Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of… Read More »CPA LA wrote: Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty
The construction industry continues to face supply chain slowdowns, labor shortages and inflation — though the latter of the three has generally moderated a bit as of late. To monitor and optimally respond to rising… Read More »CPA LA: 8 ways to insulate your construction company against rising costs
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your… Read More »Emil @ CPA LA wrote: Many tax limits affecting businesses have increased for 2023
The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until… Read More »CPA LA: Why you might want to file early and answers to other tax season questions
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms: Form W-2,… Read More »CPA-LA: Forms W-2 and 1099-NEC are due to be filed soon
If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as 529 plans. But there are also… Read More »Emil @ CPA-LA wrote: Tax-saving ways to help pay for college — once your child starts attending
Does your construction business work in the residential sector? If so, there are some powerful tax incentives in effect right now that could generate revenue for your company. However, many property owners may not be… Read More »CPA-LA: Residential construction companies should get the word out about home energy tax credits
If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0)… Read More »CPA-LA: How the new SECURE 2.0 law may affect your business
If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage of the tax-favored ways to save that may… Read More »CPA-LA: Tax-wise ways to save for college
The construction industry has always been all about mobility. Yet many contractors continue to hold on to paper processes that keep employees — and project information — unnecessarily tethered to the front office. The widespread… Read More »CPA-LA: The case for a digital construction enterprise
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that… Read More »CPA LA: Employers should be wary of ERC claims that are too good to be true
A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0… Read More »Emil @ CPA LA: SECURE 2.0 law may make you more secure in retirement