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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...

From FFCRA to ARPA: the latest on paid COVID-related leave

From FFCRA to ARPA: the latest on paid COVID-related leave

The Families First Coronavirus Response Act (FFCRA) was among the first major laws enacted in response to the COVID-19 pandemic. It allows employees paid sick time and paid family leave time to care for themselves or loved ones during the ongoing public health crisis....

Tax advantages of hiring your child at your small business

Tax advantages of hiring your child at your small business

As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations.  Shifting business earnings You can turn some of your high-taxed income into tax-free or low-taxed income by...

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...

Business highlights in the new American Rescue Plan Act

President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. Here are some of the tax...

Launching a small business? Here are some tax considerations

Launching a small business? Here are some tax considerations

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that...

4 ways to kickstart your diversity and inclusion program

4 ways to kickstart your diversity and inclusion program

Among the hottest HR issues of the last year or two has been diversity and inclusion. The term refers to an employer’s conscious and conscientious effort to create a working environment in which all employees — regardless of background, identity or beliefs — are...

Work Opportunity Tax Credit extended through 2025

Work Opportunity Tax Credit extended through 2025

Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400...

DMA Accountancy Corporation
1400 N. Harbor Blvd., Ste #605 
Fullerton, CA 92835

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