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Tracy Niemier, EA Understanding and implementing the proper accounting method is a cornerstone for financial clarity and operational success. As a business owner, choosing between cash-basis and accrual accounting methods affects how you report financial transactions. This article delves into the essence of these accounting methods, their significance, and how to discern which is most […]

  The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act of 2019) and the SECURE 2.0 Act of 2022 (collectively, SECURE) enacted a new mandate that, starting in 2024, long-term, part-time (LTPT) employees must be allowed to make salary deferrals into their employer’s 401(k) plan. The systems used by many 401(k) […]

Federal Tax Relief Act of 2024 Senate Finance Committee Chair Ron Wyden, D-Ore., and House Ways and Means Committee Chair Jason Smith, R-Mo. on January 16 unveiled a framework for a $78 billion bipartisan tax package that would expand the child tax credit in exchange for business-friendly provisions, including restoring and extending 100% bonus depreciation and addressing […]

Madison Price, CPA, MPAcc Overview The IRS annually evaluates limits and thresholds for various benefits and provides increases, as needed, to keep pace with inflation. The health savings account (HSA) contribution limits effective January 1, 2024, are among the largest HSA increases in recent years. After the inflation adjustments, the 2024 HSA limits and thresholds […]