Under the Consolidated Appropriations Act, 2023, a small employer—no more than 100 employees who received at least $5,000 of compensation—that enrolls a military spouse of an employee in the company’s qualified retirement plan of the employee may claim a tax credit of $500 for 3 years. Eligibility applies within 2 months of hiring; the military spouses are treated as having had 2 years of service for purposes of matching or non-elective contributions. This new credit is effective beginning in 2023. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.