Roth elective deferral contributions have been permitted in qualified retirement plans since 2006. Section 604 of SECURE 2.0 provided for an optional provision that allows employees to designate their employer contributions, whether it be matching nonelective, as Roth. This applies to 401(k) Plans and 403(b) Plan. This was effective December 29, 2022; however, several challenges delayed implementation of this provision.
External fraud costs the construction industry up to $1 billion annually, with scams targeting high-value materials, supply chains, and tight project timelines. To mitigate risks, construction companies can implement preventive measures like enhanced site security, supplier screening, and strong internal controls.
With changing work habits, increasing demands for flexible spaces, and modifications to urban planning, the conversion of commercial office buildings into new uses has gained popularity. Learn about the future of commercial office conversions and transforming workspaces.
Expanding internationally is always an exciting adventure. Before jumping in head-first learn what is important to understand and the ramifications, including tax compliance, when entering the United States markets.
Foreign-derived intangible income (FDII) deduction, IRC 250 currently allows U.S. C corporations a reduced tax rate for income from goods and services sold to foreign customers. FDII was enacted with the Tax Cuts and Jobs Act of 2017 (TCJA), which reformed the U.S. system for taxing international corporate income. Read this post-election outlook for FDII.
The Virginia Enterprise Zone (VEZ) Program, a partnership between state and local governments, offers businesses a unique opportunity to expand their operations while reducing costs. Learn about one of the key incentives provided under this program is the Job Creation Grant (JCG), designed to encourage businesses to create new jobs in designated Enterprise Zones across the state.
As more and more Americans consider retiring abroad, it's important to understand the tax implications of living in a foreign country after leaving the workforce. Whether you're moving to take advantage of a lower cost of living, a warmer climate, or a different cultural experience, retiring abroad can have significant tax consequences. The US tax system is unique in that it taxes its citizens on their worldwide income, no matter where they reside. Learn what the key tax considerations are for US citizens who plan to retire overseas.
As we approach the year-end, many investors take a step back to evaluate their investments to analyze the performance during a given year. Commercial real estate is an attractive investment sector because it can offer significant returns for discerning investors. Learn about the main tool used to determine the profitability and potential success of a commercial real estate investment.
Learn more about why it's important to understand the GILTI calculation and how it specifically interacts with your foreign corporate investments.
Nonprofit organizations have unique missions and purposes, often dedicated to bettering society. However, even the best-intentioned organizations can face significant compliance and regulatory risks if they’re not proactive in managing their responsibilities. Explore three major areas of compliance risk and strategies to help nonprofits navigate them effectively.
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