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A self-employed individual’s compensation for retirement plan purposes is based on his or her earned income. In brief, earned income is net earnings from self-employment (NESE) and can be derived from a sole proprietorship, single member LLC or an entity taxed as a partnership in which the individual’s services are a material income producing factor).  A plan then deducts from NESE (1) the IRC §404 deduction for retirement plan contributions for the proprietor, member or partner, and (2) one-half of the self-employment taxes (SE Tax) the individual pays.  This process is designed to put  unincorporated businesses on an even footing with corporations. Corporations are permitted to deduct the company’s share of social security tax (FICA), which is one-half of the total FICA paid.

Posted by: Hope Placek

As a trusted advisor, one’s CPA is often one of the first people notified when a client dies.  As a CPA, it is critical to know and understand both the legal and moral steps involved in helping a family cope with a death.

By Barb Theofilos, CPA

Posted by: Donnenette Smith, CPA, ABV, CFF

Ohio S.B. 117 signed by Governor Kasich will take effect in March 2012.  One of the  more interesting changes made by this bill is in regards to trustee duties with respect to life insurance as a trust asset. 

Posted by Mary Ann Mezacapa

Posted by: Laura Haines, CPA

Senior citizen membership organization AARP recently came under fire by GOP lawmakers questioning the non-profitability of the group’s control over, and approval of, products sold by private firms while personally bypassing millions in tax levies.

Posted by Howard Kass, CPA