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In 2021, Congress passed the Corporate Transparency Act (CTA). This act represents a significant change in the regulatory landscape for ALMOST ALL entities doing business in the United States. The primary goal of the CTA is to enhance corporate transparency and combat financial crimes such as money laundering and the financing of terrorism...
After a long career and many years of dedicated service to his clients and our firm, it is with mixed feelings that KVLSM announces the retirement of Eliot Lebenhart, effective January 1, 2024.
Healthy Money HabitsYour relationship with money may have its roots in your childhood. How your family handled their finances can affect your attitude toward spending and saving as an adult. Make sure you’re practicing good money habits like the ones below...
Stay On The Comfortable Retirement TrackThere’s no better time than the beginning of a new year to review your retirement plan and, if possible, increase your contribution to the maximum allowed, if possible...
The IRS Enforcement Spotlight May Be On YouFollowing a top-to-bottom review of enforcement efforts, the IRS has launched a sweeping, historic effort to "restore fairness in tax compliance" by focusing more on high-income earners, partnerships, and corporations. Under the auspices of a newly created unit in the business division, the IRS will leverage Inflation Reduction Act funding to enforce compliance. These efforts are consistent with a broader commitment to use that funding to end the era of misbalancing in audit selection...
Don't Forfeit Your Solo 401(k)A solo 401(k) plan is an excellent way for sole proprietors to pack away retirement funds. In 2024, you can contribute up to $23,000 ($30,500 if you’re 50 or older) in pre-tax dollars. As the employer, you can also make matching contributions to your account...
Tips for a Smooth Tax SeasonWith tax season officially underway, here are tips to make filing your return as stress-free as possible...
Ideas to Help Set Financial GoalsWith the new year underway, it may be time to come up with a list of goals and that could make 2024 the most financially rewarding year for your entire family. Your motivation can be nearly anything, from saving for retirement or paying for college. Consider these resolutions that can also provide a financial boost... SERVICES
RECENT E-NEWSLETTERS
JANUARY 2024 Q & AQ: We're planning our summer vacation. Do you have any tips on getting a good deal on a vacation rental? A: Consider lowering the cost of renting an apartment, condo, or home for your vacation by:
Safety Deposit BoxesWith digital records, safe deposit boxes are so 20th Century. Right? Not necessarily. You may have situations in which you’ll be asked to produce original documents (including those with raised seals). Not to mention valuables that can’t be digitized. Items to keep in your box:
Generally, financial professionals recommend a bank safe deposit box over a home one. A Surprising Employee Flight-RiskAccording to an ADP Research Institute study,* about 30% of employees leave their jobs within a month of their first promotion. Generally, the risk of a worker in the same position leaving at any given time is 18%. Employees in jobs that require little to no training, such as warehouse or hospitality workers, leave at especially high rates. So do those in roles requiring graduate school or an advanced technical degree. REASONS FOR FLIGHT One reason for leaving is that employees may feel overwhelmed because they didn't receive the training to succeed in the new position. Another is that the promotion has given them the confidence to seek a new job that pays more, has better benefits, or offers more opportunities. A third is that the promotion comes too late, and the employee has already started looking for a new position and receives a better offer shortly after the upgrade. SOLUTIONS *The Hidden Truth about Promotions, ADP Research Institute, 2023
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