Some things to consider before engaging a large payroll provider as the TPA on your company's retirement plan. Great piece by Ary Rosenbaum says it like it is. #401k #retirement #tpa
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A growing number of states are requiring employee enrollment in a retirement program managed by the state. These programs offer automatic enrollment payroll deduction IRAs. Complying with registration and exemption requirements is important to avoid penalties. Get informed on the current state mandated retirement programs and applicable entities through our comprehensive chart found here: https://lnkd.in/gBJP__vc #KutakRock #EmployeeBenefits #retirement
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Every one needs a retirement plan. Nine states have already made it mandatory with more to come in the future. Not only is Paychex offering incentives but so is the government. Learn about how those tax credits can make an impact on you and your employees!
Get 12 Months Free Payroll with a New 401(k) Plan
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Recent studies show that only about ⅓ of small businesses have a workplace retirement plan in place. Instead of defaulting with your state, learn about the custom retirement plan options available to your specific business, and seamlessly integrate it with your payroll process through Abacus Payroll. Learn more about our retirement plan services at https://bit.ly/488n4mw! #AbacusPayroll #retirement #retirementplan #business #businessowner
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Did you know only 34% of construction workers participate in an employer-sponsored 401k plan? Yet, according to a Payscale study, the most desired benefits among construction workers are retirement benefits. Most construction owners worry about how their employees may feel if their cash fringes get put into a retirement plan instead. Simple education may be the answer that will show them how their money will grow and save the company money to help bid on future jobs! Learn more on our blog > https://bit.ly/3STKoPg #AlwaysBuilding #PrevailingWage #Retirement #401k #employeebenefits #blog #constructionwork
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Recent studies show that only about ⅓ of small businesses have a workplace retirement plan in place. Instead of defaulting with your state, learn about the custom retirement plan options available to your specific business, and seamlessly integrate it with your payroll process through Abacus Payroll. Learn more about our retirement plan services on our website today! #AbacusPayroll #retirement #retirementplan #business #businessowner
Workplace Retirement Plans - Abacus Payroll Inc.
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Experienced CPA helping companies modernize and streamline accounting and tax processes. Do the old stuff in new ways.
Recent studies show that only about ⅓ of small businesses have a workplace retirement plan in place. Instead of defaulting with your state, learn about the custom retirement plan options available to your specific business, and seamlessly integrate it with your payroll process through Abacus Payroll. Learn more about our retirement plan services on our website today! #AbacusPayroll #retirement #retirementplan #business #businessowner
Workplace Retirement Plans - Abacus Payroll Inc.
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Recent studies show that only about ⅓ of small businesses have a workplace retirement plan in place. Instead of defaulting with your state, learn about the custom retirement plan options available to your specific business, and seamlessly integrate it with your payroll process through Abacus Payroll. Learn more about our retirement plan services on our website today! #AbacusPayroll #retirement #retirementplan #business #businessowner
Workplace Retirement Plans - Abacus Payroll Inc.
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Customizable 401k Plans - it doesn't get any better than that! One of the services that TriStar Pension offers is the ability to customize certain 401k plans. For example, you could choose a plan that allows after-tax deferrals. National Association of Plan Advisors put together an article detailing the advantages of personalized 401(k) strategies here > https://lnkd.in/gZHNkUgJ #retirement #ConsultingServices #RetirementPlan #ConsultingFirm #CustomerService #SmallBusiness #401kplan
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Remote Accountant and bookkeeper expert/ Provide accounting and Bookkeeping Services Using XERO and QuickBooks Online (QBO) ,wave,freshbooks and zohobooks cloud accounting software
Box 12a—Deferred compensation: 1.Retirement plans: Contributions made to retirement plans such as 401(k), 403(b), or SIMPLE IRA plans are often considered deferred compensation. These contributions are made on a pre-tax basis, meaning they reduce the employee's taxable income for the current year, but taxes are paid when the funds are withdrawn in retirement. 2.Nonqualified deferred compensation plans: Some employers offer nonqualified deferred compensation plans, which allow employees to defer receiving a portion of their compensation to a later date. This could include bonuses, stock options, or other forms of compensation that are not subject to immediate taxation. 3.Stock options and stock appreciation rights (SARs): If an employee exercised stock options or received stock appreciation rights during the tax year, the income from these transactions may be reported in Box 12a. 4.Other deferred compensation arrangements: There are various other forms of deferred compensation arrangements that employers may offer to employees, such as certain types of incentive plans or executive compensation packages.
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The profit-sharing 401(k) rule enables employers to contribute a portion of their company's profits to employees' retirement savings accounts. Unlike traditional 401(k) plans where employees make elective deferrals, profit-sharing contributions are made solely by the employer and are discretionary. Employers have the flexibility to determine the amount of the contribution each year based on business performance. Profit-sharing contributions are subject to IRS limits, including the annual addition limit and the maximum percentage of compensation. This rule provides a valuable incentive for employees to participate in retirement savings while allowing employers to align contributions with company profitability. #retirementplanning #taxplanning #businessowners
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