Moving You Forward
As you navigate this new business environment, leaders need the right guidance and direction to move forward. Tap into our customized tax, audit, accounting and business advisory solutions to help you recover from disruption and grow stronger. Contact a PBMares advisor today.
RECENT INSIGHTS:
Hurricane Helene: Deadline Extensions, Penalty Relief, and Insights from the PBMares Tax Team
The IRS took action quickly after Hurricane Helene traveled 400+ miles, claiming lives and wreaking havoc in the Southeast. Learn about the important information regarding deadline extension and penalty relief.
Higher Catch-Up Contribution Limit Coming in 2025
Section 109 of SECURE 2.0 provided for a higher catch-up contribution limit beginning in 2025 for participants in a 401(k) or 403(b) plan for a specific population of employees. The current catch-up contribution limit is $7,500. The higher catch-up contribution will be the greater of $10,000 or 150% of the regular catch-up limit in 2024; $11,250 for 2025. This higher catch-up limit will be indexed annually for inflation beginning in 2026.
SECURE 2.0 Act – Mandatory Automatic Enrollment
Learn more about what is needed for retirement plans. For plan years beginning on or after January 1, 2025, SECURE 2.0 requires certain plan sponsors of a 401(k) plan or 403(b) plan to adopt automatic enrollment provisions.
IRS Extends Tax Filing Deadline for Taxpayers in North Carolina
IRS grants disaster relief to taxpayers located in North Carolina. Affected taxpayers have until May 1, 2025, to file returns and make payments.
Nonprofits Need to Cultivate a New Type of Workforce
Nonprofits need to cultivate a new type of workforce by adopting a more operational mindset and investing in technology, which will attract top talent
Tax Compliance Considerations for U.S. Companies Hiring Foreign Remote Workers
Today’s U.S. companies are finding many benefits to hiring remote employees from around the globe. However, along with those benefits come a myriad of tax compliance considerations. learn about a few of those considerations and practical solutions so companies can proactively prevent problems and ensure compliance.
