As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the…
The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year….
The tax landscape for businesses is ever-evolving, and in response to changes in federal tax laws, states often implement their own measures to maintain fiscal balance. One such initiative is the New York Pass-Through Entity Tax (PTET), which aims to address the limitations imposed by…
The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes of this federal income tax…
To view our BS&P Quarterly Connect – Q4 2023 click: BS&P Quarterly Newsletter Quarter 4 2023
As we near the end of 2023, we want to make everyone aware of some IRS changes that may impact required reporting in the coming months. The IRS has changed the information return electronic filing threshold effective as of January 1, 2024. This new threshold…
Monetary awards and settlements are often provided for an array of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps by state governments. Hopefully,…
Just what every business owner wants to hear, an audit requirement. However, an audit of your organization’s employee benefit plan can be very beneficial for the organization, the plan and its participants. Let’s get started with what potentially triggers an audit requirement for a benefit…
You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income…
If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year end. Accelerate deductions and/or defer income. Certain tax deductions are claimed for the year of payment,…