Can a safe harbor 401(k) plan become top-heavy?

Can a safe harbor 401(k) plan become top-heavy?

A 401(k) plan, or some other type of retirement savings vehicle, has become an imperative for most employers. Among the biggest challenges organizations face when implementing a 401(k) is managing the complex array of IRS rules for nondiscrimination testing regarding...
Need a new business vehicle? Consider a heavy SUV

Need a new business vehicle? Consider a heavy SUV

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation  Under current law, 100% first-year bonus...
New Federal Income Tax Filing Due Date!

New Federal Income Tax Filing Due Date!

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. The IRS will provide additional guidance in the...