It is the employer's responsibility to ensure that tax-deferred contributions collected from employees' paychecks are transferred into the plan's trust account on time, whether it be a profit-sharing, 403(b), 401(k), or another defined contribution plan. It is the...
It is the fiduciary duty of defined contribution plan sponsors to ensure the plan acts in the best interest of all participants, as opposed to favoring one group or individual. The Employee Retirement Income Security Act of 1974 (ERISA) requires that plans undergo...
As the summer season comes to a close and families start their back-to-school (BTS) shopping, retail’s second busiest season of the year comes at a time when there are extraordinary pressures within the economy that we have not seen in quite some time. Surging...
A System Organization Controls report, or SOC report, is an integral part of an organization’s employee benefit plan. This report details the controls used by a service provider through review, evaluation, and testing. The report is often used by employee benefit...
For the second half of 2022, the standard mileage rate for business travel will increase by 4 cents per mile, from 58.5 to 62.5 cents, according to IRS Announcement 2002-13. The rate for deductible medical or moving expenses will likewise increase by 4 cents per mile...
Retirement plans and financial planners may be facing many questions when it comes to the economic outlook for 2022. After two years of uncertainty due to the COVID-19 pandemic, wild economic swings and political divisions, 2022 is shaping up to have its own set of...
You’re in luck. DHW Principal, Tim Reynolds, and Tax Manager, Matt McKinney, recently presented a webinar for the Small Business Center Network at the North Carolina Community College System. The hour-long webinar discussed a basic overview of common questions many...
A common issue we see taxpayers face is their ability to properly distinguish between a subcontractor and employee. Generally, employers must withhold income, Social Security, Medicare, and unemployment taxes on wages paid to an employee. However, if the individual is...
The North Carolina Department of Revenue has announced that expenses that were funded with forgiven PPP loans are now deductible. This means that all recipients, both corporate and individual, that paid income tax on the loan in tax year 2020 are able to file an...
At the Hickory City Council meeting on Tuesday, November 2, 2021, DHW was named one of The City of Hickory's 2021 Business. Well Crafted. Award winners. For more information and the full list of award recipients, please visit:...