Business Planning and Strategy
Pension-Linked Emergency Savings Accounts: Help Employees Save for a Rainy Day
Employer-sponsored PLESAs encourage employees to save for emergencies by allowing them to put aside a portion of their pay for that purpose. Authorized under the SECURE 2.0 Act of 2022, pension-linked emergency savings accounts are individual accounts in defined contribution plans. They are designed to permit and encourage employees to save for financial emergencies. These are…
Read MoreIRS Puts Brakes on ERC Processing
According to the IRS, a moratorium on processing of new ERC claims through year’s end will allow IRS to add more safeguards to prevent future abuse and to protect businesses from predatory tactics. The pandemic-era relief program is a refundable tax credit designed for businesses that continued paying employees during the COVID-19 crisis. In a…
Read MorePrepare for the TCJA Sunset — If You Can
The Tax Cuts and Jobs Act (TCJA) largely winds down at the end of 2025. Maybe. Many of its provisions are political, so much depends on who’s in the White House and who has control of the House and Senate at that time. Before you start planning, glean some understanding of what the TCJA does…
Read MoreCorporate Transparency Act: What Small Businesses Need to Know About New Reporting Requirements
Effective January 1, 2024, millions of privately-owned small businesses will be subject to new reporting obligations under the Corporate Transparency Act (CTA), a new anti-crime law that seeks to uncover the concealment of illicit money through the use of shell and front companies. In an effort to increase transparency of true ownership behind anonymous corporate…
Read MoreProtect Yourself with an IRS Identity Protection PIN
The IRS has recently published information about identity PINs, which can make your financial world more secure. We are pleased to reprint the key portions below. For further details, visit the IRS site. Identity Protection PINs stop identity thieves from filing fraudulent tax returns. Taxpayers who participate in this program are assigned a six-digit number that…
Read MoreBusiness Succession in the Post-COVID-19 World
This is not the first or last time you will hear this: COVID-19 changed everything. But it has had a specific impact on business owners who are trying to figure out how their businesses will survive the disruptions of the past few years. There was so much uncertainty that it was difficult to see past…
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