Business Tax Planning: Preparing for Tax Reporting Year 2024 and Beyond
For business owners, tax planning is more critical than ever. With the phase-out of certain tax benefits and possible changes to the Tax Cuts and Jobs Act (TCJA), understanding your tax obligations and opportunities can help you maximize savings. Qualified Business Income (QBI) Deduction The QBI deduction (Section 199A) allows pass-through businesses (S-Corps, partnerships, sole…
New Form 1099-K Reporting Thresholds for 2024 Tax Year: What You Need to Know
If you receive 1099-K forms for payments you received in 2024, changes to the form are here. The American Rescue Plan Act of 2021 reduced the filing threshold for third-party settlement organization’s reporting obligations for form 1099-K to $600 per recipient. This was a significant change from the $20,000 or 200 transaction thresholds previously in…
Protect Your Business: Cyber Risks from Physical Theft
Locking the doors is not enough to protect your business from theft. Today, companies face both physical and cyber risks, and it’s critical to understand how they’re connected. Cyber Risks from a Physical Theft Connected devices pose a double threat to your company’s security. If a thief breaks into one of your employee’s cars and…
Working a Family Business into Your Estate Plan
If you own a family business, it’s probably one of your most significant personal assets. It’s important to take the proper estate planning steps to ensure that the business lives on after you’re gone — if you don’t, you may be placing your family at risk. Ownership vs. Management Succession One reason transferring a family…
2024 Update on Retirement Plans: Cyber Best Practices
Cybersecurity remains a crucial concern for retirement plan administrators and sponsors. Ensuring the security of sensitive data and maintaining compliance with regulatory requirements is essential to protect plan participants and maintain trust. GRF hosted a 2024 Update on Retirement Plans webinar on May 16th, 2024, which outlined key cybersecurity best practices recommended by the Department…
Brush Up on Campaign Contributions Rules
During campaign seasons, many individuals and businesses will make campaign contributions to candidates, political committees and parties. Before doing so, it’s critical to understand the rules for making contributions for federal and state elections. Violations could lead to steep financial penalties, as well as reputational damage. Individual Donations. According to the Federal Election Commission (FEC),…
SECURE 2.0 Act Requires 401(k) Plan Administration Changes for Employers
The 401(k) plan is the most popular employer-sponsored retirement plan in the United States. As of September 30, 2022, more than $6.3 trillion in assets were held in 401(k) accounts by more than 60 million active participants, as well as millions of former employees and retirees. So 401(k) plans are a key payroll responsibility for most businesses….
2023 National 8(a) Association Conference Trends
This premier annual conference provides education and supplier diversity networking for small businesses. This year’s event was held at the Hyatt Regency New Orleans from February 13 through 15 and was sold-out. Clearly, many small businesses are ready to travel again for in-person events! In addition to making introductions to federal agencies and prime contractors,…
Updated State-Mandated Retirement Plans: An Overview for Businesses
Many Americans are not saving enough for retirement – in fact, a recent survey by the Federal Reserve found that a quarter of working adults have no retirement savings at all. To address this growing crisis, a number of states are enacting laws that require private businesses to provide employee retirement plans. The requirement comes…
Tax Benefits of “Going Green”
By Jennifer Galstad-Lee, Senior Manager, Tax From electric vehicles to solar panels, “going green” can offer both environmental and financial benefits. With global conflicts and increased gas prices, now may be the time to explore reducing your carbon footprint to better the Earth and save you money. In addition, with more emphasis on environmental, social…