Help protect your personal information by filing your 2019 tax return early
Posted January 14, 2020 / No comments
The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this year. The reason: You can potentially protect yourself from tax
Read MoreNew rules will soon require employers to annually disclose retirement income to employees
Posted January 13, 2020 / No comments
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the
Read MoreKeeping the faith in a reverse mentoring program
Posted January 10, 2020 / No comments
In a reverse mentoring program, a younger and usually less experienced employee mentors an older one, who’s typically in management or even an executive or business owner. The general idea is for the older employee to “get hip” to the latest technology or a new trend while the younger one gains experience and becomes better
Read MoreFactor 2020 cost-of-living adjustments into your year-end tax planning
Posted January 9, 2020 / No comments
The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some stayed at 2019 levels. As you implement 2019 year-end tax planning strategies, be sure to take these 2020 adjustments into account in your planning. Also, keep in mind that, under the Tax Cuts and Jobs
Read MoreIRS issues final QBI real estate safe harbor rules
Posted January 8, 2020 / No comments
Earlier this year, the IRS published a proposed safe harbor giving owners of certain rental real estate interests the opportunity to take advantage of the qualified business income (QBI) deduction. The QBI write-off was created by the Tax Cuts and Jobs Act (TCJA) for pass-through entities. The IRS has now released final guidance (Revenue Procedure
Read MoreNew law helps businesses make their employees’ retirement secure
Posted January 8, 2020 / No comments
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed
Read More4 new law changes that may affect your retirement plan
Posted January 8, 2020 / No comments
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions
Read MoreWellness programs are subject to many federal laws
Posted January 3, 2020 / No comments
At the beginning of the year, many people make resolutions about improving their physical fitness and overall well-being. Employers may seek to give these goals a boost in the longevity department by offering an employee wellness program. If your organization is doing so, or considering such a program, it’s important to be aware of the
Read MoreEmployee benefit plans: Do you need a Form 5500 audit?
Posted January 3, 2020 / No comments
Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements and IQPA opinion are often referred to collectively
Read MoreNonprofits: Are you ready for the new contribution guidance?
Posted January 2, 2020 / No comments
When the Financial Accounting Standards Board (FASB) updated its rules for recognizing revenue from contracts in 2014, it only added to the confusion that nonprofits already had about accounting for grants and similar contracts. Fortunately, last year, the FASB provided some much-needed clarification with Accounting Standards Update (ASU) No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying
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