October 7, 2020 / by Sherie Johnson / Deadlines, Small Business, Tax
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely […]
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Should your business add Roth contributions to its 401(k)?
April 8, 2021 / by Sherie Johnson / Newsletter, Small Business, Tax / 0 comments
If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees. Key differences Roth contributions differ from other elective deferrals in two key tax respects. First, they’re irrevocably designated to […]
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Taking distributions from a traditional IRA
November 19, 2020 / by Sherie Johnson / Uncategorized
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in […]
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The easiest way to survive an IRS audit is to get ready in advance
October 7, 2020 / by Sherie Johnson / Deadlines, Small Business, Tax
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely […]
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Subchapter V: A silver lining for small businesses mulling bankruptcy
May 14, 2020 / by Sherie Johnson / Newsletter, Small Business
Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively less onerous option: bankruptcy. Although bankruptcy obviously isn’t an optimal outcome for any small company, there may be a silver lining: A new bankruptcy law […]
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Give your 401(k) plan a checkup at least once a year
February 27, 2020 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax
In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming you do offer a 401(k), the challenge then becomes […]
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Contemplating compensation increases and pay for performance
August 9, 2018 / by bmc_admin / Small Business
As a business grows, one of many challenges it faces is identifying a competitive yet manageable compensation structure. After all, offer too little and you likely won’t have much success in hiring. Offer too much and you may compromise cash flow and profitability. But the challenge doesn’t end there. Once you have a feasible compensation […]
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