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 ...
HM&M Accounting, Audit and Assurance*, & Tax Blog
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 ...
Updated 2024 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 ...
Updated 2024 Under federal law, most organizations that have an employee benefit plan (EBP) with 100 or more participants with existing balances at the start of the plan year are required to submit audited plan ...
Updated 2024 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 ...
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 ...
We often receive questions from clients about their 401(k) plans and recently had a client ask two thought provoking questions: “What steps should I take to monitor service providers I hire to help me administer ...
Right before the Christmas holiday, the IRS announced that it is delaying the new, lower $600 reporting threshold for third-party settlement organizations (TPSO), meaning that the threshold of $600 will not apply to transactions in ...
There will be a few tax changes for businesses of note for the tax year 2023 and beyond, including a huge 2017 TCJA tax benefit that will begin to phase out at the end of ...
Giving to charity can provide not only large tax deductions to help you do well financially (as long as you itemize deductions) but also the satisfaction of doing good. On top of that, it’s one ...