If you have a 401(k) or SIMPLE-IRA and want employees to participate by making elective salary deferrals, you are permitted as a result of the Consolidated Appropriations Act, 2023, to offer small incentives. Incentives may be small gift cards (what is “small” remains to be seen), but they can’t be purchased with plan assets; you must pay for them from business funds. Previously, such incentives were prohibited. #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.