The RMD 10-year rule substantially reduces the ability of most nonspouse beneficiaries to stretch distributions from an inherited defined contribution plan or IRA after the death of the original owner. The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) changed the rules for taking distributions from retirement accounts inherited after 2019. […]

Tuesday, August 6th, 2024, approximately 70 kids gathered at the McMill Building in Norfolk, Nebraska for Lemonade Camp! Lemonade Camp has been held annually since 2011. The camp invites kids to come learn business basics and apply those lessons to their own business, a lemonade stand! All money raised at Lemonade Camp is always donated […]

The IRS recently released the 2025 contribution limits for health savings accounts (HSAs), as well as the 2025 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). What is an HSA? An HSA is a tax-advantaged account that enables you to save money to cover health-care and medical costs that your insurance doesn’t […]

Clint Weeder and Andrew Steffensmeier discuss the Corporate Transparency Act (CTA) and the recent regulatory changes that may affect your business. CTA aims to combat money laundering and financial crimes by requiring certain entities to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). In this presentation, we discuss: Background of the […]

The Department of Labor (DOL) released its highly anticipated final rule regarding overtime for white collar workers. This overtime rule update does not affect farm labor or blue collar workers. In order to be paid salary exempt the employee must pass one of the exemption tests below: As expected, the final rule will nearly double […]

A new program is available through the Nebraska Department of Economic Development (DED) and the GROW Nebraska Foundation. The NSBAA (Nebraska Small Business Assistance Act) program’s goal is to support those looking to start a small business or planning to expand a small business that was opened within the past five years. A small business is […]

The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2023. If you had earned income last year, you may be able to contribute up to $6,500 for 2023 ($7,500 for those age 50 or older by December 31, 2023) up until your tax return due date, […]

McMill CPAs & Advisors, one of the largest financial firms in Northeast Nebraska, is excited to announce the addition of a new shareholder, Lynndsy Beckmann. She became a shareholder alongside Jared Faltys, Clint Weeder and Andrew Steffensmeier on January 1, 2024. Raised in rural Bloomfield, Lynndsy now resides in Wisner with her husband, Chet, and […]

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. SOLO 401(K) PLAN ADVANTAGES Administrative simplicity is a major plus […]

Many IRA and retirement plan limits are indexed for inflation each year. Several of these key numbers have increased once again for 2024. How much can you save in an IRA? The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2024 will be $7,000 (or 100% of your earned […]

Beginning in 2024: New E-file Regulations for Businesses (1099s) The IRS and Department of the Treasury have amended the rules for filing returns and other documents electronically (e-file).These regulations will require certain filers to e-file beginning in 2024. This rule change will likely affect your business if you file your own 1099s, since each 1099 is […]

Department of Labor News Release LINCOLN – Nebraska’s minimum wage will increase to $12 per hour effective January 1, 2024. In accordance with an initiative passed by voters in November of 2022, the minimum wage will increase $1.50 each year through 2026, followed by an annual cost of living increase beginning in 2027. The minimum hourly […]