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Should employers be concerned if their retirement plan participants withdraw money from their accounts for non-retirement purposes? A recent report from the Joint Committee on Taxation (JCT) says yes and explains why.

The inflation-adjusted Health Savings Account (HSA) thresholds for next year have been announced by the IRS. For calendar year 2022, a high deductible health plan is ...

On January 6, 2021, the U.S. Department of Labor (DOL) announced a final rule regarding the employee-versus-independent-contractor standard under the Fair Labor Standards Act (FLSA). The effective date of the final rule was March 8. However, its future was uncertain at the time given that a new presidential administration was incoming.

Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself.

A new IRS webpage provides guidance to taxpayers on advance child tax credit (CTC) payments in 2021. The credit was temporarily expanded and made refundable for 2021 by the American Rescue Plan Act.

In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans to tackle under his leadership.

President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.”

The American Rescue Plan Act passed in March 2021 established the Restaurant Revitalization Fund (“RRF”) to provide funding to restaurants and other eligible businesses. The RRF is administered by the Small Business Administration (SBA) and will provide funding equal to pandemic-related revenue loss.

Many organizations get stuck in procedural ruts because it’s easier in the short term to continue doing things the way they’ve always been done. But it generally pays to regularly review your not-for-profit’s accounting function for inefficiencies and oversight gaps. You might plan to conduct a review once a year or perform an assessment whenever significant changes, such as staff turnover or the introduction of new software, warrants one.

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE).

A revocable living trust is often used to complement a will. For instance, you might transfer specific securities to the trust. Notably, these assets generally don’t have to go through the probate process, which can be time-consuming and expensive.

A recent tax law provides a 100% business deduction (up from 50%) for food and beverage expenses in 2021 and 2022 as long as they’re “provided by a restaurant.” The IRS has now defined the term “restaurant” for purposes of the deduction.