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Bulletins

As relevant changes and updates occur, Calibre CPA Group will issue a C-Bulletin to keep you informed and up-to-date.

2017 C-Bulletins

New Annual Filing Due Date for FBAR Report

January 26, 2017

Beginning in 2017 (reporting for the 2016 calendar year), the annual due date for the Foreign Bank and Financial Accounts (FBAR) is April 15 to coincide with the federal income tax filing season. This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act).
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2016 C-Bulletins

Modernization and Improvement of the Form 5500

July 29, 2016

On July 11, 2016 the Department of Labor (DOL), in coordination with the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) (together called the Agencies) announced their proposed revisions to the Form 5500 Annual Return/Report series.
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Mandatory Electronic Filing for Forms LM-3 and LM-4

July 29, 2016

On July 1, 2016, the Office of Management and Budget approved the Office of Labor-Management Standards’ (OLMS) revisions to the information collection request 1245-0003, as well as the Form LM-2, LM-3, and LM-4 Labor Organization Annual Report instructions.
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Original and Extended Tax Return Due Dates

June 29, 2016

The American Institute of Certified Public Accountants (AICPA), recently published a detailed listing of original and extended tax return due dates. These deadlines are generally effective for taxable years starting after December 31, 2015 (2016 tax returns prepared during the 20174 tax filing season).
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Fraud Prevention Measures to Delay Illinois 2016 Tax Refunds

February 3, 2016

The Illinois Department of Revenue (IDOR) is announcing they do not anticipate releasing individual income tax refunds for the 2016 tax filing season until March 1, 2016. The decision comes as fraud prevention efforts from last year’s tax season illustrate the positive impact that additional delays and scrutiny have had in combating tax return fraud and identity theft.
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2015 C-Bulletins

Extension of Due Dates for 2015 ACA Information Reporting

December 30, 2015

The Internal Revenue Service extended the deadline for insurers, self-insuring employers, and certain other providers of minimum essential coverage to furnish information statements Form 1095-B, Health Coverage and Form 1095-C, Employer-Provided Health Insurance Offer and Coverage to individuals from February 1, 2016 to March 31, 2016.
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The Washington DC Transit Ordinance

October 6, 2015

The DC Transit Ordinance is a new regulation requiring employers with 20 or more employees in Washington D.C. to offer pre-tax transit benefits in one of three ways. Read this article to learn more about its impact on your organization.
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Fiduciary Responsibilities in an Evolving Regulatory Environment for ERISA Plans

August 27, 2015

As retirement plans have seen increasing number of regulatory changes enacted by the Department of Labor (DOL) and Internal Revenue Service (IRS) in recent years, it would be beneficial to review your fiduciary responsibilities under the Employee Retirement Income Security Act (ERISA) guidelines.
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Multiemployer Plans and the New Health Coverage Reporting

July 15, 2015

Starting in 2015, employers, plans, and insurers with 50 or more full-time or full time equivalent employees are subject to the new Affordable Care Act requirements for additional reporting and taxes. The Internal Revenue Service (IRS) created Form 1095-B Transmittal of Health Coverage Information and Form 1095-C Employer-Provided Health Insurance Offer and Coverage, for this additional reporting. The IRS will use this information to determine if an employer owes additional taxes for lack of coverage or if individuals have minimum essential coverage and are not required to pay additional taxes.
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Canadian Bill C-377

July 15, 2015

The upper chamber of the Canadian Parliament has passed Bill C-377, which amends the Income Tax Act to require that labor organizations and labor trusts provide significant financial information for public disclosure. The new law’s requirements, which will look familiar to labor organizations in the United States, will force public- and private-sector unions to disclose financial activity in far greater detail to the Canada Revenue Agency than has previously been required.
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Tax Forms 1095-B and 1094-B for Multiemployer Plans

June 18, 2015

Now mandatory in the 2015 tax year, Form 1095-B is a health insurance tax form which reports participants and dependents covered as well as the type and period of coverage. The form must be completed in early 2016, to report data for 2015. Form 1095-B is used to verify on participant’s individual tax return that they and their dependents have at least minimum qualifying health insurance coverage.
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Plan Like an Audit Pro

June 15, 2015

Whether it is your first audit, first time being the main contact for the audit or you are a seasoned audit veteran, the thought of an audit can be daunting. Not only are you being asked to complete your daily duties but you are also be asked to devote a plethora of time and effort to support your entities financial position for the year. In order to improve planning for an audit, follow the COOP model.
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Is Your Expense Reimbursement Policy Compliant with IRS and DOL Guidelines?

February 19, 2015

Have you reviewed your expense reimbursement policy recently to determine if it adheres to the Internal Revenue Service (IRS) and/or Department of Labor (DOL) guidelines? With the start of the New Year, now is a great time to review your policy and determine whether it is compliant.
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Refresher: DOL-LM-2 Disbursement Classifications

February 5, 2015

Over ten years have passed since the Department of Labor (DOL) significantly revised the Form LM-2, Labor Organization Annual Report. This article provides a refresher on how to categorize disbursements and officer/employee time for Schedules 15 through 19.
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How Can You Bring Your Union’s Recordkeeping Into the Digital Age

February 2, 2015

Tired of having to shuffle through endless numbers of paper receipts? Wish you could just click a few buttons to find all the information you needed? Well luckily, the Office of Labor-Management Standards (OLMS) allows you to do this.
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