If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions.
Marty Williams, CPA
Recent Posts
Don't Have a Tax-Favored Retirement Plan? Set One up Now.
Posted by Marty Williams, CPA on Apr 16, 2024
Posted in Retirement & Wealth Management Planning
We May Never See a Better Environment for Transferring Wealth
Posted by Marty Williams, CPA on Feb 15, 2024
We May Never See a Better Environment for Transferring Wealth … Here’s Why
It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. Furthermore, legislation could curb lifetime exemption limits even sooner. The opportunity is even more pressing because the current market downturn represents an especially advantageous time to optimize your taxable estate before markets eventually recover.
Posted in Retirement & Wealth Management Planning
New Requirement to Cover Long-Term Part-Time Employees in 401(k) Plans Enters into Effect.
Posted by Marty Williams, CPA on Jan 26, 2024
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act of 2019) and the SECURE 2.0 Act of 2022 (collectively, SECURE) enacted a new mandate that, starting in 2024, long-term, part-time (LTPT) employees must be allowed to make salary deferrals into their employer’s 401(k) plan.
Posted in Business Advisory
Planning Ahead for 2024: Should Your 401(k) Help Employees With Emergencies?
Posted by Marty Williams, CPA on Sep 05, 2023
The SECURE 2.0 law, enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.”
Posted in Retirement Planning
Selecting a Qualified Auditor for Your Employee Benefit Plan
Posted by Marty Williams, CPA on Aug 02, 2023
Does your organization offer health care and retirement benefits for its employees? Benefit plans with 100 or more participants are generally required to have their annual reports audited under the Employee Retirement Income Security Act of 1974 (ERISA). Here’s some guidance to help plan administrators fulfill their fiduciary responsibilities for hiring independent qualified public accountants to perform audits.
Posted in Business Advisory
Healthcare Has a Margin Erosion Problem
The past few years have significantly destabilized the healthcare industry’s financial footing. According to our 2023 Healthcare CFO Outlook Survey, 60% of healthcare CFOs could not meet the terms of their bond or loan covenants in 2022 — up from 41% in 2021.
Posted in Business Advisory
If your profitable business has trouble making ends meet, it’s not alone. Many business owners mistakenly equate profits with cash flow, leading to shortfalls in the checking account. The truth is that there are many reasons these numbers might differ.
Posted in Business Advisory
Retirement Saving Options for Your Small Business: Keep It Simple
Posted by Marty Williams, CPA on Apr 14, 2023
If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE).
Posted in Business Advisory
Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North America in 2022 was down 41.4% from 2021, according to S&P Global Market Intelligence.
Posted in Business Advisory
There's been buzz about new retirement plan provisions for weeks, and now they're final, bringing about changes to various federal rules and adding flexibility for current and future retirees. The Secure 2.0 Act of 2022, part of the Consolidated Appropriations Act of 2023, includes the following modifications, some of which are immediate and others that will take effect in the future.
Posted in Business Advisory