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.
The IRS has been busy. In the past two years, the agency has processed trillions of dollars in pandemic relief funds, adjusted to often-changing tax deadlines, and dealt with several complex new tax laws. At the same time, funding was 20 percent lower than in 2010. Understaffed is the understatement of the century.
Your business is growing, and so is your 401k plan. But when a plan reaches a specific size, it must be audited by an independent accounting firm.
Business owners are facing operational and financial challenges, including those related to recruiting and employee retention. As of March 2022, the Employment Cost Index for total compensation in the Midwest rose by 5.1% compared to March 2021.
Preparing for a 401k plan audit can be tedious, but you can help prepare for a successful audit with the proper knowledge and tools. In this installment, we will discuss the operational compliance of a 401k plan.
Our accounting services expert, Trisha White, presented at a CEDA event last night about bookkeeping basics for businesses. Download a copy of the presentation.