On October 23, 2014, the IRS announced cost-of-living adjustments for 2015 retirement plan contributions. For 2015, the amounts that individuals will be able to contribute to retirement plans will increase $500 to $18,000. The catch-up contribution limit for employees age 50 and over will also increase $500 to $6,000. This chart summarizes the limitations for 2015: Contribution Limits 2015 2014 Elective Deferral Limit – 401(k), 403(b) and 457(b) Plans $18,000 $17,500 Catch-Up Contribution Limit $6,000 $5,500 Elective Deferral Limit – SIMPLE Retirement Plan $12,500 $12,000 Catch-Up Contribution Limit – SIMPLE Retirement Plan $3,000 $2,500 Contribution Limit – IRA $5,500 $5,500 …
Putting the Money Where Its Mouth Is: DOL Funds 19 States’ Independent Contractor Misclassification Crackdown
On September 15, the U.S. Department of Labor announced its award of $10.2 million in grants to 19 states to aid in their worker misclassification detection and enforcement efforts in unemployment insurance programs. Ohio is not a grant recipient, but our next door neighbor, Indiana, is receiving a hefty sum of $500,000. The money is meant to help state unemployment agencies discover situations where employers are misclassifying employees as independent contractors, which typically means the employer is not reporting the individual’s compensation to the agency. The states chosen to receive the grants will use them to improve audit and education …
Identifying Inheritance Fraud
Inheritance fraud involves using deceit or misrepresentation to obtain undeserved assets or property from a decedent. While it may sound like something that could never happen to you or anyone you know, inheritance fraud occurs more frequently that you might imagine. Consider the following examples of inheritance fraud: Forgery – Typically, forgery is the most widely recognized type of inheritance fraud. An heir, bitter over his or her inheritance (or lack thereof), could forge certain terms of a will or the signature of the testator, or even fabricate an entire will. Elder abuse – Elder abuse may be physical, sexual, …
Lawyers Recognized in Best Lawyers in America®
Coolidge Wall is privileged to announce that three of its attorneys have received special recognition in 2015 Best Lawyers in America® as “Lawyer of the Year” for a particular practice area. The “Lawyer of the Year” (LOTY) recognition is given to one attorney in each practice area in each locale. The attorneys receiving this special honor are: John C. Chambers, 2015 “Lawyer of the Year” in Real Estate Law in Dayton; Merle F. Wilberding, 2015 “Lawyer of the Year” in Corporate Law in Dayton; and Sam Warwar, 2015 “Lawyer of the Year” in Tax Law in Dayton. Additionally, the firm …
Another Billion Dollar Rebate!
State fund employers in Ohio will be pleased to know that the Bureau of Workers’ Compensation is again preparing a $1 billion rebate of premiums to them. Based upon payments made in 2012, state fund employers will qualify for another rebate of premiums. It is important to note, though, that you must be up to date in premium payments in order to qualify for the rebate. The BWC Board of Directors is expected to approve this proposal during the week of September 22 with rebate checks being issued in October. If you have questions, please contact David Korte at 937-223-8177 …
Announcing the addition of new personnel
Coolidge Wall proudly announces several recent additions to its legal staff. Attorney Lu Ann Stanley has joined the firm’s Estate Planning/Probate Department. Ms. Stanley has been practicing law for over 25 years and specializes in Estate Planning, Trusts, Probate, and Guardianships. Jennifer R. Roberts, a recent graduate of The University of Dayton School of Law, is the newest addition to the firm’s Litigation Department. Amy R. Webster, a paralegal, will be supporting our Litigation and Labor Departments. She has over 20 years of prior experience.
IRS Announces Restatement Deadline for Retirement Plans
An employer that has an IRS preapproved retirement plan, such as a 401(k) plan, profit sharing plan, or money purchase pension plan, is required to restate the plan every six years for changes in the law. The last six year restatement cycle ended April 30, 2010 and the IRS has announced that the second restatement cycle will run through April 30, 2016. Any employer that does not restate a preapproved retirement plan by April 30, 2016 will be subject to a late amender penalty. Generally, an employer is not going to be able to get a determination letter from the …
The ABCs of BZAs
Many communities in Ohio have Boards of Zoning Appeals (“BZAs”) to address issues such as variances, special permits and conditional uses. In Ohio, variances can take one of two forms as either an area variance or a use variance. An area variance is often a variance from size requirements such as minimum lot dimensions or minimum setback requirements. Use variances allow for a use which is not generally allowed within that particular zoning district. Use variances are disallowed by many local zoning codes. Under Ohio law, area variances serve as “escape valves”‘ to allow for flexibility from the strict application …
NLRB Decisions Invalidated by Supreme Court
In Noel Canning v. NLRB, the Supreme Court issued a labor law decision most surprising because of its unanimity. The Supreme Court held on June 26, 2014, that President Obama’s controversial January 2012 appointments of three members to the National Labor Relations Board (Sharon Block, Terence F. Flynn, and Richard Griffin) were invalid exercises of his office under the Constitution. The NLRB in that case had ruled against an employer in an unfair labor practice charge. The employer appealed, asserting that because three of the nation’s five Board members had been placed on the Board by the President as “recess …
Good News For State-Fund Employers – Prospective Billing Is On The Way!
You have likely received word from the Ohio Bureau of Workers’ Compensation of a major change coming in the manner in which it establishes workers’ compensation premiums. In July of 2015, the retrospective billing system for state-fund employers will be a thing of the past, as the Bureau moves to a prospective system. Most importantly, though, be advised that as a result of that transition, and to avoid a situation where employers are paying premiums twice during the overlap, the Bureau of Workers’ Compensation is actually granting an eight month premium credit for all private state-fund employers in July of …