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Sponsoring a Health & Welfare Benefit Plan: Are You 5500 Compliant?


Health & Welfare Plans provide benefits such as medical, dental and life insurance. In 2002, the Form 5500 filing requirement was amended by the IRS, but many initially believed that the requirement had been fully suspended. However, the requirement was only lifted for some employers. However, for others (those not meeting the exemptions), the requirement remained in place and continues to be an annual requirement. So, you might be asking, “Who is required to file a Health and Welfare 5500?”

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Biden Administration's FY 2023 Budget Plan Calls for Corporate Tax Hikes


The fiscal year 2023 budget blueprint, released by the Biden administration on March 28, reflects the President’s policy objectives. It consists of a mix of familiar proposals and brand-new initiatives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, better known as the “Green Book,” that was released with the budget, and include the President’s now-familiar calls for increasing the top corporate tax rate to 28%.

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Biden Administration's FY 2023 Budget Plan Calls for Tax Hikes on High-Net Worth Individuals


The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, commonly referred to as the “Green Book,” that was released with the budget, and include the President’s now-familiar calls for increasing the top individual rate to 39.6%. 

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Cristine Torrefranca, CPA, Elected Treasurer of Bay Area Manufacturers Association (BAMA)


Senior Manager, Cristine Torrefranca, CPA, has been elected Treasurer of Bay Area Manufacturers Association (BAMA) as of March 28, 2022! 

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Have You Maxed Out the Contribution to Your Health Savings Account (HSA) for the 2021 year?April 15, 2022 is fast approaching!


With the high cost of healthcare, many people with a high-deductible health plan (HDHP) establish a Health Savings Account (HSA) to pay for qualified medical expenses with tax-free dollars. Your HSA will provide you tax savings and flexibility as a wealth-building tool.

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Phew! Done with Payroll Reporting for Another Year!


If you are a business owner, you probably feel a huge sense of relief after the whirlwind of January, providing employees and the state and federal governments with the payroll tax returns, Form 1095’s for health insurance and preparing all the Form 1099 Misc’s and 1099 NEC’s! Next January, however, will be easier if you will take one easy step. Each vendor should complete a Form W-9 before receiving any payments.  

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Are there State Tax Liabilities for Employers if Employees Work from Home?


Working from home has become more than a pandemic trend. Many workers have made remote work a condition during their job search. Companies have found it effective in a time where new hires are difficult to find. This begs the question, do states have tax jurisdiction over an entity that adds remote workers in that respective state? 

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Your Action Plan for the CPA Exam


The CPA exam is one of the last barriers you face in your accounting career. Once you pass, the feeling of academia can truly be left behind. All the hard work spanning years in undergraduate studies, CPA study programs, and maybe even a master’s degree, can come down to four 4-hour examinations.

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Saltmarsh Named One of Forbes' Top Recommended U.S. Tax and Accounting Firms


We are excited to have been chosen by industry peers for the third time in a row as one of Forbes’ 2022 Top Recommended Tax and Accounting Firms in the U.S. “It is an honor to have the firm recognized for our tax and accounting services for three consecutive years,” said Lee Bell, CPA, Saltmarsh president. 

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Year-End or Year Beginning?


For most business owners, December is spent trying to keep their heads above water. “Do we have enough inventory? Do we have enough people to serve our customers (or clients or patients)?” It’s hard to plan for the end of the year or the beginning of the new year when you are trying to plan for the next day.

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2021 Year-End Tax Planning Webinar Series


As another taxing (no pun intended) year comes to an end, business owners and individuals are seeking opportunities to maximize their savings through year-end tax planning. There are many beneficial strategies out there to position oneself for success in the new year and the tax experts at Saltmarsh are here to provide clarity in a multi-part webinar series. Learn more and register!

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And That's A Wrap: Manufacturing Month 2021


This October, we celebrated Manufacturing Month with client outreach, educational industry webinars and client appreciation happy hours! The goal of Manufacturing Month in Florida is to bring awareness to the manufacturing industry nationwide. We have amazing manufacturing clients at Saltmarsh, so what better time to celebrate them than a month that is dedicated to their industry?

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Lean Thinking Series Part 3: Automation in Business Spending


Did you know… business adoption of automating the accounts payable process has increased by over 120% between 2018 and 2019? Automating expense and account payable spending is changing the way companies pay their suppliers and manage their cash flow.


