisions that...

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2016-2017 Retirement Plan Compliance Calendar Checklist

For quick reference, a 2016-2017 Compliance Calendar Checklist for Retirement Plans is available on the SIMA website to remind plan administrators of key dates surrounding the annual plan year-end compliance process. Please contact us with any questions regarding the list or key dates at retirement@simafinancialgroup.com. View the calendar here. ...

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New Executive Order Calls for Minimizing Fiscal Burdens of ACA

President Trump has signed an executive order calling upon federal administrative agencies to minimize the economic burden of the Affordable Care Act (ACA), pending repeal of the law. Until further guidance is issued or legislation is signed, however, all ACA requirements remain in effect, including penalties for noncompliance. In addition to making it clear that the Trump administration seeks the prompt repeal of the ACA, the executive order specifically calls upon agencies to exercise authority and discretion to: Waive, defer, grant exemptions from, or delay the implementation of any ACA provision or requirement that would impose a...

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EMPLOYER ALERT: New I-9 Form MUST be used beginning 1/22/17

The U.S. Citizenship and Immigration Services (USCIS) has published a revised version of Form I-9, Employment Eligibility Verification, designed to reduce errors and enhance form completion using a computer.  Beginning Jan. 22, 2017, employers must use only the new version, dated 11/14/2016. Among the changes in the new version, Section 1 asks for “other last names used” rather than “other names used,” and streamlines certification for certain foreign nationals. Other changes include: •    The addition of prompts to ensure information is entered correctly. •    The ability to enter multiple preparers and translators. •    A dedicated area for including additional information rather than having to add...

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Identify All of Your Company’s Retirement Plan Fiduciaries

Your company probably offers its employees a retirement plan. If so, can you identify all of your plan fiduciaries? From a risk management perspective, it’s critical for business owners to know who has fiduciary status — and the associated liability. Here are some common, though in some cases overlooked, plan fiduciaries: Named fiduciaries. The Employee Retirement Income Security Act (ERISA) requires a plan to have named fiduciaries. The plan document identifies the corporate entity or individual serving as the named fiduciary. If they aren’t immediately identified, the plan document will set the requirements for naming them. Plan trustees. These are people who...

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