Ultimate Account Blog

Having trouble finding the right employee? You are not alone.

The Problem In all transparency I am not (nor do I profess to be) an economist nor human resources professional. With that made clear, I regularly interact with clients in industries where skilled labor workers are the backbone of the company. I am consistently hearing from these companies that…

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Looking for Life Insurance? Know Your Options

At its core, a life insurance policy is a contract between the insurer and the policy owner. It spells out how much money the beneficiary or beneficiaries will receive upon the death of the insured, and how much money the policyholder must pay to keep the coverage in force.…

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Should You Consider an Employer Roth 401(k) Account?

Nowadays, many employer retirement plans give employees the option of contributing to designated Roth accounts (DRAs). According to a 2020 survey, 75% of employer plans now offer DRAs, which are also known as Roth 401(k) accounts. If your employer offers this option and your income is too high to…

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Qualifying for Tax Breaks for a Dependent Parent

For many families, the tables may turn, and adult children provide financial support for their parents. For example, you might have moved your in-laws from a long-term care facility into your home during the pandemic for safety and convenience. Or your widowed father might still live in his own…

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IRS offers guidance on American Rescue Plan tax credits

The Internal Revenue Service is providing information about the child and dependent care credit and the paid sick and family leave credit, which were expanded under the American Rescue Plan.

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What to Expect with the Increased Child Tax Credit

Throughout the past 15 months of the COVID-19 pandemic, there have been a significant number of programs that have gotten money into individuals’ and businesses’ pockets. The most common were the multiple rounds of stimulus payments and the Paycheck Protection Program loans and Employer Retention Tax Credit for businesses.…

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7 Valuable Deductions for Self-Employed Individuals

If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you’re looking to fulfill a lifelong dream of running a business for the first time. In any event, there’s been a recent uptick in the number…

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Tax Consequences of Borrowing From a Retirement Plan

If your company has a qualified retirement plan or you have set one up in self employment — such as a 401(k), profit-sharing, or Keogh plan — the participants might be allowed to borrow from their accounts. (This option is not available for traditional IRAs, Roth IRAs, SEPs, or…

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Are Your Employees Afraid to Return to Work?

If you have employees working from home, and you want to transition them back to the workplace as the economy picks up, you may find it’s harder than you once thought. For some employees, nervousness about remaining health risks is an impediment — especially for those who haven’t been…

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An Important Reminder Regarding ERC Qualification and your Business’s Q1 2021 Form 941

As a reminder to Walz Group clients and friends, small business owners may be eligible for the Employee Retention Credit (ERC) for the Q1 2021 if your Q4 2020 revenue was at least 20% lower than your Q4 2019 revenue, or if your Q1 2021 revenue was 20% lower…

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