Thursday
Dec202018

2019 Standard Mileage Rates

The Internal Revenue Service has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
  • 58 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
  • 20 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
  • 14 cents per mile driven in service of charitable organizations.
More information may be found in Notice 2019-02, posted on IRS.gov. 
Thursday
Dec202018

What's New? Annual CRA Asset-Size Threshold Adjustments

The federal bank regulatory agencies announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations.
The annual adjustments are required by the CRA rules.  Financial institutions are evaluated under different CRA examination procedures based upon their asset-size classification.  Those meeting the small and intermediate small institution asset-size thresholds are not subject to the reporting requirements applicable to large banks and savings associations unless they choose to be evaluated as a large institution.
Annual adjustments to these asset-size thresholds are based on the change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

 

Thursday
Dec202018

What's New? Cost of Living Adjustments

The Internal Revenue Service announcd cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. For details see:

Cost of Living Adjustments for Pension Plans

Traditional IRA Deductions

Roth IRA Contribution Limitations

Tuesday
Dec112018

Proposed Funds Availability Amendments

The Bureau of Consumer Financial Protection and the Federal Reserve Board jointly proposed amendments to Regulation CC that would implement a statutory requirement to adjust for inflation the amount of funds depository institutions must make available to their customers.
The amendments would apply in circumstances ranging from next business day withdrawal of certain check deposits to setting the threshold amount for determining whether an account has been repeatedly withdrawn.
The first set of proposed adjustments, including instructions for submitting comments, are detailed in the attached Federal Register notice (click here).
To help ensure that institutions have sufficient time to implement the adjustments, the agencies propose a compliance date that would be at least 12 months after publication of a final rule in the Federal Register.
Monday
Oct152018

What's New? ADA Releases Technical Assistance Materials Webpage

The Technical Assistance Materials webpage on ADA.gov has been revised to make it more organized and user friendly. Materials are now arranged by the relevant Title of the ADA as well as by subject matter covered in the documents. Check out the new look of the page here. Read more about the Americans with Disabilities Act (ADA) here in The Gold Book.

Monday
Oct152018

What's New? 401(k) Hardship Distributions

The Bipartisan Budget Act of 2018 makes several changes to the hardship withdrawal rules that appear to be optional provisions and will become effective January 1, 2019. Read more in The Gold Book, Hardship Distributions section.

Monday
Oct152018

What's New? Anti-Harassment Policy and Training Effective Date 10/9/18

NYS has issued final guidance on sexual harassment policy requirements effective October 9, 2018. Sexual harassment training requirements are also final and are effective October 9, 2019. Please see The Gold Book chapter New York State, Anti-Harassment Laws for details.

Friday
Jun222018

What's New? Changes to Hardship Withdrawal Rules

There have been recent legislative changes by the Bipartisan Budget Act of 2018 (“Budget Act”) which affect 401(k) and 403(b) plan hardship withdrawal requirements. The Gold Book has been updated with this information. See Hardship Distributions under 401(k) Plans section.

Friday
Jun222018

What's New? Anti-Harassment Legislation

New York State and New York City recently passed several anti-harassment laws in the wake of the #MeToo movement that will soon require employers to provide annual sexual harassment prevention training to all workers, distribute a comprehensive sexual harassment prevention policy, and update their form employment contracts and settlement agreements. All employers with New York State and New York City employees should review their sexual harassment prevention policies, anti-harassment training programs, employment contracts, and settlement agreement forms to revise as necessary as these various new laws take effect.

These requirements begin to take effect on October 9, 2018.

Read more in the Laws Regulating Labor Relations section of the Human Resources chapter of The Gold Book.

Monday
Jun042018

What's New? NYS Notice Upon Separation

New guidance has been issued in New York State pertaining to the requirement of notices to employees regarding employees' right to file an application for unemployment benefits. Read more here.

Monday
Jun042018

What's New? Beneficial Ownership Rules

Effective May 11, 2018, the Financial Crimes Enforcement Network (FinCEN) issued a final rule on beneficial ownership with respect to customer due diligence requirements.   The final rule requires covered financial institutions to adopt due diligence procedures to identify and verify a legal entity customer’s beneficial owner(s) at the time a new account is opened. Further, financial institutions are required to amend their anti-money laundering (AML) program requirements related to collecting, monitoring, and maintaining this information. 

Please see Beneficial Ownership Rule in the Compliance section of The Gold Book.

