Here are the tax implications for employees who receive tips

Many businesses have employees who receive tips as part of their compensations, these businesses include restaurants, hotels and salons. For tax purposes, four factors determine whether a payment qualifies as a tip: Tip definition Tips are optional or extra payments determined by a customer that employees receive from customers. They can be cash or noncash. […]

Thinking about an early withdrawal from your retirement plan?

Make sure you are meeting the requirements to avoid penalties. A distribution from a retirement plan is considered early when it’s participant takes money out of the plan before the age of 59 ½. Since most retirement withdrawals are subject to income tax these early distributions are taxable but may also subject to an additional […]

3 methods for your business to unlock cost cuts

All business want to find them, but it is often a challenge. We’re talking about cutting costs. Sometimes, cutting specific expenses is more difficult than anticipated. Here are three ways to uncover cost opportunities. 1. Study your suppliers Many companies find that just a few of their suppliers account for most of their spending. By […]

Should your small business be launching a retirement plan?

While many small businesses start out as “lean enterprises,” with costs kept to a minimum to lower risks and maximize cash flow, the current tight labor market challenges that premise as it relates to employee benefits, especially retirement plans. Is now the time for you to consider a retirement plan as part of your benefits […]

Does the new SECURE 2.0 law affect your business?

This law has several provisions that will kick in over the next several years. Several changes from automatic retirement plan enrollment to higher catch-up contributions are included in the new law. Small businesses with or without a retirement plan may see changes and benefits from this recently enacted new law. Read below on how to […]