Relief for Some 2023 IRA RMDs

On July 14, 2023, the IRS issued Notice 2023-54 announcing that traditional IRA owners who will attain age 72 in 2023 (that is, individuals born in 1951) will have to take their first required minimum distribution (RMD) by April 1, 2025, rather than April 1, 2024. This delay in the required beginning date means that these IRA owners (who, prior to enactment in late December 2022 of the SECURE 2.0 Act, would have been required [Read More]

August 10th, 2023|

Our Entrepreneur Start-Up Guide: The Best Practices to Help Motivate Success

Ask any experienced entrepreneur and they will tell you that the difference between running a business and running a successful business is massive. To truly give yourself the best chance of success, and to help achieve your overall goals in the most effective ways possible, there are a number of key best practices you'll want to keep in mind along the way. The Importance of a Well-Laid Plan By far, the number one best practice [Read More]

August 10th, 2023|

Why it’s Never too Early to Start a Savings Account for Your Children

Parents - especially new ones - are always looking for new ways to improve the lives of their children. Surprisingly, one of the most effective opportunities that people also often overlook has to do with starting a savings account for that child as early as they're capable of doing so. On the one hand, no - it's probably not a good idea to give a young child in particular unrestricted access to a bank account [Read More]

August 10th, 2023|

IRS Releases New FAQs on the Employee Retention Credit

The IRS continued its campaign to alert taxpayers against ERC fraudsters by releasing updated FAQs. The most recent update includes details on qualifying government orders, a drop in gross receipts, recovery startup firms, and when taxpayers can anticipate receiving an ERC refund. Click here to view the FAQs on the IRS website.

August 7th, 2023|

It’s Not Too Late for an IRA Contribution

Most of the time an expense that may be tax deductible needs to be paid by the end of the year for which the expense will be claimed. However, there is an exception to that rule. IRA contributions for the prior year can be made after the close of the year if made by the return’s original filing due date for the year. Thus IRA contributions for 2022 can made by April 18, 2023. Normally [Read More]

March 24th, 2023|

ASC 842 Considerations and Impact

By: Mallory Salter ASC 842 is now in effect for all companies, updating standards for how organizations classify and record leases. After years of delaying the effective date, the new standards are finally being enforced for privately held companies, and the changeover can no longer be avoided. The impact of the new standard is proving to be significant, with even more ramifications than previously expected. It is vital that businesses take steps now to understand [Read More]

March 15th, 2023|

Don’t Ignore Household Employee Payroll Tax Rules

If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring. Either situation can come back to bite you. When the worker is your employee, your liability includes both withholding and paying payroll taxes as well as issuing a W-2 after the close of the year. Sure, it is a [Read More]

March 10th, 2023|

What Your Construction Business is Missing

By: Sheryl Tschimpke The construction industry is hectic, with many projects and priorities to manage. You understand the impact that operations staff can have on your business, but are you missing out on the value that a solid accounting department provides? Investing in your accounting department can increase your success by enhancing business management, planning, and strategy. Benefits of Experienced Leadership in the Accounting Department Your accounting department is more than a cost center. Having [Read More]

March 8th, 2023|

Secure 2.0 Act of 2022 Introduces Key Changes for Workplace Retirement Plans

By: Mallory Salter The SECURE 2.0 Act of 2022 was signed into law on December 29, 2022, and introduces over 90 changes to the federal rules governing workplace retirement plans.   This landmark legislation, which aims to expand coverage and increase retirement savings while simplifying and clarifying retirement plan rules, will bring sweeping changes for employers over the next several years.   The legislation builds upon changes established by the 2019 Secure ACT and includes both mandatory [Read More]

March 1st, 2023|

Haven’t Filed Tax Returns for Multiple Years? Here’s What You Need to Do Next

You'd be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it's absolutely something that you're supposed to do like clockwork every single year. Of course, there is a myriad of different reasons why you may have fallen behind. You could be going through something of a major life transition and simply were unable to meet the filing deadline. Maybe you filed for a much-needed extension and then other [Read More]

February 24th, 2023|
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