2025 Employee Benefit Plan Updates

Stay informed on the latest 2025 employee benefit plan updates, including SECURE 2.0 changes, new audit standards, and updated contribution limits.

Don’t Forget About Corporate Transparency Act Deadlines

Corporate Transparency Act (CTA) causes significant changes in federal law that impacts most privately held corporations, partnerships & more

New Tax Legislation: Should you file now or wait?

The Tax Relief for American Families and Workers Act of 2024, passed in the House on January 31st. It is now waiting on revisions and/or vote in the Senate.

How to Comply with the New Corporate Transparency Act

The Corporate Transparency Act (CTA) goes into effect on January 1, 2024, impacting a significant number of small businesses across the U.S.

Employee Benefit Plans

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Businesses: Act Now to Make the Most Out of Bonus Depreciation

If your business plans to purchase bonus depreciation qualifying property, take action soon to realize a valuable tax break.

Now Might Be the Time for a Roth IRA Conversion

Traditional IRAs that have dropped in value, can garner the benefits of a Roth IRA Conversion at a reduced tax cost

Illinois Secure Choice Applies to More Businesses

Illinois Secure Choice Now Applies to More Businesses. If you have 5 or more employees and do not offer a retirement savings plan, take action now.

What is SECURE 2.0?

If you are saving for retirement, Congress may make it easier for both employees and employers alike. Learn about new proposed legislation – SECURE 2.0.

Documenting Hardship Withdrawals and Loans

The IRS clarified its rules for documentation of hardship withdrawals and participant loans on its website in 2015. This article discusses what must be retained.

Year End Notices: Staying on Top of the Requirements

As the turn of the calendar year nears, annual notices should be on the minds of most plan sponsors. For plans using the calendar year, numerous notices are due to be given in the next few months. Here are some highlights of notices that must be sent to either participants, the IRS or the Department of Labor (DOL) in the next three months.

Be Careful What You Toss

As far as the IRS is concerned, you can’t save too many retirement plan documents. Plan sponsors, on the other hand, might reasonably feel the need to free up file storage space every now and again by purging documents no longer needed. Where do you draw the line?

Checking Your Service Providers’ Data Security System

Maintaining data security is a significant part of running any business. Breaches are inevitable — although not at every organization. Now is the time to ask your service providers about their data security.

Nine Employee Benefit Plan Audit Tips

Well it’s that time of year again…time to dust off those participant files and prepare for the employee benefit plan audit season. As a firm who takes pride in our efficiency with employee benefit plan audits, here are some tips that we hope will help ensure your retirement plan audit goes smoothly and meets your goals now and in the future:

Accountants | Auditors | Consultants | CPAs - Warady & Davis LLP is a Top 25 Chicago CPA Firm that provides audit, accounting, tax and consulting services to privately-held businesses, high net-worth individuals across the United States, including Chicago (IL), Milwaukee (WI) and surrounding areas. The firm provides a variety of accounting, tax, audit, technology, forensic, consulting and advisory services to guide businesses toward their goals. W&D's industries served include construction, healthcare, medical and dental practices, nonprofits, manufacturing, real estate, wholesale & distribution and closely-held businesses.