SEP-IRAs: A retirement plan option for small employers
Posted March 9, 2022 / No comments
In a historically tenuous time to retain employees, small employers are particularly at risk. Whereas a large employer might be able to shift duties or promote from within to cover the departure of one or more staff members, small employers are often left high and dry with no one to cover certain shifts or tasks. One
Read MoreClarity counts when it comes to estate planning documents
Posted March 4, 2022 / No comments
Precise language is critical in wills, trusts and other estate planning documents. A lack of clarity may be an invitation to litigation. An example of this is the dispute that arose after Tom Petty’s death, between his widow and his two daughters from a previous marriage. (The two parties have since resolved their differences and
Read MoreThere still may be time to cut your tax bill with an IRA
Posted March 1, 2022 / No comments
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax
Read MoreThe IRS again eases Schedules K-2 and K-3 filing requirements for 2021
Posted March 1, 2022 / No comments
The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items
Read MoreAre you ready for the new disclosure requirements for government assistance?
Posted March 1, 2022 / No comments
Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. Here are the details of the new rules. Defining government assistance The term “government assistance” may refer to perks and other incentives policymakers provide to
Read MoreCould internal promotions ease your hiring woes?
Posted February 28, 2022 / No comments
Much has been written about the difficulties many employers face finding job candidates. The pandemic has acted as a massive disruption to the labor market and, beginning last year, we saw a perhaps surprising ripple in “the Great Resignation” — a marked trend of employees voluntarily leaving their jobs and leaving organizations with many open
Read MoreThe election to apply the research tax credit against payroll taxes
Posted February 28, 2022 / No comments
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features
Read MoreAre you ready for the 2021 gift tax return deadline?
Posted February 23, 2022 / No comments
The annual gift tax exclusion has increased in 2022 to $16,000 but was $15,000 for 2021. Generally, you must file a gift tax return for 2021 if, during the tax year, you made gifts: That exceeded the $15,000-per-recipient gift tax annual exclusion for 2021 (other than to your U.S. citizen spouse), That you wish to
Read More4 levels of audit opinions
Posted February 23, 2022 / No comments
The first page of audited financial statements is the auditor’s report. This is an important part of the financials that shouldn’t be overlooked. It contains the audit opinion, which indicates whether the financial statements are fairly presented in all material respects, compliant with Generally Accepted Accounting Principles (GAAP) and free from material misstatement. In general,
Read MoreAgencies clarify plan coverage of COVID-19 tests
Posted February 22, 2022 / No comments
On February 4, the Department of Labor, IRS and Department of Health and Human Services issued additional frequently asked question (FAQ) guidance addressing the terms and conditions under which group health plans must cover over-the-counter (OTC) COVID-19 diagnostic tests. The FAQs build on earlier guidance (FAQs Part 51) that established, during the COVID-19 public health emergency, group
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