As a part of the government’s year-end spending bill, the Consolidated Appropriations Act of 2023, on December 23, 2022 Congress passed — and the President signed into law on December 29th — the SECURE 2.0 Act of 2022 (SECURE 2.0). This new law builds on the reforms included in the Setting Every…
I often work with general partners or operations team members of venture capital funds who are unsure about their role in the financial statement audit process. They typically do not have an accounting background and may never have been involved with an audit process. They often assume the third…
Porter Wilson discusses the opportunities and challenges of public fiduciaries and the leadership required to ensure success for future generations.
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Only the best fiduciary standards will do when public funds are at stake Managing through…
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Create backup plans for reconciliation and remittance processes. Ensure a plan’s match allocation aligns with what a participant is deferring from their paycheck. It is critical to follow the timing set by a plan’s adoption agreement.
Two partners at…
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The Department of Labor requires a BPA (Benefit Plan Audit) when a plan reaches 100 eligible participants. The audit process consists of two sides: plan compliance and financial reporting. An experienced and qualified auditor will help ensure the audits…
Federal law generally requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file an annual return/report, the Form 5500. Some pension plans with fewer than 100 participants may also be required to have an audit if they fail to meet certain…
Do you own a business but haven’t gotten around to setting up a tax-advantaged retirement plan? Fortunately, it’s not too late to establish one and reduce your 2019 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2019, and you can make contributions to it that you can…
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business.
Social Security Tax
The amount of employees’ earnings that are subject to Social Security tax…
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules.
The Setting Every…
The IRS announced its retirement plan benefits and 401(k) contribution limits for 2020.
A few key changes include:
Limit on annual benefit for defined benefit plans: The limit on the annual benefit under a defined benefit plan increased from $225,000 to $230,000. Limit on annual…
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