The CalSavers retirement savings program was first signed into law in 2016 for private sector workers whose employers do not already offer a retirement plan. Employers who already offer a retirement plan are exempt from this requirement.
Employers with five or more California employees will be required to either provide a retirement plan for their workers or register for CalSavers. June 30, 2022 is the registration deadline. Employers that fail to comply with the program requirements will be subject to a $250 per‑employee penalty assessed by the Franchise Tax Board, which will increase to $500 per employee if the employer does not comply within 180 days.
IRS suspends processing of ERTC claims
/in Tax/by KKB CPAsWith fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year end. Continue Reading IRS suspends processing of ERTC claims
It’s important to understand how taxes factor into M&A transactions
/in Tax/by KKB CPAsBuying or selling a business? It may be the most important transaction you ever make. So it’s important to seek professional tax advice as you negotiate. Don’t wait until a deal is done! Continue Reading It’s important to understand how taxes factor into M&A transactions
Plan now for year-end gifts with the gift tax annual exclusion
/in Tax/by KKB CPAsThe estate and gift tax exemption amount is scheduled to be cut drastically in 2026 when the related Tax Cuts and Jobs Act provisions expire (unless Congress acts to extend them). Making tax-free gifts before then can cut the size of your taxable estate and may be one way to address this potential threat. Continue Reading Plan now for year-end gifts with the gift tax annual exclusion