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Webinar Materials: Streamlining Your Company's Cashflows


Cash flow in manufacturing is complex, but managing your company's cash flow shouldn't feel impossible. What you need are a few simple, actionable strategies that will take your cash flow management from chaotic to clear and productive.


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Webinar Materials: New Lease Standards for Non-Public Entities


The effective date of the new lease standard codified in Accounting Standards Codification, Topic 842 (ASC 842) is right around the corner for non-public entities. This webinar will discuss reporting challenges created by new standards.


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Cryptocurrency - It's Time to Acknowledge the Elephant in the Room


I never thought I would write about cryptocurrency, but with a current global market cap of $2.24 trillion, it doesn’t really matter what I might think about it anymore. There is simply too much money in this space to ignore it any longer.

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I'm Getting a Raise!


In the November 2020 election, Florida voters approved to gradually raise the state's minimum wage from $8.56 in December 2020 to $15 per hour in September 2026. On January 1, 2021, the minimum wage increased from $8.58 to $8.65 for non-tipped personnel. After the upcoming increase in September, the employee will see an increase of over 14 percent in just a few months.  

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What's New with the Employee Retention Credit: An Overview


The Employee Retention Credit (ERC) was created by the Federal Government to encourage small businesses to keep employees on their payroll during the COVID-19 pandemic. The credit includes qualified wages and employer health plan expenses paid to (and on behalf of) employees. Since the enactment of the ERC in 2020, it has been expanded and extended through December 31, 2021.

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IRS Issues Additional Guidance on the Employee Retention Credit


On August 4, 2021, the IRS issued Notice 2021-49, which provides long overdue guidance for employers that have taken or are considering taking the employee retention credit (ERC) as initially made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and modified and extended under the American Rescue Plan Act of 2021 (ARPA). Generally, the maximum ERC for 2020 is $5,000 per employee, while the maximum for 2021 is $28,000 per employee.

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As 2022 Draws Near, Taxpayers Should Consider Compliance With Amended Section 174 Research and Experimental (R&E) Expenditures


Since late 2017, taxpayers have been implementing the congeries of changes wrought by the most significant revisions to the Internal Revenue Code (IRC) in a generation, the Tax Cuts and Jobs Act (TCJA). The interpretation and implementation of certain provisions of the TCJA is ongoing, as the Treasury and IRS continue to draft and finalize much-needed guidance.

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Potential Benefits of Section 1202 Continue to Grow


Section 1202 of the Internal Revenue Code is growing in popularity among investors and may become even more valuable in 2022. Section 1202 allows founders and investors of corporations to exclude up to 100% of their capital gains derived from the sale of qualified small business stock (QSBS) held for more than five years (subject to limitations). Because the gain exclusion percentage for a shareholder depends on the QSBS issuance date, as time goes on more investors are becoming eligible for the full, 100% exclusion—and thus its rise in popularity.

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2021 State & Local Tax Year-End Issues to Consider Now


State and local governments are revisiting taxpayer compliance with nexus rules and other tax policies, considering new taxes on digital services and reconsidering conformity with federal tax rules and legislation in an effort to rebuild their economies. The following is an in-depth look at five key state tax issues that taxpayers should begin considering now.

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Treasury's Green Book Provides Details on Administration's Tax Blueprint


The Treasury Department on May 28 released its general explanation of tax proposals included in the Biden administration's fiscal year 2022 budget submission to Congress. Commonly known as the "Green Book," the 114-page document provides more details regarding the administration’s tax proposals that had been previewed in the American Jobs Plan and the American Families Plan.

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Christina Doss Featured in Advisors Magazine Holistic Talk Issue


In the May 2021 ‘Holistic Talk Issue’ of Advisors Magazine, Christina weighs in on the importance of a holistic financial approach to planning to achieve better results. The Saltmarsh planning methods go beyond a traditional monetary-only focus. They consider additional factors in clients’ lives, such as family, personal beliefs and lifetime goals, and focus on financial education when advising clients.

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Florida Enacts Economic Nexus and Marketplace Legislation


On April 19, 2021, Florida’s governor signed S.B. 50 into law, making Florida one of the last states to adopt economic nexus and marketplace facilitator rules for sales tax purposes since the landmark U.S. Supreme Court decision in South Dakota v. Wayfair. 

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