Abstract: For business owners, determining whether they’re making repairs or improvements can be tricky — but it’s important to be aware that the distinction can have real tax consequences. This article discusses IRS regulations that ...
HM&M Accounting, Audit and Assurance, & Tax Blog
Dallas, TX – Oct. 6, 2023 – Huselton, Morgan & Maultsby, P.C. (HM&M), a leading CPA firm with four offices in Texas, was recently named to INSIDE Public Accounting’s Top 300 Firms for 2023. There ...
Abstract: Businesses may be familiar with the rule that permits them to deduct employee bonuses this year if they pay them to employees within 2½ months after the end of the tax year. It’s an ...
On September 14th the IRS announced an immediate moratorium through the end of the year on the processing of new Employee Retention Credit (ERC) Claims. This action was taken in response to growing concerns inside the ...
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 ...
The IRS has identified Employee Retention Credit Scams as the number one worst tax scam on its 2023 Dirty Dozen List. Third parties, commonly known as “ERC Mills” have been aggressively promoting and promising large ...
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 ...
Of the many provisions within the SECURE 2.0 Act, there is one that plan sponsors may want to pay particular attention to: the option to allow employees to elect to treat employer contributions as Roth ...
On December 29th, 2022, President Biden signed the SECURE Act 2.0 into law, as part of the Consolidated Appropriations Act. This broad-reaching legislation is expected to impact tax incentives as it relates to retirement plans ...