Posts

The Secure 2.0 Act and Form W-2

The Secure 2.0 Act and Form W-2

February 12, 2025

The Secure 2.0 Act allows for features in employer retirement plans to encourage their use. The changes are designed to encourage employees to contribute to 401(k) or 403(b) plans, allowing you to offer small financial incentives to employees. If employers use a little financial motivation, it’s considered part of employees’ income and is subject to […]

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Worst of the Worst: Top Personal Tax Errors

Worst of the Worst: Top Personal Tax Errors

February 12, 2025

If you make any mistakes on your tax return, you can end up owing even more money. This means you might miss out on the full refund you claimed. From interest and penalties to an audit from the IRS, tax-related issues on your return can open the door to many consequences. However, you can take […]

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BGCLLC Certified Public Accountants Greenville, SC

Hurricane Helene Update

October 9, 2024

Taxpayers in areas affected by Hurricane Helene now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. Among other things, this includes 2023 individuals, trusts and corporate returns with valid extensions and quarterly estimated tax payments. The IRS is offering this relief to any area designated […]

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Tax Implications of Bonuses

Tax Implications of Bonuses

September 13, 2024

If you get pleasure from rewarding your team’s performance with bonuses, you are not alone. But it’s important to consider how those bonuses are given, along with the tax implications for both you and the employee. One-time bonuses are generally calculated by percentages. The rates cluster around 3% to 5% of annual salary for clerical […]

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Exploding Some Estate Tax Myths

Exploding Some Estate Tax Myths

September 13, 2024

If you own property and assets or have loved ones who depend on you to provide income or care, you should have an estate plan. However, some people hesitate to create one, fearing that taxes will eat up the lion’s share of their estate. But even though estate taxes are real and rates are high, […]

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Payroll: Deadlines Are Key

Payroll: Deadlines Are Key

September 13, 2024

Simple payroll errors are avoidable, but if you don’t pay attention, you could end up facing consequences that cost thousands of dollars in compliance penalties. Not only that but you might have to deal with unwanted attention on both you and your payroll department. To mitigate the risks and minimize unfavorable outcomes, pay attention to […]

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