Converting a Section 529 Plan Balance to a Roth IRA
In December 2022, Congress passed the SECURE 2.0 Act, bringing exciting changes to Section 529 plans that can make you rethink how you save for your child’s education. If you’ve been wondering about the best way to prepare for educational expenses while ensuring flexibility and tax advantages, the new 529-to-Roth IRA conversion rule might be […]
IRS Suspends New Employee Retention Credit Processing Amid Concerns Over Questionable Claims
IRS Suspends New Employee Retention Credit Processing Amid Concerns Over Questionable Claims On September 14, 2023, the Internal Revenue Service (IRS) took action to halt the processing of new Employee Retention Credit (ERC) claims due to a surge in questionable submissions. This measure, which will remain in effect until the end of the year, aims […]
Mastering Construction-Based Bookkeeping and Project-Based Accounting
In the world of finance and accounting, the construction industry stands as a unique and challenging sector. Unlike traditional accounting, which deals with routine business transactions, construction accounting revolves around individual projects, demanding careful financial management from inception to completion. Accurate Job Costing: The Foundation of Success For construction firms, ensuring the profitability of each […]
Proper Trust Administration: Key Steps and Considerations
Trust administration is a multifaceted process that demands careful attention to detail, compliance with legal requirements, and effective communication with all stakeholders. To ensure that trusts are administered efficiently and in line with the grantor’s intentions, trustees must adhere to a series of essential steps and practices. INITIAL STEPS: The Trust Agreement: The trust agreement […]
Understanding Financial Statements: A Comprehensive Overview
Financial statements serve as a vital source of information for investors, fostering transparency and accountability within organizations. Beyond their external use, they are essential tools for internal decision-making, helping management shape strategies, learn from past experiences, and create added value. In the realm of U.S. Generally Accepted Accounting Principles (GAAP), comprehensive financial reporting consists of […]
Employee vs. Independent Contractor Classifications
Employee vs. Independent Contractor Classifications The classification of workers as either employees or independent contractors is a critical issue with far-reaching legal, economic, and social implications. The distinction between employees and contractors has become increasingly significant as the gig economy and remote work arrangements have gained prominence. Factors Influencing Classification The Internal Revenue Service uses […]
Every Nonprofit Needs a Comprehensive Disaster Plan
Every Nonprofit Needs a Comprehensive Disaster Plan Throughout this summer, hardly any region in the United States has been spared from some form of natural disaster or extreme weather. While the recent headlines have been dominated by wildfires, floods, and record-high temperatures, it’s crucial to recognize that nonprofit organizations also need to prepare for […]
Reminder on Connecticut’s Mandatory Employer Retirement Plans
Reminder on Connecticut’s Mandatory Employer Retirement Plans As a Connecticut small business employer, you are required to enroll in the mandatory CT Savers Plan by August 31, 2023 (extended date) or opt out of the CT plan, by implementing an employer-sponsored plan. How the CT Plan affects employers: Employers will be required to register, or […]
The Importance of Accountable Plans for S Corp Owners: Maximizing Tax Advantages
As an S Corporation (S Corp) owner, you play a dual role, being both an employer and an employee of the company. Managing expenses effectively is crucial for optimizing your tax situation and maximizing tax advantages. To effectively gain the tax advantages, we will delve into the concept of accountable plans and explore their significance […]
News: IRS Ramps Up Phase II of Fraudulent ERTC Claims and Warns Businesses of Aggressive ERC Marketers
Emerging Issues and News: August 7, 2023 IRS Ramps Up Phase II of Fraudulent ERTC Claims and Warns Businesses of Aggressive ERC Marketers The Internal Revenue Service has made substantial progress in its efforts to discover and overturn fraudulent ERC (Employee Retention Credit) claims. IRS Commissioner, Danny Werfer said the Agency is entering a new […]
