Tuesday, October 21st, 2014
Bradenton Partner, Tommye Barie, has been elected Chair of the AICPA where she will serve a one-year term. The inauguration takes place today, October 21st, in Boston. Many representatives of M&J’s executive team are in attendance to cheer her on. To read the AICPA’s press release, click here.
Tommye has also been named one of 2014’s “Top 100 Most Influential People” by Accounting Today.
Congratulations Tommye on your accomplishments. We know you will be a fantastic leader and will exceed your goals for the year.
Monday, October 13th, 2014
The Albany office did a great job serving the community this past Friday through a blood drive for the local American Red Cross. They collected 31 units of blood from M&J employees, clients, and members of the community. We would like to thank those that donated as well as the people that volunteered for this event. It is because of events like this and the several other blood drives held in Albany that day, that we are able to better our communities and make an impact.
Thursday, October 9th, 2014
The Mauldin & Jenkins office in Albany is hosting a Blood Drive this Friday, October 10 from 9 a.m to 2 p.m. Don’t forget to stop by and support the American Red Cross with your donation. And don’t worry, with Halloween right around the corner, we have been assured no Vampires will be volunteering.
Check out this article in the Albany Herald, featuring M&J’s blood drive and the impact these type of events can make on our community!
Friday, October 3rd, 2014
Alesia Howell, MJ Alexander, and Jessica Reuter, from our Atlanta office, recently attended the 4th Annual “Caring for Congo” Gala celebrating our client, the Dikembe Mutombo Foundation. The Gala was held at Buckhead’s St Regis Hotel on September 20th.
Dikembe Mutombo, Founder, was a former professional NBA player (he’s 7’2″). His dream was to help the people in his hometown, Kinshasa, located in the Democratic Republic of the Congo. After Dikembe donated millions of dollars, a hospital was opened. Over 120,000 patients have been treated there since 2007. Some famous men’s and women’s basketball players were in attendance, as well as, former Ambassador to the United Nations,Andrew Young who gave a speech . 2013 American Idol winner, Candace Glover also preformed.
Wednesday, October 1st, 2014
A pre-tax benefit can come in a variety of shapes and sizes, but usually can fit into one of two categories.
Most are benefits that an employee elects to pay for by using a portion of his or her compensation that would have otherwise been taxed as salary. The other category consists of benefits paid by your employer on a take-it-or-leave-it basis for which you are not taxed.
Pre-tax benefits usually are provided either within a cafeteria plan or separately.
Cafeteria plan pre-tax benefits
A cafeteria plan is a written plan under which all participants are employees who may choose among two or more benefits consisting of cash and qualified benefits.
Qualified benefits include:
- Accident or health plan coverage;
- Dependent care assistance;
- Contributions to a cash or deferred arrangement such as 401(k) plans; and
- Taxable and nontaxable group-term life insurance.
In general, the benefits that may be offered under a cafeteria plan are those that are not includable in the employee’s gross income because of a specific Internal Revenue Code provision. However, cash, group-term life insurance on an employee’s life in excess of $50,000, and group-term life insurance on the lives of the employee’s spouse or dependents may be provided under a cafeteria plan even though they are taxable. Employees are not taxed on taxable options offered under a cafeteria plan unless they elect to receive them.
Other pre-tax fringe benefits
Employees are taxed on fringe benefits unless the benefits are specifically excluded from income by the Internal Revenue Code. Benefits that are specifically not included in an employee’s taxable salary include:
- Benefits that can be offered in a cafeteria plan, but are instead offered separately;
- No-additional-cost services (“excess-capacity” services offered for sale to customers);
- Employee discounts;
- Working condition fringe benefits (for example, the use of a company car for business);
- De minimis fringe benefits (benefits too small to count, such as occasional personal use of the company photocopier, or an occasional free ticket to a sporting event);
- Qualified moving expense reimbursements;
- Qualified retirement planning services; and
- Qualified transportation fringe benefits (including van pooling, transit passes and qualified parking, up to specified dollar limits).
In connection with the last item-qualified transportation fringe benefits-either the employer can fund this benefit directly for everyone or only those employees who choose to receive this benefit can have a portion of their salary used to fund it.
Flexible spending accounts
A flexible spending account (FSA) can either form part of a cafeteria plan or it can be offered as a separate pre-tax fringe benefit. Either way, its purpose is to use funds that would otherwise be paid out as taxable salary to pay for certain benefits on a pre-tax basis.
An FSA is an arrangement under which an amount is credited to an account from which an employee may be reimbursed for health care, dependent care or other expenses that are excludable from gross income if paid by an employer. A separate account must be set up to pay for each type of expense, and the account cannot be drawn upon in any way other than for reimbursement of that type of expense. Beginning in 2013, an FSA for health care costs cannot exceed a $2,500 annual limit, as required under the Affordable Care Act.
The account may be funded by employer contributions or by a salary reduction agreement. An FSA can be a cafeteria plan if it is funded by a salary reduction agreement or otherwise allows employees to choose to receive cash instead of a qualified benefit. It is not a cafeteria plan if employees are not given this choice.
Please contact us if you have any questions about taking advantage of pre-tax fringe benefits.
Wednesday, October 1st, 2014
Congratulations and thank you for all your hard work!
Tuesday, September 23rd, 2014
On Saturday, September 20, 2014, the Atlanta Office participated in the 2014 Metro Atlanta Heart Walk and 5k. Our team of 28 people raised over $2,500 for the American Heart Association, and walked to promote physical activity and to build healthier lives, free of cardiovascular disease and stroke.
Friday, September 12th, 2014
Mauldin & Jenkins was a sponsor for the 2014 GCAPP Empower Party hosted by Jane Fonda. Cocktails, dinner, and the Atlanta World premiere of This is Where I Leave You were enjoyed at the High Museum of Art & Rick Theatre on Thursday, September 11. MJ Alexander and Alesia Howell from our Atlanta office attended the event and even managed to snap a photo op with Jane Fonda herself!
Monday, September 8th, 2014
The Family Medical Advocate Project is Project Giving’s primary emphasis and our year-round initiative. We “Build Bridges of Hope” for families who are suffering from chronic medical illnesses.
Project Giving “RETRO NIGHT GLOW” 5K/10K/1 Mile fun run, 70’s/80’s concert, & kids’ fest, is Project Givings annual fall fund raising event. It is held annually during the month of October and is a Family Fun Event for ALL ages. The festivities took place this past Saturday, September 6 in Macon, GA! For more information about Project Giving and the event, visit their website.
Eight people from the Macon office participated in the run/walk, and 11 who volunteered to work before the event stuffing participant packets or during the event cheering and providing traffic assistance at a mile maker.
Justin Bradley won 1st place in the 10k for his age bracket
Grant Davis won 2nd place in the 10k for his age bracket
Adam Blakely won 3rd place in the 10k for his age bracket
Fred Martin won 3rd place for 5 k for his age
Ally Marshal (Ron’s wife) and Justin Johnson both finished the 5 k in the top 32% of 446 5 k participants.
A big thanks to our participants from the Macon office! Not only did they help give back to the community, but it looks like they had some fun too! Take a peak at some photos from the night’s events:
Friday, September 5th, 2014
Kimberly Haynes, Ashton Pellicano, Garrett Landreneau and Lauren Payne represented M&J at the UGA Meet the Firms on September 4th. Thank you to everyone who stopped by our booth! We look forward to being back on campus for interviews September 23rd.