Payroll
401(k)s Are Now Open to More Part-Time Workers
The 401(k) plan is one of the most popular qualified retirement plans around. However, in the past eligibility was generally restricted to an employer’s full-time employees.
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Ken Berry, Esq., is a nationally-known writer and editor specializing in tax and financial planning matters. During a career of more than 35 years, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company in the financial services industry. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals, emphasizing a sense of wit and clarity.
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Taxes
New Tax Law Boosts ABLE Accounts
If you meet the tax law requirements and are receiving Supplementary Security Income (SSI) and/or Medicaid benefits, you’re automatically eligible to participate.
Taxes
The Tax Blotter - March 2023
Many of the changes for individuals in the Tax Cuts and Jobs Act (TCJA) are temporary and are scheduled to expire after 2025. But some are permanent provisions of the tax code.
Taxes
New Incentives for Qualified Charitable Distributions
The new law enhances the benefits of making “qualified charitable distributions” (QCDs) from a taxpayer's IRAs.
Taxes
2023 Changes for Required Minimum Distributions
These changes provide more flexibility and tax relief to owners of retirement accounts. If you have any questions, don’t hesitate to contact your tax and financial advisors.
Taxes
Tax Court Disallows Mortgage Interest Deduction
The new case involves a complex series of transactions where three brothers intermingled their business and personal interests.
Taxes
The Tax Blotter - March 2023
Generally, small business owners who use their automobile for business driving are entitled to deduct expenses based on the vehicle’s use, but there are plenty of twists and turns along the way.
Taxes
Tax Court Shows Why Real Mileage Logs are Important
The annotations show the locations he supposedly visited in connection with either business. For several reasons, the Tax Court didn’t find this evidence credible.
Taxes
New Law Encourages Roth 401(k) Accounts
For 2023, a participating employee can contribute up to $22,500 in elective deferrals or up to $30,000 if they are age 50 or over.
Payroll
How to take advantage of '10-Year Averaging' in New Retirement Tax Rules
A taxpayer may qualify for “ten-year averaging” when they receive a lump-sum distribution (LSD) from a qualified plan.
Payroll
New Law Boosts Catch-Up Retirement Contributions
New legislation dubbed “SECURE Act 2.0,” a follow-up to the 2019 SECURE Act, provides several enhancements, on top of inflation indexing already in place for certain plans.
Taxes
Highlights of SECURE Act 2.0 for Individuals
SECURE Act 2.0 includes numerous significant provisions affecting individual retirement savers. Following is a brief roundup of several key changes.