The House of Representatives passed Rep. Jason Smith’s sponsored billH.R. 7024, Tax Relief for American Families and Workers Act of 2024, by a wide bipartisan vote of 357 to 70. While the decisive vote helps to focus the Senate discussion, the ability and timing for the Senate to vote on the bill remains unclear. The…
DOL CAP Audit Series While CAP audits can examine any financial, business and compliance aspects of a Union, there are a handful of topics that tend to be examined frequently among unions, for example: Are You Prepared? Whether you want to prepare for the possibility of such an audit or you have received a call…
Have you ever wished you had a personal assistant who could help with your writing tasks like drafting an email, creating a presentation or summarizing a document? If so, you’re not alone. That’s why I’m super excited to tell you about Microsoft Copilot for Microsoft 365 – a cutting-edge tool that leverages generative artificial intelligence…
Within the context of employee health plans, the partnership between a plan sponsor and its administrator holds paramount importance in ensuring seamless operations and prudent management of plan assets. To fulfill their fiduciary duties, plan sponsors often enlist the expertise of third-party administrators, while still retaining their role as administrators under the guidelines of the…
When employers opt for self-insurance in managing their group health plans (GHP), they inherently shoulder significant fiduciary responsibilities toward plan participants and beneficiaries. To mitigate fiduciary risk, plan sponsors commonly enlist insurance carriers as third-party administrators, leveraging their provider networks, administrative expertise, and cost-control practices. While the traditional turn-key approach simplifies administration and provides a…
The insurance industry, much like others, is grappling with the far-reaching effects of the current labor shortage and the phenomenon termed the “Great Resignation.” A substantial drop in employment levels, down by approximately 85,000 people or 15% in the past several years, has significantly impacted the workforce. Despite this reduction, the workload has not diminished,…
Colleen Fay was invited to participate in a recent PEI Spotlight Podcast, where she shared invaluable insights on the profound impact of artificial intelligence in finance.
Withum’s global advisory and accounting network, HLB International, has been named the Best Cross-Border Collaboration for Tax Solutions Global 2023 by Capital Finance International (CFI). Pictured: Dave Springsteen, Withum Partner Emeritus, HLB Global Tax, Surabhi Bansal, Shannon Smith, Kimberlee SP Murphy, Partner, Withum International Services Practice Leader, Christian Jahndorf, Nick Farmer. As an independent member…
As a result of destruction and damage caused by severe storms, flooding, and tornadoes that impacted parts of Rhode Island beginning on September 10, 2023, the Internal Revenue Service (IRS) has announced through its releases IR-2024-01 (January 26, 2024) and IR-2024-27 (January 30, 2024) that affected taxpayers in designated disaster areas will be provided tax…
Download a PDF of this case study Executive Summary A national multiemployer health plan, operating in a dynamic healthcare environment, approached Withum with concerns regarding the accuracy, timeliness, and completeness of rebates from their Pharmacy Benefit Manager (PBM). Faced with uncertainty about rebate compliance, a complex rebate agreement, and resource constraints, the client sought Withum’s…