Smaller companies: Explore pooled employer plans for retirement benefits
December 8, 2023 Knowledge Center
Smaller companies: Explore pooled employer plans for retirement benefits

Most businesses today need to offer a solid benefits package. Failing to do so could mean falling behind in the competition to hire and retain talent in today’s tight job market. When it comes to retirement benefits, however, smaller companies may struggle with the financial and administrative burdens of sponsoring their own plans. The good news […]

Year end is gift-giving time: Use the annual gift tax exclusion to the max
December 8, 2023 Knowledge Center
Year end is gift-giving time: Use the annual gift tax exclusion to the max

With the holidays approaching, you might be considering making gifts of stock or cash to family members and other loved ones. By using the annual gift tax exclusion, those gifts — within generous limits — can reduce your taxable estate. Indeed, in 2023, the annual gift exclusion amount is $17,000 per recipient. (In 2024, the […]

Applicable large employers: Determine the “affordability” of your 2024 health coverage
December 7, 2023 Knowledge Center
Applicable large employers: Determine the “affordability” of your 2024 health coverage

Earlier this year, the IRS released Revenue Procedure 2023-29, in which it announced an important indexing adjustment to the Affordable Care Act (ACA). With year end here and a fresh 12 months of the calendar on the way, it’s an ideal time to determine whether your organization is (or will be) an applicable large employer […]

Higher interest rates spark interest in charitable remainder trusts
December 7, 2023 Knowledge Center
Higher interest rates spark interest in charitable remainder trusts

If you wish to leave a charitable legacy while generating income during your lifetime, a charitable remainder trust (CRT) may be a viable solution. In addition to an income stream, CRTs offer an up-front charitable income tax deduction, as well as a vehicle for disposing of appreciated assets without immediate taxation on the gain. Plus, […]

Overview of the offsetting rules
December 5, 2023 Knowledge Center
Overview of the offsetting rules

As companies explore hedging strategies in today’s uncertain economy, management might need to become familiar with the accounting rules for offsetting. Here are the basics, including what needs to be disclosed in your footnotes about these contractual arrangements. Right of setoff In general, it’s not proper to offset assets and liabilities in the balance sheet […]

The 2024 cost-of-living adjustment numbers have been released: How do they affect your year-end tax planning?
December 5, 2023 Knowledge Center
The 2024 cost-of-living adjustment numbers have been released: How do they affect your year-end tax planning?

The IRS recently issued its 2024 cost-of-living adjustments for more than 60 tax provisions. With inflation moderating slightly this year over last, many amounts will increase over 2023 amounts but not as much as in the previous year. As you implement 2023 year-end tax planning strategies, be sure to take these 2024 adjustments into account. […]

IRS delays new reporting rule for online payment processors
December 4, 2023 Knowledge Center
IRS delays new reporting rule for online payment processors

For the second consecutive year, the IRS has postponed implementation of a new rule that would have led to an estimated 44 million taxpayers receiving tax forms from payment apps and online marketplaces such as Venmo and eBay. While the delay should spare such taxpayers some confusion, it won’t affect their tax liability or income reporting responsibilities. And […]

5 strategies to cut your company’s 2023 tax bill
December 1, 2023 Knowledge Center
5 strategies to cut your company’s 2023 tax bill

As another year ends with interest rates and markets in flux, one thing remains certain: Reducing your company’s tax bill can improve your cash flow and your bottom line. Below are five strategies — including some tried-and-true and others particularly timely — that you can execute before the turn of the new year to minimize […]

Don’t forget to empty out your flexible spending account
November 30, 2023 Knowledge Center
Don’t forget to empty out your flexible spending account

If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use the money in the account by year-end or you’ll lose it (unless your employer has a grace period). As the end of 2023 […]

11 Exceptions to the 10% penalty tax on early IRA withdrawals
November 27, 2023 Knowledge Center
11 Exceptions to the 10% penalty tax on early IRA withdrawals

If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts. Here’s what you need to know about the tax implications, including when the 10% […]

Take action now to reduce your 2023 income tax bill
November 21, 2023 Knowledge Center
Take action now to reduce your 2023 income tax bill

A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes to the rules regarding retirement planning. While much uncertainty remains, the good news is that you still have time to implement year-end tax planning strategies that may reduce […]

Is your business subject to the new BOI reporting rules?
November 17, 2023 Knowledge Center
Is your business subject to the new BOI reporting rules?

The Corporate Transparency Act (CTA) was signed into law to fight crimes commonly associated with illegal business activities such as terrorist financing and money laundering. If your business can be defined as a “reporting company” under the CTA, you may need to comply with new beneficial ownership information (BOI) reporting rules that take effect on […]