Duties of an ERISA Plan Administrator

September 7, 2018

ERISA plan administrators perform many critical functions that require a lot of time, care, and integrity.

Plan administrators and sponsors are fiduciaries who are charged with the highest level of responsibility, fair dealing and good faith recognized under the law. As a fiduciary, you have a legal duty to provide the utmost care and servicing on behalf of the beneficiaries in your plan. Because of the critically important retirement assets you oversee as a fiduciary, the federal government demands the best out of its plan administrators.  Read more

IRS Issues Proposed Guidance on Controversial SALT Limitation

September 6, 2018

The new tax law limits deductions for state and local taxes. To bypass this limitation, some states have approved charitable contribution “workaround” legislation.

In recent weeks, the IRS has issued a series of proposed regulations to help clarify provisions of the Tax Cuts and Jobs Act (TCJA). One of the most controversial parts of the law is the limit on individuals’ deductions for state and local taxes (SALT) that goes into effect this year. Read more

How “Aggregating” Businesses Can Boost Your QBI Deduction

September 5, 2018

The IRS recently issued proposed regulations that explain how and when aggregating works for purposes of computing the QBI deduction and the deduction limitations based on W-2 wages and the basis of qualified property.

Recently proposed IRS regulations provide aggregation rules that allow eligible individuals to “aggregate” their businesses in order to maximize the new qualified business income (QBI) deduction. Specifically, they may be able to combine income, W-2 wages and the unadjusted basis immediately after acquisition (UBIA) of qualified assets from qualified businesses conducted as pass-through entities. Here’s some background material, along with examples, on how this aggregation strategy can work. Read more

Thinking of Starting a Business?

September 4, 2018

Starting a business By: Chloe Parker, CPA, MBA

When you have a brilliant idea for a service or product, you may consider starting a business that will bring your ideas to life.  Starting a business can be equally as exciting as it is overwhelming. While you focus on the latest innovations, it is important to properly account for all the transactions necessary to run your company. Proper accounting not only makes taxes less painful but also provides legal protection and valuable insight as the business grows.  In the early stages of your business, concentrating on four areas will create a solid foundation to build your business. Read more