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Your Individual Retirement Plan and The SECURE Act (Pt. 1)
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law by President Trump. The SECURE Act made many significant changes to the treatment of retirement and other savings plans and corrected a few unfavorable changes that had been put in place from the TCJA.
Three Reasons To Have a 401(k) Audit
A 401(k) plan is a common retirement savings option that is offered by many employers to their employees. It’s important that companies know once an active participant threshold of 100 is met, the US Department of Labor (DOL) requires a certified audit of your 401(k) plan by a CPA firm. This is because there are risk factors that could impact
Does Your Business Provide Parking? Beware of TCJA
While the Tax Cuts and Jobs Act of 2017 (TCJA) is generally considered to be very business-friendly, there are many provisions implemented to pay for the cuts that can be treacherous for business taxpayers. One of these, Internal Revenue Code (IRC) Section 274(a)(4), specifies that “no deduction shall be allowed… for the expense of any qualified transportation fringe…provided to an
New Lease Accounting Rules To Be Delayed
The Financial Accounting Standards Board “FASB” has proposed a one year delay in the effective date required for private companies to implement the new lease accounting rules Leases Topic 842.
Is Your Nonprofit Prepared for ASU 2016-14?
It’s important for Not-For-Profit (NFP) organizations to stay current on ever-changing accounting standards that may impact their financial reporting. In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.
Capital Gains Savings & Qualified Opportunity Funds
The Tax Cuts and Jobs Act of 2017 (TCJA) is the largest overhaul of the United States tax code in a generation. There has been much reporting about the change in the tax rates, the new benefits available for business taxpayers, and the advantages and disadvantages of many of the changes to existing law. One of the more under-reported benefits,