 May | VOLUME #117
 As you may have heard, the Governmental Accounting Standards
Board (GASB) issued Statement No. 68 (GASB 68) titled, “Accounting and
Financial Reporting for Pensions – an amendment of GASB Statement No. 27”,
which is effective for fiscal years beginning after June 15, 2014. GASB 68 will
result in significant changes to the financial statements of participating employers
in the Alaska Public Employees’ and Teachers’ Retirement Systems (PERS and
TRS).
GASB 68 requires employers who participate in cost-sharing,
multiple employer defined benefit pension plans like PERS and TRS to
recognize and report their proportionate share of the total net pension
liability (NPL) in their financial statements. Additionally, participating employers and nonemployer contributing
entities must determine and recognize their proportionate share of pension
expense and deferred items, whether deferred outflows (asset) or deferred
inflows (liability). Please keep in mind that for FY 2015
financial statements, the NPL refers to PENSION only.
In order to assist participating employers with
implementation of GASB 68, the Division of Retirement & Benefits (Division)
will provide a third party audited report with the following:
-
Schedule of Proportionate Share of Contributions for
Employers and Nonemployer Contributing Entity (Schedule of Proportionate Share)
- Schedule of Pension Amounts for Employers and Nonemployer
Contributing Entity (Schedule of Pension Amounts)
The schedule of pension amounts will include the necessary
information for the deferred outflows and inflows of resources.
In order to form an opinion on the schedule of proportionate
share, our external auditors, KPMG LLP, will perform tests of the underlying
payroll and census data reported to PERS and TRS by employers. Since these
records supporting the reported data are retained by the employers and not by
the Division, a sample of employers will be selected for audit. It is
anticipated that this testing will take place from June to September 2015. Employers
selected for audit will receive separate notification from the Division.
For additional information, please locate the AICPA
Governmental Audit Quality Center, SLGEP Pension Whitepaper Series document
titled, “Governmental Employer Participation in Cost-Sharing Multiple-Employer
Plans: Issues Related to Information for
Employer Reporting”. Page 5 of 9
provides an example of the schedule of proportionate share, and page 7 of 9
provides the example of the schedule of pension amounts.
School districts will have two schedules to use: one for PERS and one for TRS.
As more information becomes available, the Division will
post to our website devoted to GASB information.
Once the reports are completed and ready for
distribution, the Division will post to our website and send notification out
to all employers.
Back to Top
|
 The IRS is accepting applications for the Internal Revenue Service Advisory Council (IRSAC).
IRSAC’s purpose is to provide an organized public forum for IRS officials and representatives of the public to discuss relevant federal tax administration issues. IRSAC members submit a report to the Commissioner of Internal Revenue annually at a public meeting in the fall.
IRSAC is comprised of up to 35 members who are appointed to three-year terms by the Commissioner. Applications are currently being accepted for approximately five appointments that will begin in January 2016. Nominations of qualified individuals may come from individuals or organizations.
Applications will be accepted May 1 – June 26. More information, including the application form, is available on the Tax Professional’s Page the IRS website. Questions about the application process can be emailed to publicliaison@irs.gov.
Back to Top
|
The IRS is accepting applications for the Tax Counseling for
the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs.
The TCE program was established in 1978 to provide tax
counseling and return preparation to persons who are 60 or older. Volunteers who
provide free federal income tax help to seniors nationwide receive free
training and technical assistance.
The VITA program, created in 1969, provides free federal
income tax filing assistance to underserved communities. The grant program helps extend VITA
services to underserved populations in hard-to-reach urban and non-urban areas.
Previous grant recipients may apply for up to three years of
annual funding. Applications for TCE and VITA must be submitted by June 1. Electronic
versions of the grant application package instructions, Publication
1101 for TCE and Publication
4671 for VITA, can be found on IRS.gov.
Back to Top
 The IRS is hosting a free webinar, Taxability of Fringe Benefits Part One: What Is a Fringe Benefit and When Is It Taxable, on Tuesday, May 19 at 2pm (Eastern).
You will learn about:
- What fringe benefits are
- Which fringe benefits are taxable
- Special accounting rules for fringe benefits
- What is a working condition fringe benefit
-
What is a de minimis fringe benefit
- Taxability of per diem payments
- The accountable plan rules
Registration is required. You will use the same link to attend.
Back to Top
|
The IRS is hosting a webinar on the employer shared responsibility and the information reporting by employers and providers of minimum essential coverage (MEC). This presentation will enhance your awareness and understanding on how ACA affects employers and providers of MEC beginning in 2015.
Topics include:
- Employer Shared Responsibility Provisions
- Information Reporting by Employers
- Information Reporting by Providers of MEC
- ACA Informational Resources
Register for Session
1: May 18 from 11pm - 12:30pm (Eastern)
Register for Session
2: May 21 from 1pm - 2:30pm (Eastern)
Note: All
sessions will cover the same materials; you only need to register for one
event.
Back to Top
|
