EBSA increases penalties for ERISA violations
Any employer that sponsors a pension plan or a qualified retirement plan, such as a 401(k), is undoubtedly familiar with the Employee Retirement Income [...]
The 401(k) contribution limit will increase in 2022
The IRS recently announced that the amount individuals can contribute to their 401(k) plans will increase in 2022. The tax agency has also announced [...]
Are you ready for the upcoming audit season?
An external audit is less stressful and less intrusive if you anticipate your auditor’s document requests. Auditors typically ask clients to provide similar documents [...]
Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?
Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), [...]
2021 individual taxes: Answers to your questions about limits
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your [...]
Need another PPP loan for your small business? Here are the new rules
Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of [...]
Employees: Don’t forget about your FSA funds
Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). [...]
The QBI deduction basics and a year-end tax tip that might help you qualify
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to [...]
2021 dollar limits and thresholds for 401(k)s and similar plans
The IRS recently announced the 2021 dollar limits and thresholds for retirement plans, reflecting the latest cost-of-living adjustments. Here are some relevant amounts for [...]
What tax records can you throw away?
Now that you’re finally done filing last year’s return, you might wonder: Which tax records can you toss out? Now is a good time [...]