Post by: Ashleigh Hall
What are SOC 1 Reports?
A Service Organization Controls (SOC) Report describes the design of the internal controls at a service provider (SP). There are multiple kinds (SOC 1, SOC 2, SOC 3), however, the SOC 1 report is the most likely one to apply to your organization. There are also 2 types of SOC 1 reports; a Type 1 report describes the SP’s internal control structure. A Type 2 report goes another step. The firm engaged to […]
On January 9, 2017, Kentucky enacted law making it a right-to-work state, effective immediately. The Kentucky law is prospective, applying to all new contracts and those renewed or extended after 1/9/17. The law also includes a special provision that prohibits public sector employees from strikes or work stoppages and requires the public sector employees’ written consent in order to deduct dues or similar payments from their pay.
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Post by: Veronica Calvo
For 2017, the cost-of-living adjustments increased the dollar limitations on benefits and contributions. The amounts are listed below per type of retirement plan.
Cost Of Living Adjustments
IRA’s
IRA Contribution Limit | $5,500
IRA Catch-Up Contribution (Age 50+) | $1,000
401(k), 403(b), Profit-Sharing Plans, etc.
Elective Deferrals | $18,000
Catch-up Contributions (Age 50+) | $6,000
SEP
SEP Maximum Contribution | $54,000
Other
457 Elective Deferrals | $18,000
The IRS also made changes to the phase-out income thresholds for taxpayers who contribute […]
Post by: Kelly Lopez
As tax season approaches, we wanted to give you a friendly reminder that fourth quarter federal estimated tax payments are coming up soon. Thus, if you have not done so yet, make sure you mail out your payments on or before the 17th January. Most states follow a similar concept, each having their own rules so our discussion will focus on federal payments.
What are estimated taxes anyway?
While you only file your tax return once a year, the […]
Posting by: Richard L. Ruvelson
Many individuals will be writing checks or making gifts of appreciated investment property to their family foundations or other charitable organizations over the next few days in anticipation of year end. If the gifts are being made to publicly supported charities with established giving programs and infrastructure, including donor advised funds, it is likely that the donors will receive a written acknowledgement of their gifts within a short period of time, well in advance of […]
Posting By Glenn Frank
So you are thinking of starting a business or already have a business and are wondering what this “Single Member Limited Liability Company” (SMLLC) is all about? All your friends talk about it and now you are wanting to know if this is the right business structure for you! The primary reason people form these entities is for asset protection. The entity may well protect your non-business assets (like your home) if something were to go […]
Post by: Sarah McCraine
In an effort to reduce tax payer fraud, changes have been made to deadlines that will affect payroll filings starting in 2017. The Protecting Americans from Tax Hikes (PATH) Act, passed in 2015, changed the deadline for reporting wages and nonemployee compensation. Previously, businesses & employers were required to provide recipient copies of forms 1099-MISC and W-2 by January 31st. The corresponding filing copies along with forms 1096 and W-3 were due to the IRS/Social Security […]
Post by Camille Smith
The IRS has announced the standard mileage rates for 2017. The rates, which are reviewed annually, have decreased from the 2016 amounts. Effective January 1, 2017, the rates are 53.5 cents per mile for business purposes and 17 cents per mile for medical or moving purposes.
Standard Mileage Rates
2017
2016
Business Miles
53.5 cents/mile
54 cents/mile
Medical or Moving Miles
17 cents/mile
19 cents/mile
The standard mileage rate for charitable service miles remains at 14 cents per mile, as the rate is […]
Post By: Glenn Frank
It’s the most wonderful time of the year! Time when the company is thinking about celebrating a good year and sharing good cheer with the staff and clients. What a perfect way to say thank you to the folks that work for you and the customers you service. Eat, drink and be merry!
Before you rush to sip a libation and enjoy the holiday treats, we want to make sure you understand the tax deductibility of the […]
By Larry Beebe
Last week I attended the International Foundation of Employee Benefit Plans (IFEBP) annual conference in Orlando. Each year the IFEBP annual conference provides education to trustees, administrators, and plan professionals who work closely with employee benefit plans.
The conference consists of fourteen 75 minute educational segments spread over a two and one half day period. At each time slot participants have a choice of approximately 20 different sessions they can attend.
These interesting sessions I attended were:
Cybersecurity | Understand, manage, […]
