Inflation Adjustments, Corporate Transparency Act, and more

Firm Spotlight

Brian Moss, Associate

Brian has worked for the firm for two years. Brian is a Western New England University graduate. Brian's most cherished accomplishment is his second degree black belt in Tae-Kwon-Do.

4 Fundamental Ways to Boost Employee Engagement

With the rise of hybrid and remote work, there’s a real danger — unless companies think deeply about what kind of a culture they’re developing — that workers may come to feel like “just another face on the zoom screen.” Employees need to know that their leaders value them and their unique perspective. If employees feel that their ideas and suggestions don’t matter, it’s very hard for them to feel engaged. (More)

Narrow the Gap Between Company and Employee Purpose

Achieving “purpose congruence,” the alignment of corporate and individual employee purposes, is essential for organizational success. Rather than imposing a uniform corporate mission, businesses should foster environments where both personal and organizational purposes harmoniously coexist. (More)

Inflation adjustments to retirement account limits issued for 2024

The IRS announced the 2024 benefit and contribution limits for qualified retirement plans, including contributions limits for Sec. 401(k) plans and individual retirement arrangements (IRAs), Wednesday, increasing the limits on both by $500. Notice 2023-75 includes updates to dollar limits for a range of qualified retirement plans and accounts, including traditional and Roth IRAs. The amount that individuals can contribute to Sec. 401(k) plans will increase to $23,000 in 2024, up from $22,500 in 2023. (More)

What every small business needs to know about the Corporate Transparency Act and Beneficial Ownership Information Reporting

On January 1, 2024 a new reporting requirement goes into effect that will require millions of small businesses to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Congress imposed this requirement in a statute called the Corporate Transparency Act (CTA), with FinCEN issuing the regulation providing the details on who must file a report, when it has to be filed, and what information has to be reported. (More)

IRS extends popular flexibilities set to expire; electronic signatures and encrypted email enhance the taxpayer experience

The Internal Revenue Service announced today that it has extended certain temporary flexibilities. The acceptance of digital signatures is extended indefinitely until more robust technical solutions are deployed, and encrypted email when working directly with IRS personnel has been extended until Oct. 31, 2025. Put in place during the COVID-19 pandemic, the flexibilities promoted secure and effective communications and were well received by tax professionals and taxpayers who reported...(More)

IRS opens free Energy Credit Online tool for sellers of clean vehicles

The Internal Revenue Service announced today that sellers of clean vehicles can now register using the new IRS Energy Credits Online tool, available free from the IRS. Known as IRS Energy Credits Online or IRS ECO, this free electronic service is secure, accurate and requires no special software. Though available to any business of any size, IRS Energy Credit Online may be especially helpful to any small business that currently sells clean vehicles.The IRS's new Energy Credits Online tool...(More)

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