Most kids participate in some kind of organized activity outside the school day and there are a wide range of costs and commitment levels required of parents whose children want to be involved. Pursuant to the Indiana Child Support Guidelines, extracurricular expenses are not part of the regular weekly child support payment. They are expenses which are optional in nature since these activities are not part of life’s required costs such as food and clothing. That means that in addition to meeting the basic financial needs of a child, parents are faced with the expenses of things like sports,...
Tag(s): Family law
In welcome news for most employers, the IRS announced in Notice 2016-4 that the deadlines for employers to report health care coverage information as required by the Affordable Care Act have been extended. Background. All Applicable Large Employers (those with 50 or more full-time equivalent employees) must report on Forms 1095 and 1094 whether they offered affordable, minimum essential coverage at minimum value to employees (and their dependents) who were full-time for at least one month during 2015. In addition, any employer sponsoring a self-funded medical plan must report on Form 1095-C...
The IRS has announced various contribution limits applicable to retirement plans in 2016. Highlights include: The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), and most 457 plans remains unchanged at $18,000. The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), and most 457 plans remains unchanged at $6,000. The limit on annual contributions to an Individual Retirement Arrangement (IRA) remains unchanged at $5,500. The additional catch-up contribution limit for individuals aged 50 and over is not subject...