If your employer offers a 401(k) plan that you do not participate in, you might be wondering if you should be. Normally it could save you on your taxes while you are contributing to your retirement. These plans help you accumulate savings for retirement and receiving a tax advantage while doing it. If you are […]

Do you have employees that are traveling and having to document every expense while they travel? Perhaps you as a business owner are annoyed at reviewing this documentation every time your employees travel. There may be a way that you can simplify the way these expenses are reimbursed. In Notice 2023-68, the IRS announced the […]

Benefit plans adhere to the regulations established by the Employee Retirement Income Security Act (ERISA), which entail numerous rules and substantial documentation. A request could be received from the U.S. Department of Labor (DOL) for plan-related documents — commonly referred to as a “plan audit.” Here are the basic steps that a DOL plan audit […]

You might have encountered this scenario in the past: you face a financial crisis and require access to cash. Beginning in 2024, there will be new relief for some taxpayers facing emergencies. The SECURE 2.0 law, which was enacted late last year, contains two different relevant provisions: You contemplate the possibility of withdrawing funds from […]

The wage limit for calculating Social Security tax will go up from $160,200 to $168,600 per the Social Security Administration. Wages and self-employment income which falls above this threshold will not be subject to social security tax. Basic details The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed workers — […]