Category IRS

25
Oct

Tax Planning and The Tax Cuts and Jobs Act

Tax Planning and The Tax Cuts and Jobs Act The tax year 2018 is quickly ending. The Tax Cuts and Jobs Act (TCJA) makes tax planning more challenging this year, but certainly not impossible. Over the following weeks, we will be discussing various aspects of the TCJA, which must be considered to maximize the tax …

3
Dec

Preparing for Year End

Preparing for Year End As the end of the year approaches, it can be confusing to decide what information you need to get together and send to your accountant. We all know that January 1st will be here before we know it, so we have put somethings together to help your business out. To Prepare …

27
Oct

Higher Retirement Savings Account Limits for 2018

The contribution limits for various retirement plans such as 401(k) plans have changed for 2018. The amount you can save for these accounts has gone up. Other retirement accounts have remained the same. Here are the new limits for 2018: Contribution limits for 401(k), 403(b) and 457 plans Rise The annual limit on contributions for …

17
Oct

Recent Tax Developments & How They Could Affect You

Recent Tax Developments & How They Could Affect You We wanted to take the time to provide you with a summary of recent tax developments that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take …

2
Oct

The Latest 2017 Tax Reform Proposals

The Latest 2017 Tax Reform Proposals Whisper Down the Lane? Remember the game in elementary school where your class formed a line and someone started to whisper in their neighbor’s ear, then they whispered it to the next person, and so on?Usually, when you reached the end of the group, the message was much different …

14
Sep

Irma’s Impact on Employer Retirement Plans

In our last post, we told you how the Hurricane Irma may have affected your tax deadline. But has the storm’s devastation impacted the deadline for retirement plan funding? The IRS does not specifically address the deadline for accrued retirement plan funding for those allowed an extension of time to file certain tax returns through …

13
Sep

Has Hurricane Irma Impacted your Tax Deadline?

Filing Deadline Relief for Parts of Florida Affected by Hurricane IRMA. The IRS just announced relief for victims of Hurricane Irma in parts of Florida and elsewhere will have until January 31, 2018 to file certain business and individual tax returns. The IRS also announced certain tax payments will be extended as well for quarterly …

7
Sep

IRS Urges Taxpayers to Prepare for Hurricane Irma

After the devastation of Hurricane Harvey and with Hurricane Irma threatening parts of the U.S. and Caribbean, the IRS reminds taxpayers that the agency is here to help. Individuals, businesses and organizations  are encouraged to prepare for a variety of disaster and emergency situations in the following ways: Create Electronic Copies of Key Documents Taxpayers …

17
Aug

Deadlines and Details: Safe Harbor 401(k) Plans

  What is a Safe Harbor 401(k) Trying to Solve? Before you ask what a safe harbor 401(k) is, you should understand why someone would want one. Most 401(k) plans face an annual non-discrimination test where the IRS checks to see if highly compensated employees or business owners are maxing out 401(k) contributions for the …