Nolan Accounting Center ClientLine Newsletter

Nolan Accounting Center

4262 South 108th Street

Greenfield, WI 53228

Phone: 414-425-5690

Fax: 414-425-2373

January 2024

The IRS Enforcement Spotlight May Be On You

Following a top-to-bottom review of enforcement efforts, the IRS has launched a sweeping, historic effort to "restore fairness in tax compliance" by focusing more on high-income earners, partnerships, and corporations. Under the auspices of a newly created unit in the business division, the IRS will leverage Inflation Reduction Act funding to enforce compliance. These efforts are consistent with a broader commitment to use that funding to end the era of misbalancing in audit selection.

Safety Deposit Boxes

With digital records, safe deposit boxes are so 20th Century. Right? Not necessarily. You may have situations in which you’ll be asked to produce original documents (including those with raised seals). Not to mention valuables that can’t be digitized.

Stay On The Comfortable Retirement Track

There’s no better time than the beginning of a new year to review your retirement plan and, if possible, increase your contribution to the maximum allowed, if possible.

Healthy Money Habits

Your relationship with money may have its roots in your childhood. How your family handled their finances can affect your attitude toward spending and saving as an adult. Make sure you’re practicing good money habits like the ones below.

January 2024 Client Profile

Sean and Caelin are talented artists who recently launched a freelance creative services business to see if being self-employed full-time could be an option. Sean is keeping the books, and so far, so good. But he sought professional advice to help avoid errors.

Passing On Family Heirlooms & Keepsakes

People understandably overlook addressing more minor, personally meaningful items such as heirlooms and keepsakes when creating an estate plan. This oversight can be a fuse for family disputes.

January 2024 Q&A

Let's discuss ways save some money on vacation rentals.

Don't Forfeit Your Solo 401(k)

A solo 401(k) plan is an excellent way for sole proprietors to pack away retirement funds. In 2024, you can contribute up to $23,000 ($30,500 if you’re 50 or older) in pre-tax dollars. As the employer, you can also make matching contributions to your account.

A Surprising Employee Flight-Risk

According to an ADP Research Institute study,* about 30% of employees leave their jobs within a month of their first promotion. Generally, the risk of a worker in the same position leaving at any given time is 18%. Employees in jobs that require little to no training, such as warehouse or hospitality workers, leave at especially high rates. So do those in roles requiring graduate school or an advanced technical degree.

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