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Employers considering new 401(k) plans should review auto-enrollment rules
Is your organization considering “taking the plunge” and sponsoring a 401(k) plan? If so, you’ll want to review the concept and rules regarding auto-enrollment — that is, automatically enrolling employees in the plan and letting them decide whether to opt out. This...
Want to launch a manufacturing company? Factor in the tax treatment of start-up costs
Starting a manufacturing company isn’t a decision to be taken lightly. But given the current demand for innovative, technology-driven solutions to an array of challenging problems, there are many new opportunities for entrepreneurs to grasp. Of course, getting a...
Financial statements of many employer-sponsored benefit plans must be audited
The term “audit” is most commonly associated with tax returns, but it has other applications as well. One type of audit that many employers must familiarize themselves with applies to the financial statements associated with the health care and retirement plans they...
Further investing in automated equipment may be the right move for manufacturers
If your manufacturing plant has invested in automated equipment, such as robots, you’re not alone. In fact, according to the International Federation of Robotics, U.S.-based manufacturers invested in 44,303 robotic units in 2023, up 12% from 2022. Another study from...
7 ways construction companies can address materials costs
Although the overall costs of construction materials nationwide have stabilized somewhat this year, many contractors still likely face challenges in this area. The price of specific types of materials continues to fluctuate, and local markets are subject to turbulence...
Manufacturers should consider these 7 midyear tax-reduction moves now
July marks the halfway point of the year and is generally an ideal time for manufacturers to assess their tax situation and plan appropriate strategies for reducing their 2024 tax liability. Bearing in mind that every company’s situation is unique, here are seven...
Planning your estate? Don’t overlook income taxes
The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it....
Six tax issues to consider if you’re getting divorced
Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are...
How construction business owners can make succession planning easier
Creating a comprehensive and actionable succession plan is rarely easy for business owners. It’s certainly a challenge for most contractors, who may find it difficult to step away from the day-to-day hustle and bustle of building to envision life without a hardhat. If...
Certain charitable donations allow you to avoid taxable IRA withdrawals
If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to consider a tax-saving strategy. It involves making a qualified charitable distribution (QCD). How it works To reap the...
Profit fade is a persistent threat to construction companies
“Don’t settle for second best!” Just about everyone has encountered this phrase in various commercials and ad campaigns over the years, and it’s a good ideal to aspire to. Unfortunately, many construction businesses end up settling for second best — or worse — when it...
What might be ahead as many tax provisions are scheduled to expire?
Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set...
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