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.
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/in Tax/by KKB CPAsFor retailers, manufacturers and many other businesses, a significant amount of working capital is tied up in inventory. What can your company do to lower its inventory carrying costs? Continue Reading Getting a handle on inventory
Keep these 3 issues in mind after you file your return
/in Tax/by KKB CPAsFor more helpful tax and accounting articles, or to sign up for our newsletter, please visit our KKB Insights page. If you have any questions, please contact us. Continue Reading Keep these 3 issues in mind after you file your return
Update on retirement account required minimum distributions
/in Tax/by KKB CPAsThe SECURE 2.0 law includes good news about required minimum distributions from tax-favored retirement accounts. But an earlier law contained some bad news for certain beneficiaries of inherited retirement accounts. Here are the rules. Continue Reading Update on retirement account required minimum distributions