Carrie Byrnes was published in the November issue of the Tax Management Compensation Planning Journal by Bloomberg Tax.
In this The old saying goes ‘‘no good deed goes unpunished.’’ This could not be truer in the case of many closely-held and family-owned businesses when it comes to their setting up and administering employee benefits and compensation packages. Setting up benefit plans is voluntary (even post-federal health care reform), but often essential to attracting and retaining good talent. This article explores common missteps and ‘‘pitfalls’’ often experienced by closely-held and family-owned business in connection with their benefits and compensation platforms. This article will explore common compliance failures within a few specific arenas, including:
1. Health insurance
2. 401(k) plans
3. General plan administration and reporting
4. Perquisites (perks)
5. Executive and deferred compensation
To read the full article, click here.