Many business owners offer a 401k plan to their employees. It is a great way to help employees save for retirement, and it allows the owner to contribute to their account as well. It can also be an attractive benefit for hiring and retaining employees in the current...
Starting in 2023, tax-exempt employers like schools, churches, governments, and other not-for-profit organizations can request an IRS determination letter for their 403(b) plans for the first time.
Taxpayers claiming the federal Research and Development (R&D) credit on amended returns will get an extended break from new documentation requirements.
The Inflation Reduction Act was signed into law on August 16, 2022, and provides several new tax-saving opportunities that businesses and organizations need to consider.
Smith Schafer Tax Managers, Joe and Kyle, presented at the IFC National Marketing conference at Treasurer Island. They gave updates on the state of taxes in 2022, pass-through entity taxes, planning strategies, and more.
If the federal estate tax exemption is cut approximately in half in 2026, as is currently scheduled, it may create significant issues for Minnesota taxpayers. The matter becomes especially challenging when one considers what may happen if the portability election is not made.
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