Aug 8, 2023 | Business Planning, Employee Benefit Plans
As an employer, one of your main goals should be keeping your employees happy. You can keep your employees happy without losing favorable 401(k) tax benefits, paying penalties or facing liabilities. In the process, don’t forget to take the changes caused by the...
Jul 27, 2023 | Employee Benefit Plans, Tax News
Under IRS and Department of Labor rules, employers whose 401(k) plans have over 120 eligible participants on the first day of the plan year must hire an Independent Qualified Public Accountant (IQPA) to audit the plan for that year. (This is part of the so-called...
Sep 30, 2021 | Business Planning, Employee Benefit Plans, Tax News
A tax credit for small-employer pension plan startup costs may be awaiting you. You may be able to claim a tax credit of up to $5,000 when you set up an SEP or a SIMPLE IRA or a qualified plan such as a 401(k). You qualify to claim this credit if you meet all these...
Aug 31, 2021 | Business Planning, Closely Held Business, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Hospitality, Medical Practices, Not-for-Profit, Personal Financial Planning, Private Equity-SBICs and Venture Capital, Real Estate, Tax News
In COVID Tax Tip 2021-123, the IRS clarifies some of the confusion surrounding the powerful but complex Employee Retention Credit. The IRS is addressing changes made by the American Rescue Plan Act of 2021 that apply to the third and fourth quarters of 2021. ...
May 13, 2021 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Hospitality, Medical Practices, Not-for-Profit, Personal Financial Planning, Private Equity-SBICs and Venture Capital, Tax News
Enacted in 1996, the Work Opportunity Tax Credit (WOTC) is a federal tax credit that eligible employers can claim if they hire eligible individuals who have consistently faced stringent barriers to employment. According to the Department of Labor, “Each year,...
May 11, 2021 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Hospitality, Medical Practices, Not-for-Profit, Private Equity-SBICs and Venture Capital, Real Estate, Tax News
Small and midsize employers, and certain governmental employers, can claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from...