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| Market Mirror | |
Oil prices plunged on Wednesday, after the U.S. government reported that crude inventories surged last week, which renewed investors’ worries that supplies of oil are still outstripping demand, according to the Associated Press. The Dow ticked up 6.62 points (0.04%) to 17,673.02, while the NASDAQ was down 11.03 points (0.23%) at 4,716.70, and the S&P 500 closed 8.59 points (0.42%) lower at 2,041.44. The Russell 2000 increased by 0.27 (0.02%) to 1,197.26, and the Wilshire 5000 shed 88.34 points (0.41%) to finish at 21,536.44. On the NYSE, 3.2 billion shares traded, with a near 2 to 1 lead for decliners. On the NASDAQ, 2.8 billion shares changed hands, with 1.5 declining issues for every advancing issue. The price of the U.S. Treasury note was up 11/32, bringing its yield down to 1.757%. The price of the 30-year Treasury bond increased 23/32, decreasing its yield to 2.353%. | |
| Compliance | |
| IRS Shares Tips for Avoiding Form 5500 Scrutiny | |
| The Internal Revenue Service (IRS) says in many of its Employee Plans Compliance Unit (EPCU) projects, it finds plan sponsors enter incorrect information on their Form 5500 series returns or information reports. The agency says it uses information on Form 5500 returns and reports to select cases for compliance checks, and entering incorrect information on the return or report, or leaving a field blank field when there should be an entry, increases the likelihood that a plan will be selected for an EPCU compliance check.Read more > | |
| Nonqualified Plan Sponsor Loses FICA Taxes Lawsuit | |
| A federal appellate court found that, rather than properly withholding nonqualified retirement plan participants’ Federal Income Contributions Act (FICA) taxes as required by the plan, Henkel Corp. caused participants to pay these taxes at the time of each benefit payment, effectively reducing their anticipated retirement benefits. The U.S. District Court for the Eastern District of Michigan noted that Henkel admitted in a letter to participants that it had not properly withheld taxes. This resulted in the participants owing more in FICA taxes than they would have owed had Henkel properly and timely paid taxes when they were due. The court granted summary judgment to the participants because Henkel failed to adhere to the purpose and terms of the plan, resulting in a reduced benefit to the participants.Read more > | |
| From the Magazine | |
| Just out of Reish: Expense Recapture | |
| There are two types of expense recapture accounts: one where the “recaptured” money is put in the plan and another where it is held by the provider. The Department of Labor (DOL) approves of the latter, while the former is well-accepted.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1883, the Southern Pacific Railroad completed its transcontinental “Sunset Route” from New Orleans to California, In 1919, Charlie Chaplin, Mary Pickford, Douglas Fairbanks and D.W. Griffith joined forces to create their own film studio, which they called the United Artists Corporation. In 1972, Bob Douglas became the first black man elected to the Basketball Hall of Fame in Springfield, Massachusetts. In 1988, two federal grand juries in Florida announced indictments of Panama military strongman General Manuel Antonio Noriega and 16 associates on drug smuggling and money laundering charges. In 1994, white supremacist Byron De La Beckwith was convicted in the murder of African-American civil rights leader Medgar Evers, more than 30 years after the crime occurred. Evers was gunned down in the driveway of his Jackson, Mississippi, home on June 12, 1963. | |
| SURVEY SAYS: “This week I’d like to know, “If you could have one super power, what would you choose?” You may respond to this week’s survey by 6 p.m. Pacific time today.Read more > | |
| Share the good news with a friend! Pass the Dash along – and tell your friends/associates they can sign up for their own copy.Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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