As we approach the filing deadline for 2023 individual tax returns, we want to remind you that there is still time to make contributions to your Individual Retirement Account (IRA) and Health Savings Account (HSA) for the 2023 tax year.
Part 1: Eligible Compensation Part 2: De Minimis Balances of Terminated Employees Part 3: Maintaining Documentation Part 4: Timely Remittance Part 5: Long-Term Part-Time Employees Part 6: Secure Act 2.0 Changes Of Note: The…
Part 1: Eligible Compensation Part 2: De Minimis Balances of Terminated Employees Part 3: Maintaining Documentation Part 4: Timely Remittance Part 5: Long-Term Part-Time Employees The long-term part-time employee is a SECURE Act and SECURE…
We often get questions from our clients about gifting and the potential tax implications. A gift of money or property is not deductible on your personal income tax return nor does the recipient report the gift as income on their…
Part 1: Eligible Compensation Part 2: De Minimis Balances of Terminated Employees Part 3: Maintaining Documentation Part 4: Timely Remittance Common Finding Per the IRS and DOL, retirement plan withholdings should be remitted to the…
At Ketel Thorstenson, we are committed to serving and strengthening our communities. Which is why we have decided to launch the KT Scholarship, an accounting scholarship to provide financial assistance to students who plan to pursue a career in accounting.
Looking to inflate your charitable contributions and deflate your taxable income? IRA owners aged 70 ½ and older get a bump to the maximum Qualified Charitable Distribution (QCD) in 2024. Charitably minded individuals looking to satisfy Required Minimum Distribution…
Part 1 – Eligible Compensation Part 2 – De Minimis Balances of Terminated Employees Part 3: Maintaining Documentation Common Finding There are several documents that Plan Sponsors must retain. Examples include, but are not limited to, enrollment…
One of the more exciting provisions of the SECURE 2.0 Act, signed into law December 2022, is the tax-free rollover from a 529 educational savings account into a Roth IRA. This provision became effective in 2024 and will help to…
Read Part 1 Part 2: De Minimis Balances of Terminated Employees Common Finding De Minimis distributions should occur when balances are below a certain threshold, as defined by the Plan document. Most plans have a requirement for balances less…
