The Setting Every Community Up for Retirement Enhancement (SECURE) Act was mainly intended to help individuals save more for retirement. But the new law also contains provisions that help simplify the administration of retirement plans for employers and allow more… Read More
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SECURE Act Affects Retirement and Tax Planning for Individuals
On December 20, President Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act. It was part of the Further Consolidated Appropriations Act federal spending package. In general, the SECURE Act is intended to expand opportunities… Read More
Employee Benefit Plans: Do You Need a Form 5500 Audit?
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… Read More
New Rules Will Soon Require Employers to Annually Disclose Retirement Income to Employees
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… Read More
Wayfair Revisited — It’s Time to Review Your Sales Tax Obligations
In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has… Read More
New Law Helps Businesses Make Their Employees’ Retirement Secure
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… Read More
New Law Provides a Variety of Tax Breaks to Businesses and Employers
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law… Read More
Year-end Accounting Recap
The Financial Accounting Standards Board (FASB) hasn’t issued any major new accounting rules in 2019. But there have been some important developments to be aware of when preparing annual financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Deferral of… Read More
Low Tax Rates Provide Opportunity to “Cash Out” with Dividends
Under current tax law, the federal income tax rate for C corporations is a flat 21%. Under prior law, C corporations faced a graduated federal income tax-rate schedule with a maximum effective rate of 35%. The flat 21% corporate tax… Read More
Tax Rules that Apply to Home-to-Rental Conversions
Residential real estate values have fully recovered in many areas, and rental rates are strong. To take advantage of this favorable situation, consider buying a new residence and converting your current home into a rental property that you can sell… Read More