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September 2023

HT2 2023-2024 TAX PLANNING GUIDE

Do your tax strategies need a refresh? The best tax planning strategies for you will evolve as your situation changes, whether due to life events, economic developments or new tax laws. To save the most on your 2023 taxes, you need to plan carefully and take advantage of all deductions, credits and other breaks you’re eligible for. This is exactly what our online tax planning guide can help you do.

Tax Planning Guide

IRS ORDERS IMMEDIATE STOP TO NEW EMPLOYEE RETENTION CREDIT PROCESSING AMID SURGE OF QUESTIONABLE CLAIMS

The moratorium on processing of new claims through year's end will allow the IRS to add more safeguards to prevent future abuse and protect businesses from predatory tactics. The IRS is working with Justice Department to pursue fraud fueled by aggressive and abusive marketing. For more information, click the link below.

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DEMYSTIFYING INHERITED IRAS AND NAVIGATING THE RMD MAZE

Inheritance brings its own set of challenges. Within the vast world of financial legacies, inherited Individual Retirement Accounts (IRAs) stand out thanks to their annual withdrawal requirements, also known as Required Minimum Distributions (RMDs). With these RMDs comes the caveat of taxation. However, when the Secure Act of 2019 was introduced, it brought clarity and confusion, mainly by introducing new beneficiary categories.

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PLANNING AHEAD FOR 2024:

SHOULD YOUR 401(K) HELP EMPLOYEES WITH EMERGENCIES?

The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.”

Effective for plan years beginning January 1, 2024, SECURE 2.0 permits a plan sponsor to amend its 401(k), 403(b) or government 457(b) plan to offer emergency savings accounts that are connected to the plan.

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CALSAVERS REGISTRATION & EXEMPTION DEADLINE

California State Law requires employers who reported having an average of 5 or more employees in 2022 to register for CalSavers unless they meet one of the conditions for exemption:

sponsors a qualified retirement plan, or
closed or was sold, or
company’s classification is either a government entity, religious organization, or tribal organization

Employers will start receiving their official registration information by US mail and email. If you believe your company is exempt from the mandate, submit an exemption request. For more information click the "Read Article" button below.

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