On March 25, 2025, President Trump signed Executive Order 14247 titled “Modernizing Payments to and from America’s Bank Account.” This executive order mandates the federal government discontinue the use of paper checks and transition entirely to electronic payments by September 30, 2025. This change represents one of the most significant updates to federal payment systems […]
401(k) Auto-Enrollment: Turning compliance into a competitive edge
Starting in 2025, most new 401(k) plans will have a built-in feature: auto-enrollment. Thanks to the SECURE 2.0 Act, if you’re launching a retirement plan for your business, you’ll likely need to automatically enroll eligible employees, whether they ask for it or not. The goal is simple: help more people save for retirement. However, this […]
Tax Credit Opportunity
Kentucky Small Businesses Do you have a Kentucky business with 50 or fewer full-time employees? Have you purchased over $5,000 in equipment or technology? You may be eligible for substantial tax credits just by doing something you probably already are… growing! The Kentucky Small Business Tax Credit offers between $3,500 and $25,000 per year for […]
Major Tax Bill Passed: What It Means for You
For Individuals: Key Provisions and Impacts of the Tax Bill 1. Permanent Individual Tax Rate Reductions The tax bill makes permanent the individual tax rate cuts originally enacted under the 2017 Tax Cuts and Jobs Act (TCJA). All tax brackets continue to be indexed for inflation. 2. Standard Deduction Increases Effective as of January 1, […]
Kentucky Tax Deadline Extended to November 3
New deadline: November 3, 2025 Due to the severe storms, flooding, and landslides in February 2025, the new tax deadline for ALL Kentucky Residents for the 2024 Federal and Kentucky State returns is November 3, 2025. Federal and Kentucky Individual income tax returnsThe usual April 15, 2025, deadline for 2024 individual tax returns is now […]
Navigating the Diverse World of Business Structures
Over my career, I’ve had the opportunity and pleasure of working with hundreds of businesses. What is no surprise is that no two businesses are the same. When our firm discusses with owners about their business and its unique needs, we often discuss the business structure to make sure that it is set up for […]
U.S. DOL Releases New Overtime Rule – Effective 7/1/2024
On April 23, 2024, the Department of Labor announced its new overtime rule, “Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees.” Effective July 1, 2024, an executive, professional, or administrative employee must receive a salary equivalent to $43,888 per year in order to be classified as exempt. This income […]
Scammer Alert: Employers Beware!
The Employee Retention Credit (ERC) was intended to help ease the burden on businesses during the Covid-19 Pandemic. The credit allows employers to claim a refund on qualified wages paid to their employees. Unfortunately, scammers have used this credit as an opportunity to convince employers that they qualify for the credit, when in reality, they […]
Client Success Story: VSWC Architects
VSWC Architects Inc. is an industry-leading design firm specializing in architecture, master planning and interior design for a variety of public and private sector clients. With a 70-year history, they have successfully created hundreds of client relationships and have maintained an increasingly enviable project portfolio. Their clients include Coney Island, Community First Solutions, Hocking College, […]
Secure 2.0 Act of 2022 Key Takeaways
The SECURE 2.0 Act of 2022 was signed into law on December 29, 2022. The law builds on and expands the SECURE Act of 2019 and it expands coverage, increases retirement savings and simplifies retirement plan rules. Some of the key provisions of the Act include: EFFECTIVE DATE DECEMBER 29, 2022 Optional Treatment of Employer […]