Secure Act 2.0 established a new small business retirement credit. The credit could be up to $1,000 of the employer’s contribution (matching or nonelective) made for each eligible employee for the first 5 years of the plan. If you are a small business with less than 50 employees and have been thinking about implementing a retirement plan you may be eligible for this new credit.
NOTE: This is only available to businesses that have not had a retirement plan in place within the 3 immediately preceding taxable years. You also must have employees earning a wage of more than $5,000 a year, other than yourself (owner) and/or your family members.
If you are interested and think you may be eligible, give us a call to discuss.
REMINDER:
If you dropped off documents last fall for preparation of your tax return, please stop by the office before September 1, 2024 to retrieve them. Any documents in our office after September 1st will be shredded. Thank you!
Scam Alert
We are seeing an increase in phishing scams targeting employers. Cybercriminals are impersonating employees and requesting to update direct deposit information. Their goal is to reroute the employee’s paycheck into an illegitimate account. These emails come from fake email addresses, but the contact’s name will be your employee’s name, making it difficult to differentiate it from a legitimate email. They may also include a “bank-provided” authorization form.
Before responding to requests for direct deposit changes, please inspect the emails closely and confirm with your employee directly that they’ve requested the change.
Please also be aware that our software does not allow us to use Green Dot Bank for employee direct deposit. This bank has been connected to frequent incidences of fraud. If you receive a direct deposit form for this bank, you should confirm its legitimacy. If your employee does use this bank, then we cannot offer direct deposit of their paycheck.
We also want to reiterate the importance of providing employee documents to us securely using SafeSend. It is your responsibility as an employer to ensure your employee’s personal information is safe. Below is a link to our website where you can find the SafeSend email links for our staff:
Our tax preparation fees reflect our extensive tax compliance expertise, ensuring your tax return is prepared accurately and efficiently. We have years invested in accumulating our wealth of knowledge and experience. We also make continued efforts to stay up to date on current regulations that affect our clients.
Our tax preparation fee does not include additional services. Additional services include but are not limited to responding to tax notices & tax audits, tax planning questions, general tax questions, bookkeeping questions, etc. These additional services are billed at our hourly billable rates. This rate varies based on the experience of the staff working on the service. These additional services usually require various investigations and calculations.
Unfortunately, most tax questions do not have a simple answer. Our answer usually starts with “it depends” followed by questions for you or investigation into your file history.
Example: Mid-year you may ask, “Do I have enough withholding?” Well, it depends. Do you have more than one job? Do you have investment income? Do you qualify for the child tax credit? How well is your business doing this year? etc.
After going through the investigative part, we then must perform calculations.
Example: Your bonus lowered your business income, so it appears to have a net income effect. However, lowering your business income also lowers your QBI deduction. With your QBI deduction lowered, your total taxable income did go up. Fortunately, you do still qualify for the child tax credit. You will have to increase your withholding.
There are so many variable and moving pieces in even what you may think to be the simplest of questions. We care about our clients and want to provide the best service and advice possible. To do so we must charge for our professional services. In an effort to be transparent we will continue to include our policy for billing for additional services in our yearly engagement letters.
Office Hours
Monday-Thursday 9:00am-4:00pm
Closed Fridays
Jellison CPA | 3560 Avon St. | Hartland , MI 48353 US
