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

2020 C-Bulletins

DOL Proposal has Many Changes for LM-2 Filers

The U.S. Department of Labor (DOL) proposed a rule on September 30, 2020 that would make labor unions provide more information in their annual financial disclosures to the DOL, including a more detailed itemization of its receipts and disbursements.  The DOL’s notice of proposed rulemaking would expand what unions must disclose to the DOL’s Office of Labor-Management Standards (OLMS) in their annual Form LM-2 returns, requiring large unions to file a lengthier LM-2 “long form,” or LM-2 LF, that includes a new breakdown of functional categories, disclosure of strike fund amounts, and changes to presentation and disclosures in many areas.

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Payroll Tax Deferral Order

On August 8, 2020, President Trump issued four executive orders in an effort to provide additional economic relief in response to the COVID-19 emergency, which includes a deferral of payroll taxes from September 1, 2020 through December 31, 2020 …

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SECURE Act: Employee Benefit Plan Changes

The SECURE Act (The Setting Every Community Up for Retirement Enhancement Act) was signed into law December 20, 2019 as part of Further Consolidated Appropriations Act of 2020.  Changes generally apply to tax years beginning after 2019.

The aim of the SECURE Act is to improve retirement opportunities …

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OLMS Issues Final Trust Reporting (Form T-1) Rule

On March 6, 2020, the Office of Labor-Management Standards (“OLMS”) issued the Form T-1, final rule, which can be found on the Federal Register site at https://www.federalregister.gov/documents/2020/03/06/2020-03958/labor-organization-annual-financial-reports-for-trusts-in-which-a-labor-organization-is-interested

The rule is effective on April 6, 2020, however …

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2019 C-Bulletins

Repeal: UBTI for Fringe Benefits

December 23, 2019

The Tax Cuts and Jobs Act, as passed in 2017, imposed additional tax obligations on exempt organizations.  Specifically, IRC Sec. 512(a)(7) required tax-exempt organizations to increase Unrelated Business Taxable Income (“UBTI”) by the amount of parking and qualified transportation fringe (“QTF”) benefits that were disallowed as a deduction under IRC Sec. 274.  

The resulting tax consequences for the tax-exempt community created many compliance headaches and reduced exempt organizations’ ability to focus resources on exempt functions and activities.

On December 20, 2019, the President of the United States of America, signed the ” Further Consolidated Appropriations Act, 2020″ (H.R. 1865) into law. 

As written, this act repeals IRC Sec. 512(a)(7), eliminating the requirement for exempt organizations to include parking and transportation fringe benefits as part of their UBTI calculations.


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DC Tax Exemptions Start to Expire in 2019

January 4, 2019

In early December, the District of Columbia Office of Tax and Revenue (OTR) started sending letters to DC exempt entities advising them that they needed to renew their tax exemptions.  The exemptions will start to expire in 2019 and OTR will require all exempt entities to renew their exemptions every five years or be reclassified as fully taxable.

This renewal requirement applies to all DC organizations exempt from DC personal property, income/franchise and sales/use taxes, including nonprofits, unions, benefit plans, PACs, funds/foundations etc.  Each exempt entity has its own credentials to log onto its account via OTR’s online tax portal, MyTax.DC.gov.  Therefore, clients will need to go online to complete the renewal process, as OTR will reportedly not accept paper reapplications.  It remains unclear as to whether exempt entities who have not yet received a renewal notice from OTR are able to go ahead and renew now if they wish.

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DC Universal Paid Leave Act

February 14, 2019

Under the District of Columbia Universal Paid Leave Amendment Act of 2016 (“Paid Leave Act”), all covered employers will be required to contribute an amount equal to 0.62% of the wages of each of its covered employees to the Universal Paid Leave Implementation Fund beginning July 1, 2019.  The contributions will be collected electronically by payroll tax from the Department of Employment Services (DOES), Office of Paid Family Leave (OPFL) on a quarterly basis, through an addition to the quarterly unemployment payments tax payment.  Self-employed individuals who opt-in to the program during the first 90 days after July 1, 2019, will being paying the contributions on October 1, 2019.  The District will begin administering paid leave benefits on July 1, 2020.

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2018 C-Bulletins

Transportation Fringe Benefits

December 13, 2018

Prior to the adoption of the Tax Cuts and Jobs Act (“the Act”), fringe benefits provided by an employer to employees for their personal transportation, such as commuting to and from work, were generally excluded from the employees’ income and were deductible by the employer under Internal Revenue Code Sec. 132 (f) and Regulations §1.132-9(b).  This applied to both de minimis transportation benefits (defined as any local transportation benefit you provide to an employee if it has so little value that accounting for it would be unreasonable or administratively impracticable) and qualified transportation benefits (QTFs), which comprised:

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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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