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Extension

Monday April 15, 2024, is the federal deadline for filing your 2023 individual income tax return. This is also the last day to request a six-month filing extension. An important thing to note is that this is only an extension to file, not an extension to pay. Any tax due…

April 9, 2024

Still Time to Make 2023 IRA and HSA Contributions

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. The IRS allows contributions for a given year anytime between…

April 2, 2024

Exploring Employee Benefit Plans

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 401(k) 2024 IRS contribution limits for employees is $22,500, with…

April 2, 2024

Exploring Employee Benefit Plans

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 2.0 Act change which goes into effect after December 31,…

March 28, 2024

Gift Tax – How it Works and Who Pays

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 his or her tax return. However, gifts may be subject to…

March 26, 2024

Exploring Employee Benefit Plans

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 Third-Party Administrator (TPA) or Custodian/Trustee as soon as “administratively feasible.”…

March 22, 2024

Exploring Employee Benefit Plans

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 forms, declination forms, change in election forms, management’s approval of…

March 14, 2024

Tax-Free Rollover from 529 to Roth IRA

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 reduce or eliminate the problem of having unused funds in…

March 12, 2024

Exploring Employee Benefit Plans

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 than a determined value of $1,000 or $5,000. The maximum…

March 7, 2024