ERISA 2025 Requirements Calendar
ERISA 2025 Requirements Calendar Sponsors of defined benefit and defined contribution retirement plans should keep the following deadlines and other important dates in mind as they work toward ensuring compliance for their plans in 2025. Dates assume a calendar year plan. Some deadlines may not apply, or dates may shift based on the plan sponsor’s fiscal year. For additional support, please contact your Pivot CPAs representative. FEBRUARY 28 Action: File IRS Form 1096, Annual [Read More]
Hidden Figures: Why It’s Important for Plan Sponsors to Identify Controlled Groups
ERISA – Controlled Groups The identification and treatment of controlled groups often proves to be an enormous challenge for owners of multiple business entities. The rules for determining whether a controlled group exists are complex, requiring employers and plan administrators to ask the right questions, carefully analyze the responses, and adapt employee benefit plans as needed when a controlled group exists. These rules apply regardless of the types of entity — C corporations, S corporations, [Read More]
Potential Tax Changes Under the New Presidential Administration
What Florida Businesses Should Know With a new presidential administration and a Republican-controlled Congress set to take office in January 2025, the U.S. may see sweeping changes to federal tax policy. For Florida businesses, staying ahead of these changes is vital to managing their financial planning and strategic growth. The anticipated tax revisions could include changes to corporate tax rates, expensing rules, green energy incentives, and estate taxes. This article will examine key areas of [Read More]
Mallory Salter Promoted to Assurance Partner
Pivot CPAs, Northeast Florida's largest locally-owned certified public accounting firm, is proud to announce the promotion of Mallory Salter to Assurance Partner. Mallory joined Pivot CPAs in 2010 and has been a vital asset to the firm, providing assurance services to both privately and publicly held companies. Her focus areas include residential and commercial construction, manufacturing and distribution, and employee benefit plan audits. A Jacksonville native, Mallory holds a Master's in Business Administration from [Read More]
People On The Move In Jacksonville
Pivot CPAs new Director of Family Office Services, Kathleen Devine, was featured recently in the Jacksonville Business Journal's 'People On The Move In Jacksonville' column. Read the feature here: https://www.bizjournals.com/jacksonville/potmsearch/detail/submission/6540422/Kathy_Devine
Clean Vehicle Shoppers Deserve to Look Up Credit Eligibility Online by VIN
Published on ThomasReuters.com by Tim Shaw - At a public rulemaking hearing, an IRS panel heard testimony on the searchability of eligible vehicles via an online tool from a variety of organizations regarding a suite of proposed regs implementing new and used clean energy vehicle credits enacted under the Inflation Reduction Act (PL 117-169). Background. The proposed rules clarify aspects of Code Sec. 30D, which, for vehicles placed in service after April 18, 2023, provides a [Read More]
BOI Reporting
Pivot CPAs Clients - As part of the effort of the United States to prevent concealment of assets through shell companies or other similar structures, the Corporate Transparency Act (31 U.S.C. 5336) and its accompanying regulations (collectively, the CTA), require beneficial ownership information (BOI) reporting by certain entities, characterized as reporting companies. Effective January 1, 2024, many companies, including many of our clients, will be required to report information electronically regarding their beneficial owners to [Read More]
IRS Announces Withdrawal Process for Employee Retention Credit Claims
Internal Revenue Service Release October 19, 2023 As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service today announced the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy. This new withdrawal option allows certain employers that filed an ERC claim but have not yet received a refund to withdraw their submission [Read More]
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]
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]