Planning and saving for retirement typically span decades of a person’s working years. Historically, planning boils down to maximizing contributions to an employer sponsored plan such as a 401(k), 403(b), or 457(b), in addition to an IRA. Traditional vs Roth Is it more beneficial to designate your contributions as traditional…
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…
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,…
Employee benefit plan audits such as 401(k), 403(b), and ESOPs can be a daunting and stressful process, especially for those who have not been audited previously. KT is here to help alleviate that stress through our knowledgeable and experienced staff. Whether you have a benefit plan that has recently met…
In December, President Biden signed the SECURE 2.0 Act of 2022 (SECURE 2.0) into law. SECURE 2.0 has over 90 changes to help retirement savers and to urge more employers to offer retirement plans. One of these changes allows more flexibility for the Solo 401(k). What is a Solo 401(k)?…
In December 2022, President Biden signed the SECURE 2.0 Act of 2022 (SECURE 2.0) into law. SECURE 2.0 contains over 90 changes to help retirement savers and urges more employers to offer retirement plans. One of these changes increases the age at which you must begin taking Required Minimum Distributions…
In December, a government spending bill was signed into law with several significant retirement provisions. Here are some of the significant tax and retirement-related provisions included in the SECURE 2.0 Act of 2022. Expanded Automatic Enrollment in Retirement PlansFor retirement plans set up after the enactment date of SECURE 2.0,…
The Setting Every Community Up for Retirement Enhancement (SECURE) Act resulted in a significant change to the definition of a part-time employee. In the past, employees working less than 1,000 hours in a plan year could be excluded from the plan, if elected by the Plan’s eligibility requirements. The SECURE…
One of the most common questions posed to me as a tax professional is whether to choose the Roth option for a 401K contribution. As you all know, the Roth contribution is not deductible now, but it is also not taxable in retirement. The regular “traditional” 401K contribution tax treatment is…
The Employee Retirement Income Security Act of 1974 (ERISA) sets requirements for plan sponsors of 401(k) and 403(b) plans to help protect the interests of the participants and beneficiaries of these plans. Among many items established by ERISA, certain plans are required to have annual audits performed on the plan’s…
