It’s been estimated that there are roughly 5 million family-owned businesses in the United States. Annually, these companies make substantial contributions to both employment figures and the gross domestic product. If you own a family business, one … [Read more...]
2021 dollar limits and thresholds for 401(k)s and similar plans
The IRS recently announced the 2021 dollar limits and thresholds for retirement plans, reflecting the latest cost-of-living adjustments. Here are some relevant amounts for 401(k)s and similar plans:Annual contributions. The limit on annual … [Read more...]
2020 – 10/29 – Businesses: Time to bust a tax move
2020 – 10/22 – Should you file an amended tax return?
IRS announces max dollar amount for excepted benefit HRAs
In a Revenue Procedure, the IRS recently provided information regarding the inflation-adjusted maximum dollar amount that may be made for excepted benefit Health Reimbursement Arrangements (HRAs) or other account-based group health plans next year. … [Read more...]
IRS announces per diem rates for business travel
In Notice 2020-71, the IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can … [Read more...]
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