H&B, Author at Hutchinson and Bloodgood LLP

Don’t forget to empty out your flexible spending account

Illustration - Green Background with the words Flexible Spending Account and a yellow pen, black calculator

November 28, 2023

If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use the money in the account by year-end or you’ll lose it (unless your employer has a grace period). As the end of 2023 […]

Find Out More

Retirement Planning

Smaller companies: Explore pooled employer plans for retirement benefits

Underwater,empty,swimming,pool,background,with,copy,space

November 22, 2023

H&B

0

Most businesses today need to offer a solid benefits package. Failing to do so could mean falling behind in the competition to hire and retain talent in today’s tight job market. When it comes to retirement benefits, however, smaller companies may struggle with the financial and administrative burdens of sponsoring their own plans. The good news […]

Find Out More

Financial Reporting & Assurance

Some businesses may have an easier path to financial statements

Two,young,business,people,analyze,the,results,and,discuss,them

November 16, 2023

H&B

0

There’s no getting around the fact that accurate financial statements are imperative for every business. Publicly held companies are required to not only issue them, but also have them audited by an independent CPA. Audited financial statements provide the highest level of assurance to third-party users that the documents in question are free of material […]

Find Out More

401(k) Plans

11 Exceptions to the 10% penalty tax on early IRA withdrawals

Black background, green arrow with dollar bills above it and the words IRA Early Withdrawal

November 15, 2023

H&B

0

If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts. Here’s what you need to know about the tax implications, including when the 10% […]

Find Out More

Tax Planning

Year-End Tax Planning Tips for Individuals

Illustration of a man sitting in a chair working on his laptop with a calculator, clipboard with the word TAX on it, a graph, and a notepad

November 8, 2023

H&B

0

As the holidays approach, it’s time to consider tax planning moves that will help lower this year’s tax bill, as well as set you up for tax savings in future years. The good news is that it appears there won’t be any significant unfavorable federal tax changes that will take effect next year. Assuming that’s an […]

Find Out More

Tax Planning

What you need to know about restricted stock awards and taxes

the words restricted stock surrounded by cloud icons

November 7, 2023

H&B

0

Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if the price of the underlying stock takes a dive. But with restricted stock, if the stock price goes down, your […]

Find Out More

Cybersecurity

Businesses: Know who your privileged users are … and aren’t

Man,walking,through,a,busy,open,plan,office

November 3, 2023

H&B

0

Given the pervasiveness of technology in the business world today, most companies are sitting on treasure troves of sensitive data that could be abducted, exploited, corrupted or destroyed. Of course, there’s the clear and present danger of external parties hacking into your network to do it harm. But there are also internal risks — namely, […]

Find Out More

401(k) Plans

Contributing to your employer’s 401(k) plan: How it works

Bird nest with a gold egg in it and the words (k) plan to the left of it

October 31, 2023

H&B

0

If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great tax and retirement saving deal! These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about contributing to […]

Find Out More

Business Planning & Consulting

What businesses can expect from a DOL benefits plan audit

Audit,wording,with,magnifier,glass,on,red,background,among,white

October 25, 2023

H&B

0

All but the smallest businesses today are generally expected to offer employees “big picture” benefits such as health insurance and a retirement plan. Among the risks of doing so is that many popular plan types must comply with the Employee Retirement Income Security Act (ERISA). That means lots of rules and much documentation. No matter […]

Find Out More

General

Facing a future emergency? Two new tax provisions may soon provide relief

Roll of money inside a Life-saving ring on a wooden background

October 24, 2023

H&B

0

Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if you’re under age 59½, such distributions are not only taxable but also are generally subject to a 10% penalty tax. […]

Find Out More

Author: H&B

Don’t forget to empty out your flexible spending account

Smaller companies: Explore pooled employer plans for retirement benefits

Some businesses may have an easier path to financial statements

11 Exceptions to the 10% penalty tax on early IRA withdrawals

Year-End Tax Planning Tips for Individuals

What you need to know about restricted stock awards and taxes

Businesses: Know who your privileged users are … and aren’t

Contributing to your employer’s 401(k) plan: How it works

What businesses can expect from a DOL benefits plan audit

Facing a future emergency? Two new tax provisions may soon provide relief

A Comprehensive Approach to Goal-Based Financial Planning