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Contractors, Don’t Delay New Lease Standards
JLK Rosenberger LLP - 2022-06-27

Contractors, Don’t Delay New Lease Standards

Reading time: 2 minutes 30 seconds After many years of delays, ASC 842 – the new lease accounting reporting standard went into effect on January 1, 2022, for private companies with a calendar year-end. By the end of this year, companies will need to report most operating leases on their balance sheets as liabilities and … Continued The post Contractors, Don’t Delay New Lease Standards first appeared on JLK Rosenberger.

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New Retirement Plan Changes Proposed
JLK Rosenberger LLP - 2022-05-23

New Retirement Plan Changes Proposed

Reading time: 2 minutes Most Americans simply do not have the retirement savings to live comfortably in retirement. In fact, a recent First National Bank of Omaha Financial Wellness Survey found that only 60% of respondents worry they will not have enough to retire by age 65. An astounding 46% indicated they only have $15,000 … Continued The post New Retirement Plan Changes Proposed first appeared on JLK Rosenberger.

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IRS Announces U.S. Residency Certification Requirement Relief
JLK Rosenberger LLP - 2022-05-19

IRS Announces U.S. Residency Certification Requirement Relief

The IRS continues to face the difficult challenge of working through a historically large number of unprocessed tax returns. This has created significant issues for those attempting to resolve open matters because amended returns and written communications continue to sit unprocessed. The agency recognized the challenge and in early February made the decision to suspend … Continued The post IRS Announces U.S. Residency Certification Requirement Relief first appeared on JLK Rosenberger.

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New ERISA Rules for Plans: Sec. 103(a)(3)(C) Audits
JLK Rosenberger LLP - 2022-04-25

New ERISA Rules for Plans: Sec. 103(a)(3)(C) Audits

If there is one constant in life it is change. This is not only true in one’s personal life, but it also applies to business as well. More specifically, the recent change to rules governing the annual audit of 401k is an excellent example. Statement on Auditing Standards (SAS) 136: Forming an Opinion and Reporting … Continued The post New ERISA Rules for Plans: Sec. 103(a)(3)(C) Audits first appeared on JLK Rosenberger.

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JLK Rosenberger LLP - 2022-04-13

SECURE Act 2.0 – More Retirement Plan Changes Coming

Retirement is a time of life that many anticipate with eagerness. The opportunity to transition away from daily work responsibilities to a more relaxed pace is an important milestone. Many use the free time to be with family, and friends, pursue new passions, and travel. For this dream to become reality, it is necessary to … Continued The post SECURE Act 2.0 – More Retirement Plan Changes Coming first appeared on JLK Rosenberger.

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JLK Rosenberger LLP - 2022-04-06

IRS Lag on Schedules K-2 and K-3 Delays Tax Return Filings for Some Partnerships and S corporations

If you are a partner in a pass-through entity (PTE) with foreign income, you may still be waiting for the necessary income reports to file your 2021 tax returns. The IRS so far has not released instructions on how to prepare the new schedules K-2 and K-3, and until those instructions are released, tax software … Continued The post IRS Lag on Schedules K-2 and K-3 Delays Tax Return Filings for Some Partnerships and S corporations first appeared on JLK Rosenberger.

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JLK Rosenberger LLP - 2022-04-05

Proposed Changes to Required Minimum Distribution Rules

There are roughly 50 million Americans subject to the IRS’s required minimum distribution (RMD) rules for retirement accounts. The RMD rule, which kicks in at age 72 (or 70 ½ in 2019 and earlier), requires account holders of several different types of retirement accounts, including 401k, 403b, and IRAs (and other defined contribution plans), to … Continued The post Proposed Changes to Required Minimum Distribution Rules first appeared on JLK Rosenberger.

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JLK Rosenberger LLP - 2022-03-25

New Warning About 401(k) Investments in Cryptocurrency

Reading time: 3 minutes The popularity of investments in digital assets, including cryptocurrency, has reached record highs, increasing from 66 cryptocurrencies in 2013 to the over 10,000 currently available. It is fair to assume that the growth of these investment types has captivated the market’s attention, partly because of the potential return on investment. Although … Continued The post New Warning About 401(k) Investments in Cryptocurrency first appeared on JLK Rosenberger.

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JLK Rosenberger LLP - 2022-03-23

Biden Warns: Enhance Your Company’s Cybersecurity Protections

Reading time: 2 minutes 30 seconds President Joe Biden issued new warnings this week, urging U.S. companies to ensure their digital doors are locked tight because of potential cyberattacks by Russia. While the fighting in Ukraine is worlds away for many California and Texas organizations, the potential for cyberattacks against U.S. businesses has significantly increased. … Continued The post Biden Warns: Enhance Your Company’s Cybersecurity Protections first appeared on JLK Rosenberger.

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JLK Rosenberger LLP - 2022-03-21

401(k) Plan Nondiscrimination Testing: Requirements, Failures, and Remedies

Reading time: 2 minutes 30 seconds Many Los Angeles and Dallas businesses provide employees access to a retirement plan as part of the overall benefits package. The most common plan types are a traditional 401(k) and safe harbor 401(k), which are employer-sponsored defined contribution accounts under Subsection 401(k) of the Internal Revenue Code (IRC). In … Continued The post 401(k) Plan Nondiscrimination Testing: Requirements, Failures, and Remedies first appeared on JLK Rosenberger.

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