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Our take on all things financial.
Retirement Plan Early Withdrawals: Make Sure You Meet the Requirements to Avoid a Penalty
Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general,...
Many Tax Limits Affecting Businesses Have Increased for 2023
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be...
2023 Adjusted Penalties for Health Benefits and Other Employer Plans
The U.S. Department of Labor (DOL) recently announced the 2023 annual adjustments to civil monetary penalties for a wide range of benefits-related violations. Legislation enacted...
Michael C. Allen & Co. Has Merged with Reid CPAs, LLP
Press Release: Woodbury, New York (January 3, 2023) – Reid CPAs, LLP and Michael C. Allen & Co. of Lake Success, New York announced a definitive merger effective January 1,...
Stay Informed on the Ever-Changing Unclaimed Property Rules and Regulations
By Robert L. Tobey, CPA, Tax Partner If you are owed money by a business, a government, or a not-for-profit entity and you do not collect it, it’s considered unclaimed property....
Business Owners: Now’s the Time to Revisit Buy-Sell Agreements
If you own an interest in a closely held business, a buy-sell agreement should be a critical component of your estate and succession plans. These agreements provide for the...
3 Ways Your Business Can Uncover Cost Cuts
Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses, thereby strengthening cash flow...
Forms W-2 and 1099-NEC Are Due to Be Filed Soon
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023,...
What’s “Quiet Quitting” and Why is Everyone Talking About It?
They say it came from TikTok. If you’ve heard or read the term “quiet quitting” recently, you might have wondered what it means and why everyone seems to be talking about it....