President Biden recently signed the SECURE 2.0 Act into law. This legislation has been highly anticipated by employers who offer retirement plans to their employees. The SECURE Act 2.0 aims to significantly improve how employees can save for their futures. Here are some of the key takeaways from the SECURE 2.0 Act.
Tag: tax
Alternative minimum tax can affect businesses, but it’s also something to be aware of as an individual tax payer as well.
The Inflation Reduction Act included a number of items for businesses, but what about individual taxpayers? Overall, the Inflation Reduction Act included a number of credit updates and other extensions that affect individuals.
It’s that time of year again! As we near the end of 2022, it’s time to focus on year-end closing preparations. In the fourth quarter of the year, your team will be compiling, reviewing, and reconciling, so start early and plan ahead.
Corrigan Krause CPAs and Consultants is proud to announce that Tom Krause, CPA, has been named a Mentor of the Year by Engage! Cleveland.
President Joe Biden signed the budget reconciliation bill H.R. 5376 into law Tuesday, August 16, 2022. Better known as the Inflation Reduction Act, the bill includes a number of tax provisions that may affect your business.
You have a great concept for a business, but before you move on to developing your buy-sell agreement, do you know what the best structure or entity type is for you? The entity type is crucial to the success of a business and can have drastic legal and tax consequences for a company. As a business owner, it is your responsibility to understand the structure of the business you are creating and your personal stake within the company.
As a business owner, once you decide to offer a retirement plan for your employees, you become a plan sponsor with fiduciary duties. It is vital to understand the responsibilities that come along with the establishment of a retirement plan and who you may share this responsibility with. Individuals that assume fiduciary duties carry the weight of the interests of all employees participating in the retirement plan.
As a business owner, implementing a retirement plan for your employees can be a crucial part of retaining your talent. Before jumping into a retirement plan or deciding it’s too expensive to undertake, take time to learn about your options and find the right fit for your team. There are more options out there, especially for small businesses, than you might think.
You sold your house, congratulations! Depending on your situation, you may be eligible to exclude some or all of the profit from the sale from your taxable income. This is called the principal residence exclusion.
