A flurry of tax legislation passed at the end of 2019 as part of an omnibus spending package. You might have already heard about changes to the retirement plan rules and tax extenders that were part of this package. However, there are some lesser known changes that you might not know about. Specifically, the disaster-related… Continue reading

The following table provides some important federal tax information for 2020, as compared with 2019. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2020 2019 Social Security Tax Wage Base $137,700 $132,900 Medicare Tax Wage Base No limit No limit Employee portion of Social Security… Continue reading

On December 20, President Trump signed into law the annual government spending package, which includes amendments to the tax law, the repeal of certain Affordable Care Act (ACA) taxes and various retirement measures. Here’s an overview of key changes that will affect businesses and individual taxpayers. Tax Provisions The Further Consolidated Appropriations Act is an omnibus spending package… Continue reading

It’s hard to believe 2019 is almost over! It’s been a busy year in many sectors, often forcing small business owners to put tax planning on the back burner while they’ve tended to daily business operations. But procrastinate no longer. Consider the following moves to lower your 2019 business tax bill before ringing in the… Continue reading

The U.S. Department of Labor (DOL) has issued the long-anticipated final version of its overtime eligibility rules. The changes will take effect on January 1, 2020. As a result, the DOL estimates that 1.3 million workers will be newly eligible for overtime pay. Are any of them on your payroll? Read on to find out.… Continue reading

Is your business part of the global economy? If not, it may be losing out on some revenue- and value-building opportunities. However, “going global” obviously isn’t as simple as snapping your fingers and tapping into new markets. And it isn’t necessarily right for every business. Here are several challenges the international marketplace can bring, along… Continue reading

A new final rule from the U.S. Department of Labor (DOL) clarifies some of the ins and outs of multiple employer plans (MEPs). These are defined contribution retirement plans—such as 401(k) plans—that are sponsored by an association or employer group on behalf of member employers. Clarifying the Rules Existing DOL rules already allow MEPs to… Continue reading