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 ...
HM&M Accounting, Audit and Assurance*, & Tax Blog
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 ...
The new lease standard, Financial Accounting Standards Board (FASB) ASC 842, is effective for private companies that present their financials under US GAAP with fiscal years beginning after December 15, 2021. What is Lease Accounting ...
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 ...
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 ...
Form 1099-K Changes New for tax years beginning in 2022, is a much lower threshold for payment settlement entities to report payments to merchants. Prior to 2022, the threshold to report payments on Form 1099-K ...
Are you prepared to meet the new lease standard requirements? The new lease standard, Financial Accounting Standards Board (FASB) ASC 842, is effective for private companies with fiscal years beginning after December 15, 2021. What ...