Staying informed of these changes is important to maintain compliance. Participant Count Change The rules that dictate if a defined contribution employee benefit plan must include an audited financial statement with the Form 5500 filing are based on the employee count. For an employee benefit plan to require an audit, the plan must be a… [keep reading…]
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Common Board Governance Mistakes
Board governance can directly impact how effective and successful a nonprofit organization can become. Governance relates to fulfilling the nonprofit’s mission as well as ensuring its sustainability. Whether you’re a long-standing member or newly elected, it can be easy to succumb to common mistakes that occur through governing a nonprofit. Below are a few common… [keep reading…]
Tips to Help You Save for Retirement
Although retirement may be years away, the steps you take today to plan and save for it can make a big difference in your financial security decades from now. Here are 10 general tips that you may find helpful when saving for retirement. For specific advice about planning and saving for retirement, please consult your… [keep reading…]
10 Financial Things to Review Annually
A lot can change in a year. Your financial goals may change. Your investment mix may shift. Your insurance needs may be different. Because things change, it’s important to look over your finances every year or so to determine whether there are any adjustments you may want to make to help keep your finances on… [keep reading…]
Seeing the Big Picture with Your Business Exit
By: Stephen L. Ferraro, CPA/ABV/CFF, CEBC, MAFF, CVA Partner, Ferraro, Amodio & Zarecki CPAs The success of exiting a business depends greatly upon the mental perspective and preparation of an owner during the exit process. Business owners tend to fixate their thoughts only on running and growing their business. However, there is a tremendous amount… [keep reading…]
Solar Savings: How Being Environmentally Friendly Pays
The federal government offers an Investment Tax credit (ITC) for commercial solar photovoltaics (PV). For businesses, this credit is filed on IRS form 3468. The solar energy credit is a tax credit that can be claimed on federal income for a percentage of the cost of a solar PV system paid for by the taxpayer…. [keep reading…]
Tax Updates and Planning for Individuals
With tax year 2022 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for Individuals: Annual gift exclusion and Estate Tax Exemption The annual gift exclusion for 2022 is… [keep reading…]
Tax Updates and Planning for Businesses
With tax year 2022 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for Businesses: Review your accounting method Businesses typically use either an accrual method of accounting or… [keep reading…]
2022 Tax Year Changes That Could Impact Your Manufacturing Company
The 2022 Tax year is swiftly coming to an end. Taxpayers should be on the lookout for three provisions effective January 1, 2023 which could have a significant impact on entity returns for the manufacturing industry; (1) the Tax Cuts and Jobs Act (TCJA) of 2018’s amendment to §174, (2) the Internal Revenue Code (IRC)… [keep reading…]
Additional Best Practices for Establishing a 401(k) Plan
As a follow-up to our article on August 19, 2022, we continue to look at best practices for establishing a 401(k) Plan. It is a great benefit for employees but employers must be aware of their fiduciary responsibilities. To ensure your Plan is compliant and running well, consider the following end of year items. Annual… [keep reading…]