Employers get more relief from failure-to-deposit employment tax penalties
April 27, 2021 COVID-19
Employers get more relief from failure-to-deposit employment tax penalties

Under the Internal Revenue Code, an employer would typically be penalized for failing to deposit certain federal employment taxes by the designated deadline. Examples include deposits of withheld income taxes and FICA taxes. However, the IRS recently provided additional penalty relief for employers who have failed to timely deposit their employment taxes because those deposits […]

Some employers are incentivizing employees to get COVID-19 vaccinations
April 22, 2021 COVID-19
Some employers are incentivizing employees to get COVID-19 vaccinations

As efforts continue to get as many Americans as possible vaccinated against COVID-19, employers are contemplating their roles — with many already taking action. If your organization has yet to formally decide on how openly you wish to push employees to get inoculated, it’s not too late. You still have time to roll out a […]

What happens if your spouse fails to designate you as beneficiary of their IRA?
April 21, 2021 Knowledge Center
What happens if your spouse fails to designate you as beneficiary of their IRA?

One advantage of inheriting an IRA from your spouse is that you’re entitled to transfer the funds to a spousal rollover IRA. The rollover IRA is treated as your own IRA for tax purposes, which means you need not begin taking required minimum distributions (RMDs) until you reach age 72. This differs from an IRA […]

What’s on the FASB’s 2021 agenda?
April 20, 2021 Knowledge Center
What’s on the FASB’s 2021 agenda?

In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans to tackle under his leadership. Big picture The FASB is responsible for creating and updating U.S. Generally Accepted Accounting Principles (GAAP), the […]

Changes to premium tax credit could increase penalty risk for some businesses
April 16, 2021 COVID-19
Changes to premium tax credit could increase penalty risk for some businesses

The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed into law in March 2021, made several significant enhancements […]

Small businesses, big fraud risks
April 15, 2021 Knowledge Center
Small businesses, big fraud risks

It’s not always easy being small. For one thing, small businesses (with fewer than 100 employees) experience higher occupational fraud losses: a median $150,000 vs. $140,000 for larger companies, according to the Association of Certified Fraud Examiners. That’s because they don’t always have the staffing or financial resources to implement fraud-prevention programs. Small businesses are […]

Providing optimal IT support for remote employees
April 14, 2021 Knowledge Center
Providing optimal IT support for remote employees

If you were to ask your IT staff about how tech support for remote employees is going, they might say something along the lines of, “Fantastic! Never better!” However, if you asked remote workers the same question, their response could be far less enthusiastic. This was among the findings of a report by IT solutions […]

Reporting profits interest awards
April 13, 2021 Knowledge Center
Reporting profits interest awards

During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain skilled workers. In lieu of providing cash bonuses or annual raises, some companies may decide to give valued employees a share of their future profits. While corporations generally issue stock options, limited liability companies (LLCs) […]

Who qualifies for “head of household” tax filing status?
April 12, 2021 Knowledge Center
Who qualifies for “head of household” tax filing status?

When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as a head of household, which is more favorable than single? To qualify, you must maintain a household, which for more […]

Can a safe harbor 401(k) plan become top-heavy?
April 9, 2021 Knowledge Center
Can a safe harbor 401(k) plan become top-heavy?

A 401(k) plan, or some other type of retirement savings vehicle, has become an imperative for most employers. Among the biggest challenges organizations face when implementing a 401(k) is managing the complex array of IRS rules for nondiscrimination testing regarding elective deferrals and matching contributions. Some employers may be able to automatically pass nondiscrimination testing […]

From FFCRA to ARPA: the latest on paid COVID-related leave
April 8, 2021 COVID-19
From FFCRA to ARPA: the latest on paid COVID-related leave

The Families First Coronavirus Response Act (FFCRA) was among the first major laws enacted in response to the COVID-19 pandemic. It allows employees paid sick time and paid family leave time to care for themselves or loved ones during the ongoing public health crisis. In turn, eligible employers can claim tax credits to offset the […]

How to ensure life insurance isn’t part of your taxable estate
April 7, 2021 Knowledge Center
How to ensure life insurance isn’t part of your taxable estate

If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to federal estate tax. Current exemption amounts For 2021, the federal estate and gift tax exemption is $11.7 million ($23.4 […]