The CARES Act contains a number of provisions impacting businesses. The chart below is meant to highlight the tax modifications and provide some potential planning ideas.
Please do not hesitate to reach out to us with questions or concerns you have about taxes or your financial situation.We are happy to help you during this challenging time.
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Smith Schafer Tax Managers, Joe and Kyle, presented at the IFC National Marketing conference at Treasurer Island. They gave updates on the state of taxes in 2022, pass-through entity taxes, planning strategies, and more.
If the federal estate tax exemption is cut approximately in half in 2026, as is currently scheduled, it may create significant issues for Minnesota taxpayers. The matter becomes especially challenging when one considers what may happen if the portability election is not made.
s discussed in part two of our 401k blog series, one of the purposes of a retirement plan audit is to ensure the plan operates in compliance with both plan documents and IRS and DOL regulations. To do this, your auditor will request access to several documents. Some will be plan-specific documents, while others will be HR and related documents.
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