Make Up to $310k in Retirement Contributions
Year-End Benefits Review Time? Cherry Bekaert Benefits Consulting can design a plan proven to maximize benefits and minimize risk. As you review your year-end benefits, we urge you to consider a Direct Recognition Variable Investment Plan (DR-VIP). What’s so great about a DR-VIP? Allows participants to contribute up to $310,000 each year; Provides unlimited investment options that are tax deferred and safe from creditors; Eliminates the risk of underfunding; and Approved by the IRS ( read how IRS used DR-VIPs to set the standard ). The Direct Recognition Variable Investment Plan does what other plan options cannot do: Optimizes retirement benefits for key employees, owners, and even partners Minimizes additional. Read More.
Highlights from Newly Passed Disaster Relief Act and Other Relief Provisions
The Disaster Tax Relief and Airport and Airway Extension Act of 2017 (“Disaster Tax Relief Act” or “Act”), which President Donald Trump signed into law on September 29, 2017, contains a wide range of practical, common sense provisions meant to help victims of Hurricanes Harvey, Irma and Maria. Taking a high altitude look at the goals of this Act, the Disaster Relief Act aims to: Encourage charitable giving for hurricane ravaged areas Help individuals tap into retirement savings without penalty and claim larger deductions for uncompensated hurricane-related losses Aid businesses that continued to pay employees although they had to close. Read More.
What We Know So Far about Latest Tax Plan
The Unified Framework for Tax Reform was released on September 27, 2017. This framework represents a joint effort by members of the Trump Administration (Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn) and Congressional leadership (the chairmen of the House Committee on Ways and Means and the Senate Committee on Finance, the Speaker of the House and the Senate Majority Leader). It marks the beginning of the arduous process of significantly overhauling the Internal Revenue Code (“IRC”) for the first time since 1986. Despite the involvement of the Congressional committee chairs in developing the framework, it leaves almost all details for the. Read More.
How Employers and Employees Can Give Disaster Assistance – and the Tax Breaks that Go with It
After any major disaster, either natural or man-made, it’s hard to stand by and watch. When you see people whose homes have been destroyed and whose lives have been uprooted, it’s a natural response to want to help. As an employer, you may feel an urge to help your employees get back on their feet faster. Not only is it a nice thing to do – the sooner your employees get resettled after a disaster, the sooner they can shift their attention back to work. Whatever your motivation, when you give assistance to your employees, there can be tax benefits. Read More.
Florida and Georgia Eligible for Disaster Tax Relief
Taxpayers in Florida and Georgia who were affected by Hurricane Irma have now been granted tax deadline extensions. Most tax filing and payment deadlines have been moved to January 31, 2018. The extension includes any individual and corporate taxpayers with deadlines and payments due on or after the Florida start date (September 4, 2017) or the Georgia start date (September 7, 2017) and before January 31, 2018. This includes, but is not limited to, deadlines for: Taxpayers who already had a valid extension to file their 2016 returns by September 15, 2017, (corporate) or October 16, 2017 (individual) Quarterly estimated. Read More.
Virginia Approves Tax Amnesty Program for Businesses and Individuals
On September 5, 2017, the Virginia Department of Revenue (“VDR”) provided guidelines regarding how you can reap the benefits of its new Tax Amnesty Program. This program was authorized by Virginia’s General Assembly earlier in the year and waives all penalties and 50 percent of interest on a participant’s balance due. The program will run from September 13, 2017, to November 14, 2017, giving taxpayers just over two months to take advantage of this program and get a fresh tax start. Most liabilities that qualified for the program and are unpaid at the end of the amnesty period will be. Read More.
Protecting Yourself after the Large Equifax Hack
Cyber criminals have stolen 143 million credit records from Equifax, one of the three largest credit-reporting bureaus in North America. That means that your personal identifiable information (“PII”) – and that of millions of other people – may have been compromised. This includes your social security number, home addresses (past and present), and even your mother’s maiden name. Hackers can use this information to pretend to be you and open up credit lines in your name. They can also use it to pass themselves off as legitimate individuals or businesses and trick you into giving them sensitive information, such as. Read More.