SIMA Financial Group

01/09/2024

Walgreens has introduced a digital marketplace aimed at assisting customers in reducing costs on prescription medications. The Rx Savings Finder tool locates complimentary third-party discount cards for prescription medications, allowing customers to compare prices for a wide array of medications, while also offering transparent pricing information before the checkout process. This resource is accessible to all Walgreens customers at no charge, without requiring any monthly subscription or annual membership. https://buff.ly/48s6tLn

01/04/2024

The House and Senate have released a draft technical corrections bill for the SECURE 2.0 Act, addressing errors and making amendments. The draft includes fixes for issues like catch-up contributions and Starter 401(k) contribution limits and may be attached to a funding bill in early 2024. https://buff.ly/4aEzPrl

In a positive sign that lawmakers are committed to fixing several errors contained in the SECURE 2.0 Act, the House and Senate have just released a draft technical corrections bill, including changes to allow catch-up contributions and provide parity for Starter 401(k)s championed by the American Re...

01/02/2024

As part of the Corporate Transparency Act, enacted in 2021, certain businesses are now required to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury.

Starting January 1, 2024, new businesses founded on or after January 1, 2024, and before January 1, 2025, will have 90 days to submit this information, those founded on or after January 1, 2025, will have 30 days. Businesses established before that January 1, 2024 date will have until January 1, 2025 to file. Penalties for willfully violating these reporting requirements can be steep. They can include civil penalties of up to $500 a day until the information is filed, a criminal fine of $10,000, or a two-year prison sentence. Read more on our blog!

As part of the Corporate Transparency Act, enacted in 2021, certain businesses are now required to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury. Starting January 1, 2024, new businesses founded on or after J...

12/29/2023

May 2024 bring you abundant blessings and joy! For the New Year's Holiday, our office will be closed on Monday, January 1st. SIMA will resume regular business hours on Tuesday, January 2nd.

12/26/2023

Remote work is sticking around, but it's a challenge to keep widely scattered teams connected to company goals and culture. Before the pandemic, workplace culture relied on the physical environment, but now, with more distributed teams, building a strong culture is tougher. A Gallup survey of 15,000 US workers found a growing gap between remote and hybrid workers and their company's purpose, leading to weaker loyalty and more gig-like relationships. https://buff.ly/3sG6I5M

Companies that don’t proactively move to keep remote employees aligned with corporate goals and culture run the risk of turning them into ‘gig’ workers.

12/22/2023

We are thankful for our partnership with you and extend our warmest wishes for countless blessings during this season! For the Christmas Holiday, our office will be closed on Monday, December 25th. SIMA will resume regular business hours on Tuesday, December 26th.

12/21/2023

The IRS has released cost-of-living adjustments (COLAs) for 2024, including increased limits for excludable transportation fringes and flexible spending arrangement (FSA) deferrals [Rev. Proc. 2023-34, 11-9-23]. In 2024, the monthly exclusion for employer-provided qualified transportation fringe benefits and qualified parking rises to $315 from $300 in 2023. Voluntary employee salary reductions for health FSA contributions are capped at $3,200 (up from $3,050 in 2023) for plan years starting in 2024. Cafeteria plans allowing carryover see an increase in the maximum carryover amount to $640, up from $610 in 2023. https://buff.ly/40QfPxi

IRS announces 2024 COLAs for transportation fringes and FSAs.

12/19/2023

The Internal Revenue Service (IRS) has issued Notice 2023-70 to increase the Patient-Centered Outcomes Research Institute (PCORI) fee amount for plan years ending on or after October 1st, 2023, and before October 1st, 2024. The updated PCORI fee amount is $3.22 multiplied by the average number of lives covered under the plan. https://buff.ly/46t3aSj

The Internal Revenue Service (IRS) has issued Notice 2023-70 to increase the PCORI fee amount for plan years 2023-2024.

12/14/2023

The IRS has released the new contribution and benefit limits for 2024, indicating modest increases in response to moderate inflation. The contribution limit for individuals to their 401(k), 403(b), and certain 457 plans, along with the federal government's Thrift Savings Plan, has risen to $23,000 from $22,500 in 2023. For participants aged 50 and above in these plans, the catch-up contribution limit remains at $7,500, allowing them to contribute up to $30,500 in 2024. Meanwhile, the catch-up contribution limit for individuals aged 50 and over in SIMPLE plans remains unchanged at $3,500 for the year 2024. https://buff.ly/3MUJorG

The IRS has just announced the new contribution and benefit limits for 2024 and—reflecting the moderating inflation readings, the increases are modest. The headline is that next year the amount individuals can contribute to their 401(k) plans (not to mention 403(b) and most 457 plans, as well as t...

12/12/2023

The IRS is cautioning businesses about aggressive marketing tactics related to the Employee Retention Credit (ERC), also known as the Employee Retention Tax Credit (ERTC). While the ERC is a legitimate pandemic-related tax credit, it has become a target for aggressive marketing schemes. Businesses are advised to be vigilant and watch for warning signs that could indicate potential issues or scams associated with this credit.
https://buff.ly/465JeVS

IR-2023-170, Sept. 14, 2023 — The Internal Revenue Service continues to warn businesses to watch out for aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC) and urged people to watch out for red flags that can signal trouble.

12/07/2023

On November 9th, 2023, the IRS released Revenue Procedure 2023-34, which includes the inflation-adjusted limit for 2024 on employee salary reduction contributions to health flexible spending accounts (FSAs). For plan years beginning in 2024, the adjusted dollar limit on employees’ pre-tax contributions to health FSAs increases to $3,200. This is a $150 increase from the 2023 health FSA limit of $3,050. https://buff.ly/40RqbNn

On Nov. 9, 2023, the IRS released Revenue Procedure 2023-34 (Rev. Proc. 23-34), which includes the inflation-adjusted limit for 2024 on employee salary reduction contributions to health flexible spending accounts (FSAs). For plan years beginning in 2024, the adjusted dollar limit on employees’ pre...

12/05/2023

Cyberattacks are projected to cost the global economy over $10.5 trillion by the end of the next year, highlighting the urgent need for prioritizing cybersecurity at individual, organizational, and governmental levels. Artificial intelligence (AI) is poised to play a pivotal role in both cyberattacks and defense, affecting various aspects of this evolving landscape. https://buff.ly/3FGdtqT

Facing a predicted $10.5 trillion in cyber attack damages and a landscape swiftly morphing due to AI's rise, discover the top cyber security trends of 2024.