The holiday season is a time for joy, connection, and celebration. Unfortunately, it’s also a prime time for scammers and cybercriminals looking to take advantage of businesses and individuals alike. As employees take time off, online shopping increases, and inboxes fill with seasonal emails, the risks of cyberattacks, fraud, and identity theft rise significantly. The […]
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The Social Security Administration (SSA) recently announced a 2.5% cost-of-living adjustment (COLA) for 2025, which will take effect starting in January. For seniors and other beneficiaries, this adjustment means a modest increase in monthly benefits, designed to help offset inflation’s impact on everyday expenses. Understanding the 2.5% COLA Increase for 2025 The 2.5% COLA for
Smaller Social Security Cost-of-Living Adjustment in 2025 Read More »
The IRS recently released Notice 2024-80 outlining adjustments to retirement plan contribution limits for 2025. As we move into the new tax year, small and mid-sized business owners should take note of these updates, as they present new opportunities for employees and employers alike to boost retirement savings. Increased Contribution Limits for 401(k) Plans For
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As tax season approaches, it’s crucial to be aware of scams that can threaten your financial well-being. Scammers are becoming increasingly sophisticated, using social media and other channels to try to steal personal information or encourage risky behaviors that could harm your business. Here’s a roundup of the most common tax scams circulating, according to
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Effectively managing business travel expenses is not just about maximizing tax deductions—it’s also key to staying compliant with IRS regulations. Whether you’re covering the cost of employee trips or your own travel for business, knowing the updated per diem rates and how to use them can make the process easier and more accurate. The IRS
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On September 18, 2024, the Federal Reserve announced a significant interest rate cut of 50 basis points, reducing the target range to 4.75%–5%. This move, the first rate cut since 2020, is aimed at stimulating the economy by lowering borrowing costs after a prolonged period of elevated interest rates. For small business owners, especially those
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In light of a recent cyberattack that exposed millions of Social Security numbers, small business owners should take proactive steps to safeguard both personal and business data. A data breach can lead to long-term financial fraud and identity theft, which could disrupt your business operations. Here are some ways to protect your sensitive data. Monitor
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The IRS has introduced a second opportunity for businesses to voluntarily correct claims related to the Employee Retention Credit (ERC). This program is open until November 22, 2024, and offers a chance to address potentially inaccurate claims without facing severe penalties, including fines, back interest, and even jail time. (The first repayment program ran from
IRS Launches New Opportunity for Businesses to Correct Employee Retention Credit Claims Read More »
As the election approaches, tax policies proposed by the Trump and Harris campaigns are a hot topic, since no matter what, they will impact both business owners and individuals. While tax policy may not be a deciding factor, understanding these differences may tip the scales one way or another. Here is what we know right
Comparing Tax Policies: Trump vs. Harris Campaigns Read More »
Keeping up with the back-and-forth discussions on the Federal Trade Commission’s (FTC) noncompete agreement ban is not for the faint of heart, but we do have some – potentially short term – answers now. (If you want to catch up on the conversation, we wrote about the original ruling here, the ruling where it was
Texas Ruling Halts FTC Noncompete Ban Read More »
The IRS recently issued interim guidance for employers offering 401(k) and similar retirement plans who wish to provide matching contributions based on employees’ student loan payments. This new provision, part of the SECURE 2.0 Act of 2022, allows employers to match student loan payments with retirement contributions starting from plan years beginning after December 31,
IRS Clarifies 401(k) Matching for Student Loan Payments Read More »
The rules around Required Minimum Distributions (RMDs) from retirement accounts have seen significant changes over the past few years. Initially, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 altered the landscape by changing the starting age for RMDs from 70½ to 72. Then in 2020, the SECURE Act 2.0 further modified
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