There’s still time to make IRA contributions for 2021

It’s not too late to make contributions to your traditional or Roth IRA for the 2021 tax year. Contributions made up until April 18, 2022, may be deducted from your 2021 tax return. Any contributions to a traditional or Roth IRA made until the April 18 filing date must be designated for 2021 to the […]

2021 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you are meeting all applicable deadlines and to learn more about the filing requirements. […]

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

Offering employees a retirement plan is a great incentive for retaining employees and for recruiting new ones. If you don’t already offer a plan for your employees, an available tax credit may make it something worth considering. If your business does sponsor a 401(k) plan, you might someday consider adding designated Roth contributions. Here are […]

Year-End Planning: Prepare Forms W-2

As we near the end of 2020, it is time for employers to begin preparing Forms W-2 to send in January. All forms W-2, and W-3 for the 2020 tax year must be filed by January 31, 2021. Consequently, now is the time to begin gathering necessary information for W-2 reporting for various items such […]

What qualifies as a ‘coronavirus-related distribution’ from a retirement plan?

The Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. The first question that needs to be asked is, what is a coronavirus-related distribution? Early distribution basics In general, if you withdraw money from an IRA or eligible retirement plan before […]

IRS extends some (but not all) employee benefit plan deadlines

The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends […]

CARES Act changes retirement plan and charitable contribution rules

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief, […]

What individuals need to know about the new CARES Act

The third coronavirus relief package – the Coronavirus Aid, Relief and Economic Security Act (CARES Act) – has been passed by Congress and signed by President Trump. The CARES Act contains provisions designed to help both businesses and individuals. Click here to read about the provisions affecting businesses. Below is a look at those provisions […]

Give your 401(k) plan a checkup at least once a year

In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. If you do not currently have a retirement plan for […]

April 1 deadline for RMD from retirement accounts

It’s nearing that time again for the deadline to take required minimum distributions from retirement accounts. April 1, 2020, is the deadline for those who turned 70 ½ in 2019 to take their required minimum distribution from their IRA and workplace retirement plans. The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE […]