07 August

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SIMA presents Justin’s Drive for Independence

Posted by SIMA

As so many of you know, our good friend and colleague, Justin Bennett, suffered a traumatic spinal cord injury in July 2016 that rendered him a quadriplegic at the age of 26. You can read Justin’s story here. Two years, multiple surgeries, countless hours of therapy, and a relentless number of prayers later, Justin is in the planning stages of coming back to work at SIMA, returning to the clients and colleagues to whom he has such close ties. Justin continues to show remarkable determination, perseverance and strength and manages to impress each of us on a daily basis; we are...

06 August

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SIMA Welcomes Ashley Vice, CFA, CFP®

Posted by SIMA

in Retirement

We are excited to announce that Ashley Vice, CFA, CFP® joined our wealth management team as a Portfolio Manager earlier this summer. Ashley works with clients to identify their investment objectives and goals and to implement their portfolio investment strategy in accordance with the firm’s overall investment approach. Working closely with the SIMA team, Ashley supports clients in assessing their comprehensive financial condition, including tax, trust and estate planning. Ashley began his career as a financial advisor at Merrill Lynch and was most recently a Client Advisor at Mercer Advisors – one of the largest independent fee-only advisory firms in the country. ...

06 August

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Virginia Tax Credits

Posted by SIMA

in Tax & Accounting

Making the most of available tax credits is a key component in any plan for minimizing tax liabilities. Remember, tax credits are much more valuable than deductions because they reduce the amount of tax owed on a dollar-for-dollar basis. Did you know that Virginia has numerous tax credits in place to help their residents and business owners save money? Unfortunately, these tax credits are often overlooked and many taxpayers are not taking full advantage of the potential tax savings. Below are just a few of the Virginia tax credits available that will help you to be better prepared for next...

06 August

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Do your employees need a paycheck check-up?

Posted by SIMA

in Small Businesses, Tax & Accounting

IR-2018-145, June 28, 2018 Taxpayers who owed additional tax when they filed their 2017 federal tax return earlier this year can avoid another unexpected tax bill next year by doing a “paycheck checkup” as soon as possible, according to the Internal Revenue Service. The Tax Cuts and Jobs Act, the tax reform legislation passed in December, made major changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the Child Tax Credit, limiting or discontinuing certain deductions and changing tax rates and brackets. These far-reaching changes could have a big impact on the tax refund or balance due on...

06 August

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Involuntary Termination

Posted by SIMA

in Small Businesses

Each step in the process of terminating an employee should be carefully executed. Each step must be carefully and thoroughly documented. If an employee is discharged for poor performance and later sues alleging discrimination, the employer will have a difficult time defending if the personnel file is devoid of any documentation of the poor performance over a reasonable period of time. Terminating an employee is a very sensitive matter, requiring careful communication and documentation to avoid potential lawsuits or other future problems. It is prudent to consult an employment law attorney or HR specialist before taking any specific steps should the...

05 August

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Summary Annual Reports Due Sept. 30

Posted by SIMA

in Benefits

Health plans with 100 or more plan participants at the beginning of a plan year are generally required to furnish a Summary Annual Report (SAR) to each health plan participant within 9 months after the end of a plan year. As a result, the deadline for most calendar year plans to satisfy the SAR requirement for plan year 2017 is September 30, 2018. What Must be in a SAR? A SAR serves as a narrative summary of the group health plan's Form 5500 annual report. In general, a SAR must provide the following information on the plan year (among other things): Name of...

05 August

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Medical Loss Ratio Rebates Coming Soon to Plan Sponsors

Posted by SIMA

in Benefits, Small Businesses, Uncategorized

Overview of Employer Responsibilities for Handling Rebates The Affordable Care Act's medical loss ratio (MLR) rules require group health insurance issuers to provide rebates if their MLR—the amount of health insurance premiums spent on health care and activities to improve health care quality—falls short of the applicable standard during a reporting year. Each year's rebates must be issued to plan sponsors by September 30 of the following year. As a result, plan sponsors should be looking for these rebates to arrive in the coming weeks. Employer Distribution The MLR rules provide that issuers must pay any rebates owed to persons covered under a...

05 August

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Short-Term Health Insurance Soon Available For Up to 36 Months

Posted by SIMA

in Benefits, Uncategorized

New Rule Loosens Current Restrictions Effective October 3, 2018, a new rule will allow individuals to purchase short-term, limited-duration health insurance coverage for a period of less than 12 months, and renew such coverage for up to 36 months. Under current law, the maximum coverage period for short-term, limited-duration health insurance is less than 3 months, and these policies cannot be renewed. Notably, short-term, limited-duration health insurance is: Not required to comply with the Affordable Care Act's ban on pre-existing condition exclusions and lifetime and annual dollar limits. Not required to comply with the Affordable Care Act's essential health benefits requirement, which requires individual...

03 August

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IRS issues guidance on small business accounting method changes under Tax Cuts and Jobs Act

Posted by SIMA

in Small Businesses, Tax & Accounting

R-2018-160, Aug. 3, 2018 WASHINGTON – The Internal Revenue Service issued guidance today on new tax law changes that allow small business taxpayers with average annual gross earnings of $25 million or less in the prior three-year period to use the cash method of accounting. The Revenue Procedure outlines the process that eligible small business taxpayers may obtain automatic consent to change accounting methods that are now permitted under the Tax Cuts and Jobs Act, or TCJA. The TCJA, enacted in December 2017, expands the number of small business taxpayers eligible to use the cash method of accounting and exempts these small businesses...

10 July

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Keeping Your Employees Motivated This Summer

Posted by SIMA

in Payroll, Small Businesses

Workplace Flexibility and Changes to Daily Routines May Help Keep Employees Focused The warm weather and eagerly anticipated outdoor activities of summer may take a toll on your workers' concentration. If you're noticing a lack of focus among your employees during this time of year, consider the following ideas to help keep them motivated: Encourage your employees to step outside for at least 15 minutes each day. Exposure to natural sunlight can prevent workers from feeling confined to the office during the warm summer months. Holding business meetings outside may also help to boost workers' morale. Change things up! Employees may become more...