retirement | Business Management Company

IRS announces adjustments to key retirement plan limits

December 1, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax

In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pensions (SARSEPs). […]

New digital asset reporting requirements will be imposed in coming years

November 24, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage […]

Think like a lender before applying for a business loan

September 10, 2021 / by Brett Hess / Newsletter, Small Business

Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges. As your business pushes forward, you may find yourself in need of cash in the months ahead. If so, more traditional […]

IRS additional guidance addresses COBRA assistance under ARPA

August 24, 2021 / by Brett Hess / Deadlines, Small Business, Tax

In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and ending on September […]

There’s currently a “stepped-up basis” if you inherit property — but will it last?

July 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]

Don’t assume your profitable company has strong cash flow

June 16, 2021 / by Brett Hess / Uncategorized

Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong. […]

Retiring soon? 4 tax issues you may face

June 14, 2021 / by Brett Hess / Newsletter, Small Business

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts. You […]

Still have questions after you file your tax return?

May 20, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can […]

Should your business add Roth contributions to its 401(k)?

April 8, 2021 / by Brett Hess / Newsletter, Small Business, Tax

If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees. Key differences Roth contributions differ from other elective deferrals in two key tax respects. First, they’re irrevocably designated to […]

Retiring soon? Recent law changes may have an impact on your retirement savings

April 8, 2021 / by Brett Hess / Deadlines, Newsletter, Small Business, Tax, Uncategorized

Retiring soon? Recent law changes may have an impact on your retirement savings If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which […]

1 2