Did you miss these blogs in 2021?

Last year brought us several great discussions on all kinds of topics relevant to your restaurant business, and we want to make sure you don’t miss these blogs . We have organized the blogs by date below so they are easily accessible if you would like to go back and revisit any of them: January …

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Impact of the SECURE Act’s long term part-time 401(k) rules for restaurants

Offering a retirement plan program to your employee’s is essential to your overall benefits program. For restaurants there are some unique issues that you face due to typical high turnover, younger age demographic, lower wages and part-time status. It was pretty standard to be able to exclude these employee’s if they worked less than one …

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Exclusion continues: Discharge of qualified principal residence debt

With the introduction of the SECURE Act, the exclusion from gross income for a discharge of qualified principal residence debt has been extended. This is good news for taxpayers who had part or all of their mortgage forgiven by a bank or a financial institution. Don’t miss: Welcome back tuition and fees deduction Qualified principal …

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The history of federal estate tax rates

Even though estate taxes don’t affect many people, they have been a hot topic in the political realm after the Tax Cuts and Jobs Act doubled the lifetime exemption. Here’s more on the history of estate tax rates. Don’t miss: Inherited IRAs The estate tax exemption has seen some extremely significant changes since it was …

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Increased credit for small employer pension plan start-up costs

Do you have a small business? Do you like to save money, especially in taxes? Have you considered setting up a retirement plan for you and your employees, but did not want to spend the money and time getting one set up? Then I have news for you! Starting in 2020, the SECURE Act is …

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Big changes in IRAs – Expanding the definition of earned income

Recently, Congress passed and the President signed the SECURE Act “Setting Every Community Up for Retirement Enhancement”. This new legislation is the first major retirement reform since the Pension Protection Act in 2006. Many changes in the SECURE Act affect both 401k’s and IRA’s but one of the sometimes overlooked changes has to do with …

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IRA contributions and IRA distributions to charity changed under new tax law

Before 2019’s SECURE Act, you could not contribute to a traditional IRA account in the year you turned 70 1/2 and later years. Under the new SECURE Act, this age limit is repealed for contributions starting in 2020. Don’t miss: SECURE Act changes deadline for retirement plan As life expectancy for the average person increases, …

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Small employer automatic enrollment credit

As a business owner, you are probably well-aware that offering a 401(k) plan to your employees has its advantages—ease of talent acquisition, increased retention rates and high morale. But if you happen to be a small business employer, providing a retirement plan to employees may not seem entirely feasible without credit. Start-up costs are often …

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Medical expenses 7.5% limitation extends to 2020

The 2017 Tax Cuts and Jobs Act (TCJA) brought about many reforms which benefited taxpayers. One such reform was the reduction in the medical expense deduction floor. Before TCJA, the limitation was set to go to 10%, so only medical expenses that exceeded 10% of one’s income would be deductible as an itemized deduction. This …

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Nonbusiness energy property credit

Almost everyone enjoys hearing about new tax credits and looking to see if it can benefit them on their personal or business return. The new Secure Act tax law includes an update to the nonbusiness energy property credit. What does this mean for you? Don’t miss: Fuel cell motor vehicle tax credit is back The …

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