For employers looking to safeguard their organizations from fraud, payroll is among the most obvious targets they must protect. That’s where the money is, after all. Payroll can stand out as a bright red bullseye for criminals if not carefully guarded. How bright? In its Occupational Fraud 2024: A Report to the Nations, the Association …
Read more “5 Common Forms of Payroll Fraud Faced By Employers”
Employers that offer a 401(k) plan should generally encourage participants to invest as much as they can and not touch the money until retirement. However, there may be instances when employees feel they need to access their plan funds before reaching retirement age. In some of those cases, participants may qualify for a 401(k) hardship …
Read more “The Current Standard for Approving 401(k) Hardship Distributions”
Does your organization sponsor a qualified retirement plan for employees? If so, the new calendar year will likely bring inflation-based adjustments to more than one limit or threshold associated with your plan. Here are some important 2025 amounts to be aware of: Contribution limits to 401(k)s and other defined contribution plans. The annual limit on …
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How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts aren’t increasing as much as in recent …
Read more “The amount you and your employees can save for retirement is going up slightly in 2025”
If your small business is seeking to conserve cash or reduce expenses, engaging in barter or trade for goods and services can be advantageous. While bartering dates back to ancient times, modern technology, particularly the internet, has facilitated easier exchanges between businesses. Tax Considerations Bartering transactions involve taxable income based on the fair market value …
Read more “Bartering is a taxable transaction even if no cash is exchanged”
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: …
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Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business is audited. What Do ATGs Cover? The IRS compiles information obtained from past examinations of taxpayers and publishes …
If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. You’re taxed on income you didn’t receive The first $50,000 of group term …
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The novel coronavirus (COVID-19) pandemic has refocused people’s thoughts on the health and safety of their families. In addition to taking the necessary steps today to protect your loved ones, it’s equally important to consider their financial security in the future. If you don’t have a will, drafting one should be your first step in …
Read more “Drafting your will using online tools can lead to unwanted outcomes”
Filing Requirements Each person engaged in a trade or business who, in the course of operating, receives more than $10,000 in cash in one transaction, or in two or more related transactions, must file Form 8300. Any transactions conducted in a 24-hour period are considered related transactions. Transactions are also considered related even if they …
Read more “File cash transaction reports for your business on paper or electronically”
