New limits on retirement plan contributions

The IRS recently announced the cost-of-living adjustments to retirement plan contribution limits and thresholds. Here are some of the highlight that were included in Notice 2021-61. Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified […]

New Cryptocurrency Reporting Requirements Coming Soon

The Infrastructure Investment and Jobs Act (IIJA), which was signed into law on November 15, 2021, created reporting requirements for cryptocurrency beginning in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Cryptocurrency use has increased drastically in recent years. This growth naturally leads to new compliance, with the […]

Employee Retention Credit has ended earlier than expected

The Employee Retention Credit (ERC) was a valuable tax credit that helped many employers survive the COVID-19 pandemic. While originally the credit was set to apply through the end of 2022, a new law has retroactively terminated it. It now only applies through September 30, 2021. If the employer is a “recovery startup business” the […]

What to avoid when preparing your budget

Budgeting is essential in business and can make for a smooth, successful year when prepared thoughtfully. However, an unrealistic budget can make for a stressful year of trying to meet unfeasible goals. Whether you’ve already put together a 2022 budget or still need to get on that before year end, here are four red flags […]

Flexible spending accounts – use it or lose it!

Some employers provide a tax-saving flexible spending account (FSA) to help pay for health and dependent care expenses. If you have a FSA you will want to read on for some rules and reminders as 2021 comes to a close. An account for health expenses A pre-tax contribution of $2,750 to a health FSA is […]

Security for employees’ retirement based on new law.

To start the new year, Congress has made considerable changes to individual retirement savings, whether it be with an IRA or other plan. With the passing of the SECURE ACT, these four changes have been made to individual retirement plans. As we head into a new year, the federal government has made beneficial legislative changes […]