When you think about recent tax law changes and your business, retirement benefits probably aren’t what first come to mind. But if your business sponsors a 401(k) plan, be aware of two changes: 1) Beginning in 2018, former employees with outstanding plan loan balances have until their tax return filing due date (plus extensions) to repay the loan or contribute the outstanding balance to an IRA or other qualified plan and avoid taxes and penalties. 2) Beginning in 2019, limits on employee 401(k) hardship withdrawals will increase. Contact us to learn more.
Author: Jeff Lucke
Jeff Lucke, CPA, is the founder of Lucke & Associates, with an entrepreneurial background. Jeff has had ownership interests in businesses within several industries including automotive, construction, healthcare, telecommunications, and restaurants, as well as being active in real estate. As an owner of a growing CPA firm and other businesses, he has gained unique insights into the challenges and issues that face other growing businesses that most other CPAs do not have. This kind of knowledge ultimately benefits every one of the firm’s clients. He is very involved with clients and becomes deeply involved in their businesses and helping them succeed. Jeff is a graduate of the University of Nebraska and holds a Bachelor of Science in Accounting; his professional affiliations include the AICPA and KSCPA. Jeff currently serves a board member for his community on the Construction Financial Managers Association, the American Diabetes Association, and Big Brothers Big Sisters.