After several months of growth in new orders, our recent survey of residential furniture manufacturers and distributors indicated a bit slower growth in August. The increase in orders in August was 1 percent following increases of 11 percent in July, 6 percent in June and 8 percent in May. This August increase, though small, marked the 13th straight month of increased orders when compared to the same month a year ago.
On October 19, 2017, the IRS released Revenue Procedure (Rev Proc) 2017-58 that details the annual inflation adjustments for over 50 of the sections of the Internal Revenue Code for tax years beginning in 2018. Key highlights include changes in estate and gifts as well as individual income taxes.
With the advent of social media, there has been a proliferation of new acronyms making their way into our everyday language. Even those who are not social media savvy may likely recognize some of these popular acronyms. Similar to the world of social media, there are many acronyms pertaining to employee benefit plans (EBP). This edition of the Summer 2017 EBP Commentator explores several EBP acronyms we believe would be beneficial for plan sponsors to understand.