Year: 2023
The Corporate Transparency Act from 2021 (CTA) created new reporting requirements that will impact many businesses. Certain companies will need to disclose their beneficial owners through filings with the Financial Crimes Enforcement Network (FinCEN) beginning on January 1, 2024. The report will be filed through FinCEN’s website (https://www.fincen.gov/boi). Who is...
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What has Changed: Effective October 19th, 2023, the Electronic Federal Tax Payment System (EFTPS) has instituted multi-factor authentication into their login system with a goal of increased account security. Users must register with one of two secure sign-in applications, LOGIN.gov or ID.me to gain continued access their business or individual...
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August 23, 2023 by Jack Siegle
Effective October 1, 2023, the local sales and use tax for the seven-county metro in Minnesota will increase by 1%. The seven counties that this will impact are Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington. The 1% total increase to the current sales tax will be used to support...
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Form 5500 is used to meet the annual reporting requirements for employer sponsored retirement plans. On February 23, 2023, the Department of Labor (DOL) released details on changes to the 2023 Form 5500. Possibly the most significant change to the form involves how participants are counted for determining which retirement...
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The SECURE 2.0 Act (Secure 2.0) was signed into law on December 29, 2022 by President Biden. With the law comes several important changes to employee benefit plans, including 401(k) plans. Below are the top 4 items that will impact 401(k) plans in the coming years. 1. Requirements for automatic...
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