Many businesses are experiencing record profits these days, despite a tight labor market and softening economy. Offering a company-sponsored retirement plan can help reduce income taxes for business owners while also serving as a valuable retention benefit for employees.
Many companies are experiencing record profits combined with a tight labor market. Offering a company-sponsored retirement plan can reduce income taxes for owners while providing a valuable benefit to employees. A popular 401(k) option for small and mid-size businesses is a Safe Harbor plan. The deadline for adopting a new Safe Harbor 401(k) for calendar year 2021 is approaching on October 1st.
The end of the year is fast approaching (although some would say 2020 can’t finish fast enough!) But, there’s still time to make moves to improve your financial plan and tax situation before the calendar turns. We’ve got you covered with our 2020 year-end planning guide.
Despite a very challenging year, many businesses are realizing record profits. Implementing a Safe Harbor 401k/Profit Sharing Plan paired with a Defined Benefit Pension can give owners a tremendous tax deduction while rewarding employees.
A provision in the recently passed CARES Act allows those affected by COVID-19 to withdraw up to $100,000 penalty-free from their 401(k) or IRA. We address the considerations for anyone that may need access to their retirement plan assets.
On March 27, 2020, the U.S. House of Representatives passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) that was passed in the U.S. Senate on March 25, 2020. The President signed the bill into law on March 27, 2020. This brief is a summary of provisions contained in the CARES Act that impact retirement plans and IRAs.