Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs.  Please contact us if you have questions about any of the issues discussed.

back to September

Important Information

 

 

 

One-person 401(k) Plans

One-person 401(k) plans provide a valuable source of retirement savings for successful entrepreneurs. Given the right circumstances, such plans allow large contributions on behalf of a business owner and maintain flexibility for making contributions in future years.

IRS Limits Employer Identification Number Requests

The IRS is now only issuing one employer identification number (EIN) per responsible party each day.

Social Security Statements

The Social Security Administration (SSA) recently announced that Social Security statements may now be viewed online at www.ssa.gov/mystatement.

New Tax Rule for Local Lodging Expenses

The IRS recently issued long-awaited regulations that permit certain not-away-from-home lodging expenses to be deducted by workers if they are not reimbursed by their employer.

Age-55 Qualified Retirement Plan Exception

The taxable portion of a pre-age 59 1/2 withdrawal taken from a qualified retirement plan or traditional IRA can be hit with a 10% early withdrawal penalty unless one of several exceptions applies.