SECURE 2.0: Which provisions went into effect in 2024?
June 24, 2024 Knowledge Center
SECURE 2.0: Which provisions went into effect in 2024?

The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws. Many of its provisions are little known and were written to roll out over several years rather than immediately taking effect. Here are several important changes that […]

Social Security tax update: How high can it go?
June 19, 2024 Knowledge Center
Social Security tax update: How high can it go?

Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay. If you’re an employee If you’re an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling. […]

The Tax Consequences of Selling Mutual Funds
June 17, 2024 Knowledge Center
The Tax Consequences of Selling Mutual Funds

Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to the Investment Company Institute, 116 million individual U.S. investors owned mutual funds in 2023. But despite their widespread use, the tax rules involved in selling mutual fund shares can […]

Timelines: 3 ways business owners should look at succession planning
June 12, 2024 Knowledge Center
Timelines: 3 ways business owners should look at succession planning

Business owners are rightly urged to develop succession plans so their companies will pass on to the next generation, or another iteration of ownership, in a manner that best ensures continued success. Ideally, the succession plan you develop for your company will play out over a long period that allows everyone plenty of time to […]

New survey reveals top audit committee concerns
June 7, 2024 Knowledge Center
New survey reveals top audit committee concerns

Audit committees act as gatekeepers over the accounting and financial reporting processes, including the effectiveness of the company’s control environment. However, as the regulatory landscape becomes increasingly complex and organizations face evolving risks, the scope of an audit committee’s responsibilities may extend beyond traditional financial reporting. Top-of-mind list In March 2024, a survey entitled “Audit […]

A three-step strategy to save tax when selling appreciated vacant land
June 6, 2024 Knowledge Center
A three-step strategy to save tax when selling appreciated vacant land

Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them and sell them off for a big profit. Either way, you’ll incur a tax bill. For purposes of […]

DOL issues guidance on how employers should handle AI
May 31, 2024 Knowledge Center
DOL issues guidance on how employers should handle AI

As artificial intelligence (AI) continues to integrate itself into many workplaces, the U.S. Department of Labor (DOL) has been busy addressing the technology’s many implications. In fact, the agency recently issued two sets of guidance that employers should be aware of. One discusses the legal compliance impact of AI, and the other suggests best practices […]

It’s almost time for a midyear checkup on your company’s financial health
May 28, 2024 Knowledge Center
It’s almost time for a midyear checkup on your company’s financial health

Interim financial reporting is essential to running a successful business. When reviewing midyear financial reports, however, you should recognize their potential shortcomings. These reports might not be as reliable as year-end financials, unless a CPA prepares them or performs agreed-upon procedures on specific accounts. Realize the diagnostic benefits Monthly, quarterly and midyear financial reports can […]

Conservation easements are under IRS scrutiny
May 24, 2024 Knowledge Center
Conservation easements are under IRS scrutiny

For many years, conservation easements have been a powerful estate planning tool that enable taxpayers to receive income and estate tax benefits while continuing to own and enjoy the properties. So it’s no surprise that the IRS has been scrutinizing easements to ensure they meet tax code requirements. The tax agency has even issued a […]

Businesses must face the reality of cyberattacks and continue fighting back
May 23, 2024 Knowledge Center
Businesses must face the reality of cyberattacks and continue fighting back

With each passing year, as networked technology becomes more and more integral to how companies do business, a simple yet grim reality comes further into focus: The cyberattacks will continue. In fact, many experts are now urging business owners and their leadership teams to view malicious cyberactivity as more of a certainty than a possibility. […]

Federal regulators expand overtime pay requirements, ban most noncompete agreements
May 14, 2024 Knowledge Center
Federal regulators expand overtime pay requirements, ban most noncompete agreements

The U.S. Department of Labor (DOL) has issued a new final rule regarding the salary threshold for determining whether employees are exempt from federal overtime pay requirements. The threshold is slated to jump 65% from its current level by 2025 and is expected to make four million additional workers eligible for overtime pay. On the same […]

Pay attention to the tax rules if you turn a hobby into a business
May 10, 2024 Knowledge Center
Pay attention to the tax rules if you turn a hobby into a business

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax headaches if your new business is profitable over a certain […]