2017 Tax Cuts Act: What it Means For Businesses

The Tax Cuts and Jobs Act was signed by President Trump on December 22, 2017. The new law makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. For businesses, tax benefits include a reduction in the corporate tax rate, increase in the bonus depreciation allowance, an enhancement to the Code Sec…. Read more »

2017 Tax Cuts Act: What it Means For Individuals

The Tax Cuts and Jobs Act was signed by President Trump on December 22, 2017. The new law makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. Individuals are more impacted by the provisions of the act than any other class of taxpayer. With the reduction in effective tax rates, the… Read more »

Exercise cautious generosity with 401(k) enrollment eligibility

If your organization sponsors a 401(k) plan, you may have more flexibility than you think when it comes to setting eligibility rules for participants. Granted, the Employee Retirement Income Security Act (ERISA) sets many rules for enrollment. But plan sponsors still have plenty of leeway to meet the demands of their respective employment markets. The… Read more »

Should you sail your 401(k) into a safe harbor?

Employers tend to feel like they have to offer a 401(k) retirement plan. But many organizations, particularly smaller ones, run into trouble with complex rules for discrimination testing. If all of this sounds familiar, you might consider adding a safe harbor feature to your 401(k). A safe harbor 401(k) plan automatically satisfies the nondiscrimination testing… Read more »

Are your retirement plan documents in complete agreement?

Pop quiz! What are the two legal documents that govern your company’s qualified retirement plan? It may not be a question that keeps you up at night, but it’s one that can trip up employers that sponsor such a plan. The answer, of course, is: 1) an underlying plan document (UPD) and 2)  a summary… Read more »

Tax Reform’s Impact on the Insurance Industry

Overview: Late December 19th, the House voted to approve the Tax Cuts and Jobs Act (“TCJA”), sending it to the President’s desk for signature.  As a result, there are a number of provisions that will have a significant impact on the insurance industry and their taxes.  Most of these provisions will take effect beginning in… Read more »

Reviewing In-House Tax Preparation Helps Reduce Audit Risk

The business landscape continues to change year after year. This includes changes in tax laws, tax provisions, allowed deduction, and other government regulations. Some small businesses don’t have a specific in-house certified accountant, and leave these tasks up to another staff executive. Even if you do have a dedicated accountant on staff, the task of… Read more »

How long should you retain payroll records?

Employers must exert a certain amount of time and resources to properly retaining their income tax records. But these aren’t the only documents you need to maintain. Retention of your organization’s payroll records is also important. Rule of thumb Most employers must withhold federal income, Social Security and Medicare taxes from their employees’ paychecks. As… Read more »

UPDATE: PROPOSED GUIDANCE ON CONTRIBUTIONS FOR NONPROFIT ENTITIES

On August 3, 2017 the Financial Accounting Standards Board (FASB) issued an Exposure Draft, Not-for-Profit Entities (Topic 958), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (proposed ASU). The following is a brief overview of the proposed ASU and how it might affect your organization.   WHO WILL BE AFFECTED?… Read more »

2017 Tax Reform: last-minute year-end moves in light of Tax Cuts and Jobs Act

Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a… Read more »