Posted by: Carly Ahsher
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Staying on Top of your Retirement Plan Document Schedule
The Supreme Court’s recent decision in the case Cigna v. Amara sent a very important message to all plan sponsors/employers regarding the importance of maintaining their retirement plan documents including the required summary plan descriptions and summary of material modifications (as applicable).
read more…Employers Need To Make Sure Their Plan Documents Are Up To Date.
The Supreme Court’s recent decision in the case Cigna v. Amara sent a very important message to all plan sponsors/employers regarding the importance of maintaining their retirement plan documents, including the required summary plan descriptions and summary of material modifications (as applicable).
read more…Retirement Plan Contributions for the Self Employed
A self-employed individual’s compensation for retirement plan purposes is based on his or her earned income. In brief, earned income is net earnings from self-employment (NESE) and can be derived from a sole proprietorship, single member LLC or an entity taxed as a partnership in which the individual’s services are a material income producing factor). A plan then deducts from NESE (1) the IRC §404 deduction for retirement plan contributions for the proprietor, member or partner, and (2) one-half of the self-employment taxes (SE Tax) the individual pays. This process is designed to put unincorporated businesses on an even footing with corporations. Corporations are permitted to deduct the company’s share of social security tax (FICA), which is one-half of the total FICA paid.
read more…When Should YOU Begin Taking Social Security Benefits?
Posted by: Colleen Kaminsky, CPA
read more…Individual 401(k) Plan
Limiting Participant Loans to Active Employees
Most plan administrators and plan sponsors find participant loans to be a significant administrative challenge. To reduce the administrative burden and to make the loan program more cost effective, many 401(k) plans include provisions: (1) requiring payroll deduction to repay the loans, and (2) limiting the loans to active employees.
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Do You Qualify for the ACA Premium Tax Credit?
The law requires you and your dependents to have health care coverage, an exemption, or make a payment with your return. If you purchased coverage from the Health Insurance Marketplace, you may be eligible for the premium tax credit. 
(For healthcare coverage options, visit the marketplace at https://www.healthcare.gov/).
You Won the Powerball. Now What?
You decided to not only play Powerball, but also are sure you will win Powerball. With the purse hovering and climbing at 800M, it is easy to understand why lottery fever has captured the attention and — dollar bills, of countless people across the country.
Whether you are among the lucky folk whose net worth increases January, 9, 2016 at 11pm, or as the odds predict, simply a few dollars lighter when you wake up on Sunday, there are some aspects you must consider from gambling winnings and losses. Mainly, understanding the tax rules for reporting your gambling activity on your tax return.
Gambling is a 240 billion dollar generator to the U.S. economy and some of us at one time or another have likely been part of the mix. If you’re fortunate enough to win a qualified prize from the Powerball lottery, a contest, jackpot, or a similar game that gives you the option of receiving multiyear payments, you may not have to pay tax on the future years’ payments until they’re received. This is an exception to the general rule that could otherwise require the entire prize to be taxed in the year of the win.
Data Breach: How to Protect Your Information and Identity
With the recent news regarding the data breach at Cleveland’s RITA, many have inquired as to what proactive steps can be taken to reduce the risk of identity theft or, as in the case of a company breach, what steps should be taken to remedy any damages that could occur or may have already occured. 
Our CPAs and management consultants are ready to help.
First, download our FREE Identity Theft Guide, What To Do If Your Identity is Stolen, next, read 7 Ways to Protect Yourself from Identity Theft and finally, contact us to learn how we can help you build a solid–and safe–financial foundation.
Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.
Updated Withholding Calculator, Form W-4 Released; Calculator Helps Taxpayers Review Withholding Following New Tax Law
WASHINGTON –The Internal Revenue Service recently released (2/28/18 irs.gov) an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in...
Working in the Gig Economy: What you need to know about potential tax consequences
If you use one of the many online platforms available to rent a spare bedroom, provide car rides, or to connect and provide a number of other goods or services, you’re involved in what is sometimes called the sharing or gig economy. An emerging area of activity in the...
Scam Alert: Fraudsters Posing as Taxpayer Advocacy Panel
Some taxpayers receive emails that appear to be from the Taxpayer Advocacy Panel (TAP) about a tax refund. These emails are a phishing scam, trying to trick victims into providing personal and financial information. Do not respond or click any link. If you...
IRS Requires Taxpayers to Validate ID
The IRS recently announced additional requirements for taxpayers and tax professionals to verify their identities when they call as part of security efforts. Taxpayers and professionals should have the following documents ready when they call: Social Security numbers...
New One-Stop Platform for Business Growth
Are your business interactions with the government, from seeking out financing opportunities to learning about new regulations, burdensome and frustrating? The federal government has launched BusinessUSA, a centralized gateway for businesses to access services to...
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