Some IRA planning and investment strategies may appear easy to execute, but errors can lead to unexpected taxes or penalties, loss of the IRA’s tax-exempt status, and even disinherited beneficiaries. Where can things go wrong? Here are five common IRA misconceptions, as well as tips for making a more informed choice.
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit created as an incentive to employers to hire individuals from certain target groups that have consistently faced significant barriers to employment. The Consolidated Appropriation Act of 2021 extended the WOTC until December 31, 2025, giving employers additional time to make qualifying hires and claim the credit.
As vaccination levels rise and many areas of the country begin to fully reopen, business owners may find themselves wondering: Should we have a company retreat this year?
Life as we know it is trending back towards normal, but the professional landscape is forever changed. Employers are allowing employees to permanently work from home, which will change their respective technology needs. Developing a suitable set of technology solutions—often called a “technology stack”—helps businesses streamline operations and empowers employees to work efficiently and effectively in multiple work environments. Below we outline common examples of various business processes and applications that can be integrated with your accounting products, to help you custom-build your own technology stack.
Starting this summer, many families will receive advance payments of their child tax credit, thanks to changes made in The American Rescue Plan Act (ARPA).
On April 19, New York State passed a budget bill that included a Pass-Through Entity (PTE) tax election that impacts partnerships, limited liability companies treated as partnerships, and S-corporations.
If you need funds to cover an unexpected expense, taking a loan from your 401(k) account may sound appealing. Although many retirement plans offer these loans, borrowing from your 401(k) comes with unique risks and costs that can seriously compromise your long-term retirement savings. If you’re considering a 401(k) loan, it’s critical to weigh the pros and cons.
Many employee benefit plan sponsors have faced logistical challenges during the pandemic, such as office closures and remote work environments, which have made it difficult to remit participant 401(k) contribution deposits on time. In response to these challenges, the Department of Labor (DOL)'s Employee Benefit Security Administration (EBSA) has issued Disaster Relief Notice (2020-01), which provides flexibility and relief to sponsors struggling with remittance delays due to the pandemic.
The Small Business Administration’s (SBA) Restaurant Revitalization Fund (RRF)—a relief program for restaurants and other food service businesses impacted by the pandemic—went live for applications on May 3, 2021.
The Shuttered Venue Operators Grant (SVOG) program, originally scheduled to reopen on Saturday, is now open as of today, Monday, April 26, 2021 at 12:00 p.m.
