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INDUSTRY INSIGHTS & NEWS
Upcoming Changes to Employer-Provided Meal Deductions: What You Need to Know
For most organizations, the tax rules around employer-provided meals are about to get stricter. The One Big Beautiful Bill Act will uphold the planned elimination of the employer deduction for these meals after 2025 — as originally set by the Tax Cuts and Jobs Act . Beginning in 2026, employers will only be able to fully deduct the cost of eligible meals if they’re sold to employees . This means meals provided for convenience, meetings, or company events will generally no lo
12 hours ago1 min read
Using Nonqualified Deferred Compensation Plans to Attract and Retain Top Talent
Employers seeking effective ways to attract and retain executives and key employees may want to consider nonqualified deferred compensation (NQDC) plans . These plans can be powerful tools for long-term talent management and financial planning. An NQDC plan is a legally enforceable agreement between an employer and an employee to defer a portion of the employee’s compensation until a future date — often after retirement. The key advantage for participants is tax deferral : t
12 hours ago1 min read
4 Ways to Run a Smarter, More Cost-Effective Retirement Plan
In today’s job market, it’s tough for employers to attract and retain great talent without offering a competitive retirement plan. Yet many business owners hesitate because of the cost, complexity, and time involved in managing one. The good news? You can make your plan more effective and affordable with a few smart adjustments. 1. Automate participation. Auto-enrollment and automatic contribution increases are proven to boost employee participation. By helping employees sta
24 hours ago2 min read
Integrating Estate Planning and Succession Planning for Family Businesses
For many family business owners, one of the most critical issues is how to pass ownership to the next generation while minimizing taxes and maintaining control. Proper integration of estate planning and succession planning can help achieve these goals. Why Early Transfers Matter Transferring ownership to younger family members as early as possible allows you to remove future appreciation from your estate, potentially reducing estate taxes. This proactive approach ensures your
1 day ago2 min read
Handling Employee Complaints: Steps Employers Should Take
Every workplace occasionally faces employee complaints, whether about inappropriate behavior, policy violations, or other concerns. Being prepared to handle these situations is essential for protecting your organization and maintaining a positive work environment. Here are some steps to consider when addressing employee complaints: 1. Assess the situation. Determine whether the complaint warrants a formal investigation based on company policy or legal requirements. Not every
Oct 91 min read
Maximize Your Hiring Incentives: Understanding the Work Opportunity Tax Credit (WOTC)
For decades, the federal government has encouraged employers to hire from certain “targeted groups” through the Work Opportunity Tax Credit (WOTC) . This valuable incentive provides businesses with a tax credit for hiring individuals from designated groups, helping both employers and job seekers thrive. However, the WOTC is set to expire at the end of the year unless Congress acts to extend it. If you want to take advantage of this credit, it’s important to act now and under
Sep 302 min read
Big News for Employers: Enhanced Child Care Tax Credit Under the One Big Beautiful Bill Act
The recently passed One Big Beautiful Bill Act (OBBBA) brings a significant boost to the employer-provided child care tax credit, making it more valuable for businesses that support employees with child care benefits. What’s Changing? For eligible amounts paid or incurred after December 31, 2025: The credit increases from 25% to 40% of qualified expenditures. The maximum dollar amount rises from $150,000 to $500,000 . For qualifying small businesses, the credit jumps to 50%
Sep 191 min read
5 Best Practices for Upgrading Your Accounting Software
Every business relies on accounting software that is secure, user-friendly, and aligned with the company’s size and needs. But upgrading your software isn’t just a matter of clicking “update”—it requires careful planning to avoid disruptions and maximize benefits. Here are five best practices to guide your next upgrade: 1. Plan upgrades strategically - Timing matters. Consider factors such as your annual revenue, growth projections, and business cycles to determine the best m
Sep 172 min read
Why Compliance Training is Essential for People Managers
Employers cannot afford to overlook compliance when it comes to training their people managers. Too often, leadership teams assume supervisors already know the rules and procedures—or rely on one-time orientation sessions and outdated employee handbooks. This can lead to costly mistakes and potential legal exposure. Building a Culture of Continuous Learning Effective compliance training starts with clearly written explanations of relevant employment laws and company policies.
