Missing deadlines for deposits on employee benefit plan participants retirement accounts—even by a couple of days—can carry significant penalties. Our latest blog more clearly defines the requirements and how to avoid significant penalties
4 Real Estate & Construction Predictions for 2019
As we enter 2019, a variety of forces are at play. The IRS will continue to release additional guidance on provisions introduced via tax reform, the future of U.S. trade policy is uncertain and interest rates will likely rise again.
Labor Department Proposes Rule to Expand Association Retirement Plans
The proposal would allow unaffiliated businesses in various industries, but with common economic interests, to join together and create a retirement plan for all employees under a single administrator.
The IRS Wants to Know: Who is Your “Partnership Representative?”
If your partnership is audited and you don’t already have a “partnership representative” designated, the IRS has the power to designate a representative for you. Find out what role this person plays and how to keep that decision in your hands on our latest blog!
When Opportunity (Zone Funds) Come Knocking
The Tax Cuts and Jobs Act has made sweeping changes to the Tax Code with most of its provisions being effective for the 2018 tax year. By now, most of the major changes have been gone over in excruciating detail, however there seems to be one thing that hasn’t been talked about much: Opportunity Zone Funds. What Are They? Opportunity …
5 Suggestions to Perfect Your Audit Committee Charter
The audit committee plays a critical role in providing oversight of the organization’s governance, risk management, and internal control practices. The Audit Committee Charter outlines the authority, role and responsibilities of the members. Following these 5 suggestions can help transform your good audit committee to a great audit committee. — Kevin Congo, Harris CPAs The quality and completeness of the …
Business Meals and Entertainment Expenses – What is Still Deductible?
In the wake of Tax Cuts and Jobs Act effective on January 1st, 2018, crucial changes to the tax laws has already affected individual and business taxpayers based on income levels. The IRS has published a new guidance on the deduction of business meals and entertainment expenses on October 3rd. History of Business Meals and Entertainment Expenses Deductibility Prior to …
5-Step Model For New Revenue Recognition Standards
The Financial Accounting Standards Board’s (FASB) update to revenue recognition is going to impact nearly everyone across all industries. But what are these new standards and why won’t your accountant stop talking about it? When it comes to the new revenue recognition standards, here’s the gist of it: Accounting Standards Update 606 (ASU 606) deals specifically with recognizing revenue from …
Fees for 401(k) Services: What Plan Sponsors Need to Know
By Patricia Schirmer, CPA – Harris CPAs Political candidates who don’t know the cost of a gallon of gas or a movie ticket usually wind up paying that price with voters and losing on election day. Likewise, many plan sponsors are finding themselves on the losing side of lawsuits because they allowed their defined contribution plan to pay unreasonable service fees. …
Does Your Business Qualify For the Work Opportunity Tax Credit?
What is it: The Work Opportunity Tax Credit is a Federal tax credit available to employers for hiring individuals from certain target groups who have consistently faced significant barriers to employment. The target groups includes veterans, temporary assistance for needy family (TANF) recipients, supplemental nutrition assistance program (SNAP) recipients, designated community residents, vocational rehabilitation referrals, ex-felons, supplemental security income (SSI) …