Deadline for CA Mandatory Company-Sponsored Retirement Plan
Approaching Deadline for CA Mandatory Company-Sponsored Retirement Plan - You may already be aware of the California law requiring businesses to provide a company-sponsored retirement plan program to their employees. Currently this law applies to businesses with 5 or more employees, as measured by the number of employees listed on your CA DE9c Quarterly Wage Payroll Tax Return.
BOI Filing - OFF Again - At Least for Now!
Beneficial Ownership (BOI) Filing with the Financial Crimes Enforcement Network (FinCEN) has been switched-back to a voluntary filing only, as the courts continue to debate whether the Corporate Transparency Act (CTA), which includes the BOI filing requirement is constitutional.
Higher 401K Catch-Up Contribution Limit to Apply at Ages 60-63
SECURE 2.0 Sec. 109 expanded catch-up contributions to allow a higher limit or what many plan administrators are calling "super" catch-up contributions beginning in 2025. Super catch-up contributions provide an opportunity for a group of employees ages 60, 61, 62, and 63 to maximize their retirement savings by increasing the annual limit of catch-up contributions.
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