Boulay's Articles

The SECURE Act Changes the Rules for Employers on Retirement Plans

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden on employers. Here are some of the most important developments for employers, many of which took effect for plan years beginning after December 31, 2019.

2020 Tax Calendar

To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Contact us at 952.893.9320 or learnmore@BoulayGroup.com.

CalSavers: What Do I Need to Know?

In an attempt to better the financial security of small business employees, California officially mandated that businesses in the state are required to offer the CalSavers IRA plan if not currently offering another qualified retirement plan.

IRS Updates Rules for Using Per Diem Rates

The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to reflect changes made by the Tax Cuts and Jobs Act (TCJA).

SOC 2 & You: The What, Who & Why of Data Security

Modern businesses have benefited from technology services like cloud hosting, online payment processing and the numerous software applications that continue to innovate processes within the workplace. However, as we know, technology is a double-edged sword that, for all its innovations, increases the risk of your enterprise suffering an attack that could extort, steal, or install malware that could cripple your organization and expose partner organizations to harm.

IRS Updates Rules for Mileage-Related Deductions

The IRS has issued new guidance updating the rules for using optional standard mileage rates when calculating "above-the-line" deductions for the costs of operating an automobile for certain purposes. IRS Revenue Procedure 2019-46 also lays out rules for establishing the amount of an employee’s transportation expenses that are reimbursed using the optional standard mileage rates.

“Urgent!”: How Your “Coworker” could be the New Nigerian Prince

Scams have been prevalent from the earliest days of the internet when e-mail was more of a novelty than a necessity. Yet, the threat of these emails was limited by a technology in its infancy and the often-outlandish nature of the scams themselves. An infamous scam technique was that of the “Nigerian Prince” which asked e-mail recipients to send money with a promise it would be repaid with interest. Whether these emails tried to have individuals reveal private information or asked directly for money, they were effective in building a cultural understanding that the internet would not be without crime.

2020 IRS COLA Limits and Estate Tax Exemption Amounts Released

The Internal Revenue Service has issued the 2020 annual limitations for qualified retirement plans and Social Security.

Operational Factors that Scale Your IT Audit

An organization’s IT environment ranges in complexity from business to business which directly impacts the risk profile and system of controls that should be implemented to support the company. Below are some important factors to consider when beginning the audi

Business year-end Tax Planning in a TCJA world

The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for many businesses as they struggled with the implications of the law’s sweeping changes for their bottom lines. With the next filing season on the horizon, you can incorporate the lessons learned into your year-end tax planning. Several areas in particular are ripe with opportunities to reduce your 2019 federal tax liability.

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