FSA vs HSA vs HRA: Which One is Better?

KEY POINTS The 3 most popular employer-sponsored healthcare accounts you can supplement your current healthcare insurance with are Flexible Spending Accounts (FSA), Health Savings Accounts (HSA), and Health Reimbursement Accounts (HRA). FSAs, HSAs, and HRAs all offer tax-free savings that you can use to pay for eligible medical, dental, vision, and sometimes long-term care expenses. …

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Social Security and Government Pension Offset Simplified

Retired couple who used to be a teacher and CPA enjoying coffee.

KEY POINTS Government Pension Offset (“GPO”) adjusts Social Security spousal or survivor’s benefits for those who receive “non-covered” pensions. GPO reduces Social Security spousal and survivor benefits by 2/3rd of the monthly pension payment from a non-covered government job. The bipartisan Social Security Fairness Act (“SSFA”) bill, designed to eliminate both GPO and the Windfall…

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Required Minimum Distributions are Back. Tell a Friend.

Mid-aged man helps older woman determine her required minimum distribution amounts for 2021

Key Points The one-year waiver of required minimum distributions (RMDs) for retirement accounts that were authorized under the CARES Act is over. The SECURE Act in 2019 changed some rules regarding RMDs which will now be in effect. Those that are 72 years and older will need to start taking their RMDs this year to…

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Ways to Reduce Your Taxable Income & Save Money

Tax documents surrounding by the scrabble letters spelling out Tax Season and a calculator

Background December 2017, the Tax Cuts and Job Act (“TJCA”) was signed into effect. If you’re the owner of a pass-through entity (S corporation, LLC, or partnership), are you aware of the tax deductions available under the TJCA and the Internal Revenue Service (“IRS”) section 199A? Basically, taxpayers with taxable income that is less than…

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Pension Contributions & Lower 2017 Taxes

Close up of person placing coins into a jar labeled Pensions

Did you know that you can deduct pension contributions made by September 15, 2018 from your 2017 taxes? In most years that helps with managing cash flows, but this year it could have major tax consequences. With the corporate tax rate decreasing for most companies from 35% in 2017 to 21% in 2018, deducting pension…

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Legal Marijuana & OPEB in Massachusetts

Two colleagues looking over figures from legal marijuana taxes decreasing opeb liabilities.

Legal retail sale of marijuana in Massachusetts is fast approaching and many towns are reviewing whether or not to have a local store. Regardless of your personal views on the legalization, this presents a unique opportunity to help with your OPEB costs. In addition to the sales and state excise taxes, cities and towns will…

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SIMPLE IRA to 401(k) for 2018? The deadline is now

Close up of a person using a calculator with an hourglass measuring time

If you’d like to move to a 401(k) for 2018, you must notify employees by 11/2 As your business or that of your clients has grown, you may be thinking it’s time to upgrade your retirement plan from a SIMPLE-IRA to a 401(k) Plan. The issue is that you can’t switch mid-year as IRS rules…

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SIMPLE IRA to 401(k) for 2017? The deadline is now

If you’d like to move to a 401(k) for 2017, you must notify employees by 11/2 As your business or that of your clients has grown, you may be thinking it’s time to upgrade your retirement plan from a SIMPLE-IRA to a 401(k) Plan. The issue is that you can’t switch mid-year as IRS rules…

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The Cadillac Tax, your health plan and how it impacts you?

Over 25% of employers expected to be hit in 2018 As an employer offering health insurance to your employees, I’m sure you’ve heard about the Affordable Care Act (“ACA”) and the upcoming Excise Tax in 2018.  According to a study from the Kaiser Family Foundation, they expect 26% of employers to be subject to the…

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PBGC filing deadline change for small plans

For calendar year plans – due date is now October 15th Do you or any of your clients have a small defined benefit or cash balance plan (under 100 participants) covered by the Pension Benefit Guaranty Corporation (“PBGC”)?  If so, we wanted to remind you that the filing deadline has recently changed to be 9.5…

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