On July 14, 2023, IRS released Notice 2023-54 providing Transition Relief for: The change in beginning date for RMDs 2023 missed RMDs for IRA beneficiaries subject to the requirement for annual RMDs under the “10-Year ...
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Companies that offer employee benefit plans like health insurance or retirement benefits are governed by the Employee Retirement Income Security Act of 1974 (ERISA). ERISA is a federal law that requires employee benefit plan administrators ...
Under federal law, most organizations with an employee benefit plan (EBP) that has 100 or more participants are required to submit audited plan financial statements when they file their annual tax return or report. This ...
If your Employee Benefit Plan were to get audited today, are you prepared? A company’s employee benefit plan (EBP) can refer to 401(k), pensions, or profit-sharing plans among others. Once companies reach a certain number ...
Summary Accounting for leases between entities under common control is changing. Specifically, the new guidance includes the following provisions: Nonpublic entities[1] can elect a practical expedient to use the written terms and conditions of their ...
If most of your money is tied up in your business, saving for retirement can be a challenge. So, if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. If ...
The Inflation Reduction Act of 2022, was signed into law by President Biden on Tuesday, August 16, 2022. The Inflation Reduction Act of 2022 (The Act) will raise revenue, reduce the deficit, make major investments ...
That is both a literal and figurative statement. The photo above, provided by the U.S. Department of the Treasury, shows the cafeteria at the IRS’ Austin facility in June. This is visual confirmation of what ...
With many businesses facing a tight job market, the Internal Revenue Service recently reminded employers to check out the work opportunity tax credit (“WOTC”) Recent legislation extended this credit through the end of 2025. Employers ...
Today, the IRS issued Announcement 2016-25: Tax Treatment of Payments made on Behalf of or Reimbursements Received by Residents Affected by the Southern California Gas Company Natural Gas Leak. Let’s refresh our memories. The Aliso ...