In 401(k) administration, a plan review is often most valuable when the employer’s business changes, even if the plan document itself has not. A plan that worked well last year can drift out of alignment when ownership, payroll, compensation, or workforce patterns shift. Periodic reviews help TPAs catch issues before they become failed testing, correction… [keep reading…]
Tag: Ownership
Tax Tip Tuesday – Home Sale? Know Your Tax Exclusions
If you sell your primary residence, you may exclude up to $500,000 of gain if filing jointly or $250,000 if filing single. To qualify for the $500,000 exclusion, one spouse must meet the ownership test, and both must meet the use test. If your spouse dies and you have not remarried, you may claim up… [keep reading…]