It is critical for 401(k) plan administrators to be aware of the various provisions found within the plan document, as well as regulations affecting the plan. Although each plan is unique, and many errors can occur in plan administration, there are five common errors to avoid when administering your company’s 401(k) plan.
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Why Your Tax Withholding Checkup Is a Must This Year
We all have annual medical, eyesight, and dental checkups. But how many of us take the time to do a tax withholding checkup? As a result of the new tax law changes, it is extremely important to conduct a tax withholding checkup this year. And it’s important to do your checkup sooner rather than later so you can avoid any year-end tax surprises.
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3 Tax-Friendly College Savings Options
With tuition costs rising each year, setting aside funds for college can be daunting. However, there are several tax options that may lessen the financial burden of college. We encourage you to review these plans with your family and your accountant to determine if one of them works for you.
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Working Past Retirement: How to Maximize Your Benefits
Age 65 has traditionally been when most people retire. In recent years, working past your mid-sixties is becoming more and more common. Working past 65 has many benefits, like continued income and employer-sponsored health insurance, but it could impact your Social Security and Medicare entitlements. If you’re planning on working past retirement, here are some helpful ways to plan so that you can make the most of your federally sponsored benefits.
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2018 Midyear Nonprofit Updates
Cray Kaiser recently attended the 37th Annual Conference for Not-For-Profit Organizations hosted by Chicago-Kent College of Law. The conference provided two major takeaways that will directly impact our nonprofit clients. If either of these topics raise questions for your organization, please do not hesitate to contact us today.
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Renting Your Second Home Is Not a Vacation from Taxes
Many of us dream of owning a second home, but a second property can be much more than your vacation destination. In addition to a getaway for your own use, renting out your second home is a great way to offset its expense and earn extra income. But just like other types of income, the IRS expects its share of tax if your property and its use fits their definition of a “vacation rental home.” Here are some ways to determine whether your second home qualifies as a vacation rental, what needs to be reported, and what you can deduct.
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What Our Clients Say About the CK Way
At Cray, Kaiser Ltd., we believe the relationships we build with our clients makes us more than just an accounting firm. Client satisfaction is our number one goal, which is why we regularly solicit feedback at the conclusion of projects through an online satisfaction survey. Through the use of the Net Promoter Score (NPS) method, we are able to determine if we are providing our clients with long-term value while developing their loyalty.
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Supreme Court Wayfair Case Gives States Ability to Tax Online Sales
On June 21, 2018 the U.S. Supreme Court held that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state. While you may have heard about this case in the news, have you thought about what this may mean for your business?
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Do You Have an Employee in Another State? What Your Business Needs to Know
As your business grows, you may find yourself hiring employees out of state. While growth is great, keeping up with the payroll compliance in each state can feel like trudging through murky waters. States have varying requirements related to withholding income tax and paying unemployment tax. Additionally, states have increased their tax compliance efforts over the years making it even more necessary that employers be aware of their responsibilities. So, if you have an out-of-state employee, here’s what you need to consider:
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Mid-Year IRS Updates: What You Should Know
We’re nearly halfway through 2018, which is a perfect time to review a few of the key updates that the IRS has made. We know that staying on top of the IRS’s continually evolving guidelines can be challenging, so here are the most important items that you should know:
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