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What Is the Rule of 55 and the Mega Backdoor Roth—and Can They Help You Retire Earlier?
In Summary Many employer retirement plans offer two overlooked benefits: the Rule of 55 and mega backdoor Roth contributions. The Rule of 55 may allow penalty-free withdrawals from a 401(k) or 403(b) if you leave your job in or after the year you turn 55 (taxes still apply). This rule applies only to your most recent employer plan and does not apply to IRAs or ol…
Are Insurers Required to File Climate Risk Reports Under California’s SB 261?
Key Takeaways Insurance companies are fully exempt from California’s new SB 261 climate risk reporting mandate. California’s climate disclosure law excludes insurers because they already undergo extensive climate-related oversight through state insurance departments and the NAIC. Existing NAIC and Department of Insurance reporting frameworks…
Buying vs. Leasing Construction Equipment
In Brief Construction companies must weigh buying versus leasing equipment based on cash flow, tax planning, and utilization needs. Buying creates a long-term asset, supports bonding capacity, and can provide tax benefits through depreciation. Leasing preserves cash flow, reduces upfront costs, and offers access to newer technology and service agr…
Earnouts Explained: Tax and Financial Implications You Can’t Afford to Miss
Earnouts and contingent payments are common features of business transactions, particularly in mergers and acquisitions. They allow buyers and sellers to bridge valuation gaps and align incentives, but also introduce complex tax considerations that must be carefully navigated. Earnouts and Contingent Payments Earnouts are contractual provision…
Government Sets March 21, 2025, as New BOI Reporting Deadline as Injunctions are Lifted
By Rob Flowers
The last remaining court injunction that prevented enforcement of the Beneficial Ownership Information (BOI) reporting requirement for small businesses was lifted this week by the U.S. District Court for the Eastern District of Texas. The court’s action on February 18, 2025, clears the way for the U.S. Treasury Department to enforce the controversial…
529 Plan Leftovers? Explore Your Options
A 529 account is a great tool for saving toward college and higher education expenses for your children or other family members. However, you may find yourself with leftover funds if no other family members plan to attend college. Withdrawing those remaining funds for non-educational expenses can result in a 10% penalty. Fortunately, there are several op…
1033 Exchanges: Important Tax Savings Tool
Businesses and individuals facing an “involuntary conversion” of property arising from eminent domain, natural disasters, or condemnation often face unique and unexpected circumstances. When a government or other agency forces property to be given up, it can leave the owner feeling uneasy about losing control. Beyond this, tax issues often arise due…
Three Years Strong: Connie Jasper Woodroof Returns with 2024 Annual Statement, RBC, and NAIC Updates
For the third year running, Connie Jasper Woodroof brings her vast expertise to S.S.A.P. Chat Live 2024. Fresh from the NAIC Fall National Meeting, Connie will deliver the latest updates through two insightful sessions: the Annual Statement & Risk-Based Capital Update and the NAIC Update. In the Annual Statement & Risk-Based Capital Update, Co…
Additional Savings Through State R&D Tax Credits
Many businesses are familiar with the federal Research & Development (R&D) tax credit, which provides substantial savings for eligible companies engaged in qualified research and innovation activities. Credit has been an important funding component of many innovation programs for years, yet tax savings for eligible R&D activities do n…
NIST CSF 2.0 and its Impact on Small Businesses
By John Tran
Updated: May 2, 2024 On February 26, 2024, the National Institute of Standards and Technology (NIST) released the long-awaited NIST Cybersecurity Framework (CSF) 2.0, a comprehensive high-level document that guides for organizations to manage cybersecurity risks. The NIST CSF 2.0 departs from the previous release by adding small businesses to its ta…