Sep 41 min read
Understanding ERISA Requirements: Why Plan Documents and SPDs Matter
If your organization offers employer-sponsored retirement or welfare benefit plans, you’re likely subject to the Employee Retirement Income Security Act (ERISA) . This important law establishes specific requirements designed to protect participants and ensure transparency — and two key components are the plan document and the summary plan description (SPD) . A plan document serves as the formal blueprint of your benefit plan. It outlines the rights of participants and benef
Aug 82 min read
Building the Leadership Connection: Strengthening Bonds with Your Team
In today’s workplace, leadership is about more than managing operations — it’s about forming genuine connections with your employees. When team members feel heard, valued, and inspired, they’re more likely to stay motivated and engaged. Here are four ways to create that “leadership connection” and build a stronger, more trusting workplace culture: Listen and Share - Open communication builds trust. Create opportunities for employees to express their thoughts and concerns — wh
Jul 172 min read
Hiring Early-Career Talent: Opportunity Meets Compliance
“Early-career” professionals — those with three years or fewer of full-time experience — bring energy, fresh ideas, and long-term potential to any organization. They’re often recent graduates, career changers, or individuals reentering the workforce, and they’re eager to learn, contribute, and grow. Investing in this group can strengthen your company’s future, foster innovation, and build a strong internal talent pipeline. However, it’s important to remember that focusing too
Jun 181 min read
Staying Compliant with Employment Taxes: A Quick Refresher for Employers
Even seasoned employers can’t afford to overlook the importance of employment tax compliance. While your organization may have been handling payroll for years, the rules and requirements surrounding employment taxes demand ongoing attention. Most employers are required to report five types of employment taxes on Form 941, Employer’s Quarterly Federal Tax Return. However, if your business has a smaller tax liability, you may qualify to file Form 944 , Employer’s Annual Federal
May 291 min read
401(k) Compliance: Understanding Employee Eligibility Rules
If your organization sponsors a 401(k) plan , you already know that plan administration comes with extensive regulatory responsibilities. One of the most critical areas to monitor is employee eligibility — specifically, when your workers must be allowed to participate. Under federal law, full-time employees become eligible to participate once they: Are at least 21 years old , and Have completed one year of service , generally defined as 1,000 hours worked during a 12-month
Apr 121 min read
Considering Layoffs? Weigh the Hidden Costs and Compliance Risks
If your organization is contemplating layoffs , it’s critical to approach the process with care and foresight. While reducing headcount can yield immediate savings in wages and benefits, it may also create unexpected costs and risks that offset those savings. For instance, many employers now provide severance packages in exchange for employees signing a release of claims against the organization. While this can help mitigate legal exposure, it also cuts into projected savin
Mar 81 min read
Planning for year-end gifts with the gift tax annual exclusion
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2021 is $15,000. The exclusion covers gifts you make to each recipient each year. Therefore, a taxpayer with three children can transfer $
Sep 10, 20213 min read
Scholarships are usually tax free but they may result in taxable income
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct payment to the individual or reduces tuition. Requirements for tax-free treatment However, scholarships are not alwa
Sep 3, 20212 min read
Are you a nonworking spouse? You may still be able to contribute to an IRA
Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. It allows contributions to be made for nonworking spouses. For 2021, the amount that an eligible married couple can contribute to an IRA for a nonwo
Aug 24, 20212 min read
5 ways to take action on accounts receivable
No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections aren’t as efficient as you’d like, consider these five ways to improve them: 1. Redesign your invoices. It may seem superficial, but the design of invoices really does matter. Customers prefe
Aug 18, 20212 min read
The Restaurant Revitalization Fund is Now Live
The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned businesses in economically challenged areas. In response, the Small Business Administration (SBA) has launched the Restaurant Revitalization Fund (RRF). It was estab
Jul 23, 20212 min read
Bruce & Company P.S.C. is an accounting and financial consulting firm in Madisonville, Kentucky. Bruce & Company proudly serves Evansville, Owensboro, Hopkinsville, Madisonville, Hopkins County, Kentucky, and across the United States. Search for certified public accountant near me. At Bruce & Company, we offer tax compliance and consulting, quality auditing and assurance services, audits of employee benefit plans and options, payroll processing, Quickbooks consulting, personal financial planning, and general accounting services.
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