Tuesday
Mar132018

Notice on E-Filing Mandate

FinCEN Reminds Financial Institutions to Adopt New Report Format by April 1, 2013

On February 23, 2012, the Financial Crimes Enforcement Network (FinCEN) issued a Final Notice requiring the electronic filing of most Bank Secrecy Act (BSA) reports by July 1, 2012.1Specifically, this action mandates the electronic submission of Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), Registration of Money Services Business (RMSBs), and Designation of Exempt Person Reports (DOEPs). These reports are collectively referred to herein as "mandated reports." With very limited exception,2 FinCEN considers financial institutions filing mandated reports in paper format to be noncompliant with the electronic filing mandate.

Financial institutions are reminded that they must begin using the new FinCEN reports, which are available only electronically through the BSA E-Filing System, by April 1, 2013. FinCEN's new SAR, CTR, RMSB, and DOEP reports have been available for use through the E-Filing System since March 29, 2012,3 and industry's adoption of the new reports continues to increase. The BSA E-Filing System will continue to accept submissions of the legacy versions of the SAR, CTR, DOEP, and RMSB only until March 31, 2013. The FinCEN BSA E-Filing User Test System website has been updated to allow for testing of all the reports now available for E-Filing.

Financial Institutions May Be Subject to Civil Money Penalties

Financial institutions that continue to file mandated reports in paper format will fail to meet BSA reporting requirements and may be subject to civil money penalties.4

After March 31, 2013, FinCEN may reject any mandated reports filed in paper format and return them to the filing institution.

For more information about BSA E-Filing, please review the E-Filing Section on FinCEN's website. Any general questions regarding this notice should be directed to the FinCEN Regulatory Helpline at 1-800-949-2732. For other technology-related questions specific to E-Filing, please call the BSA E-Filing Help desk at 1-866-346-9478.

Friday
Feb022018

What's New? No More myRA

The U.S. Department of the Treasury discontinued the myRA program in 2017. New deposits will no longer be accepted beginning December 4, 2017. Savers who want to continue to enjoy the tax benefits the myRA provided will need to roll over their balance to a Roth IRA. Read more in The Gold Book.

Sunday
Dec172017

Standard Mileage Rates for 2018 Increase

The Internal Revenue Service has issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
  • 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
  • 14 cents per mile driven in service of charitable organizations.

More information may be found in Notice 2018-03, posted on IRS.gov. 

Monday
Dec042017

IRS Issues New 5305 Documents

On September 6, 2017, the Internal Revenue Service (IRS) posted to its website updated traditional, Roth, and Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) Individual Retirement Account (IRA) Trust and Custodial model agreements (i.e., 5305 series documents). An IRS Form 5305 is used to establish one of the IRA types as well as Health Savings Accounts (HSA) and Coverdell Education Savings Accounts (CESA).

Monday
Dec042017

NYC Transit Ordinance

A law known as the New York City (NYC) Transit Ordinance went into effect January 1, 2016 and mandates that NYC companies with 20 or more full-time employees (working an average of 30 hours or more per week) MUST offer pre-tax transit benefits. 
 
The program allows employees to pay for monthly commuting expenses with pretax earnings, potentially saving them hundreds of dollars on annual payroll and income taxes.  The benefit covers all types of commuting - subway, bus, train, ferry, vanpool, bicycle and parking. 
 

Learn more here. 

Tuesday
Oct242017

What's New? IRS Cost of Living Adjustments

The Internal Revenue Service announcd cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. For details see:

Cost of Living Adjustments for Pension Plans

Traditional IRA Deductions

Roth IRA Contribution Limitations

Friday
Oct062017

What's New? Amendments to Equal Credit Opportunity Act (Regulation B)

On September 20, 2017, the Consumer Financial Protection Bureau has issued a final rule that amends Regulation B to permit creditors additional flexibility in complying with Regulation B in order to facilitate compliance with Regulation C, adds certain model forms and removes others from Regulation B, and makes various other amendments to Regulation B and its commentary to facilitate the collection and retention of information about the ethnicity, sex, and race of certain mortgage applicants. Read more about Equal Credit Opportunity Act (Reg B) in The Gold Book.

Sunday
Oct012017

HMDA Updated Charts and Timeline

On Sept. 28, 2017, the Bureau updated the 2018 HMDA institutional coverage chart , the 2018 HMDA transactional coverage chart , and the key dates timeline . The updated documents reflect the changes in the Bureau’s 2017 HMDA final rule  amending Regulation C. 

Tuesday
Sep262017

CFPB Issues Reg B Final Rule and Executive Summary

On Sept. 20, 2017, the Bureau issued a final rule to amend Regulation B to allow creditors flexibility in complying with Regulation B in order to facilitate compliance with Regulation C and transition to the 2016 Uniform Residential Loan Application. To support implementation of the rule, the Bureau issued an executive summary

Check back soon for notice of updated sections The Gold Book.