Succession will happen, so it’s important to plan accordingly— and well in advance—to achieve the desired outcome and maintain the family wealth enterprise.

Determining whether a controlled or affiliated service group situation exists is a task that some employers might ignore, since it is confusing and complex, in the hope that it never becomes an issue. However, government regulators expect plan sponsors to understand these rules and ensure their plans comply with regulations, so pleading ignorance is not an acceptable excuse to the Department of Labor or the IRS.

Stay ahead in the construction industry with our Winter 2025 Construction Insider.

Why dealerships experience turnover in the Controller position.

On March 2, 2025, the Treasury Department announced that it would not enforce any fines or penalties against US citizens or reporting companies or their beneficial owners after the rule change. They announced they will also be proposing a scope change that will narrow reporting requirement to only foreign reporting companies.

Changes to how governmental entities report compensated absences like vacation and sick leave