SECURE 2.0 Act rule change increases benefit plan cashout limit The SECURE 2.0 Act of 2022 (The Act) adds a multitude of changes with varied effective dates for plan administrators. One such change is Section 304, which increases the mandatory distribution limit from $5,000 to $7,000, effective January 1, 2024. Cashout rule overview The cashout rule allows a qualified plan to force former employees with low balances to exit the plan. Initially, the limit at which the cashout rule could be imposed was set at $3,500, before increasing to $5,000 in 1997. This limit stuck for 25 years, despite inf ..read more

Overview of CMMC Practice Guide PE.L1-3.10.3 As part of a series of articles about CMMC Level 1 Practices, the Keiter Technology team offers their insights into what Department of Defense contractors should consider. PE.L1-3.10.3 focuses on escorting visitors and monitoring visitor activity. Keiter Technologies team member and Risk Advisory Services Senior Manager, Christopher Moschella provides insights into identifying, escorting, and monitoring visitor activity based on the CMMC Practice Guide for Department of Defense (DoD) prime and subcontractors. If you want to learn more about CM ..read more

Overview of CMMC Practice Guide PE.L1-3.10.4 As part of a series of articles about CMMC Level 1 Practices, the Keiter Technology team offers their insights into what Department of Defense contractors should consider. PE.L1-3.10.4 focuses on maintaining and auditing logs of everyone who has physical access to areas where there is Federal Contracting Information (FCI) or Controlled Unclassified Information (CUI). Logs should be maintained for both visitors and regular personnel. Additionally, they can be put in place for an entire facility or limited to areas within a facility that contain FCI/C ..read more

Overview of CMMC Practice Guide PE.L1-3.13.1 As part of a series of articles about CMMC Level 1 Practices, the Keiter Technology team offers their insights into what Department of Defense contractors should consider. PE.L1-3.13.1 focuses on monitoring, controlling, and protecting organizational communication. This practice requires you to define your external network boundary and key internal network boundaries. Those boundaries must also be monitored, controlled, and protected. Keiter Technologies team member and Risk Advisory Services Senior Manager, Christopher Moschella shares insights on ..read more

Overview of CMMC Practice Guide PE.L1-3.10.1 As part of a series of articles about CMMC Level 1 Practices, the Keiter Technology team offers their insights into what Department of Defense contractors should consider. PE.L1-3.10.1 states that limits need to be established for physical access to organizational information systems, equipment, and the respective operating environments to authorized individuals. Keiter Technologies team member and Risk Advisory Services Senior Manager, Christopher Moschella shares key takeaways related to authorizing access from the CMMC Practice Guide for Departme ..read more

Overview of CMMC Practice Guide PE.L1-3.10.5 As part of a series of articles about CMMC Level 1 Practices, the Keiter Technology team offers their insights into what Department of Defense contractors should consider. PE.L1-3.10.5 focuses on the devices used by people to access physical areas. Organizations implement some type of physical device that, when presented, either allows or prevents access to an entire building, a suite, a room, etc. The devices can be key fobs, badges, key codes, cypher locks, spin dial locks, etc. Access to these physical access devices (or their codes) must be cont ..read more

Attractions in Richmond, Virginia from Accounting Professionals For the past 45 years Keiter has called Richmond, and the surrounding areas, home. For most of the Firm the Greater Richmond area is where we work, eat, shop and play. When our team isn’t doing accounting work, they are likely out exploring one of the many attractions around the area. While Richmond is within a two-hour drive of many locations like the beach, mountains, and D.C., our city also has a lot to see and do. Within a 30-mile range here are some of our favorites: Downtown:   VMFA: The Virginia Museum of Fine Arts si ..read more

Keiter’s response to Labor Shortages in the Accounting Industry Two members of our team, Kate Austin, tax associate, and Gary Wallace, managing partner, were featured in a recent Virginia Business article titled, “Out of Balance.” This article sheds light on the workforce shortage that the accounting industry has been experiencing for the past few years. Our featured team members and other industry professionals share the current staffing landscape for accounting firms. Both Austin and Wallace share insights on the programs and benefits Keiter is leveraging to support recruitment efforts. Arti ..read more

A case study in leveraging Section 1033 and 1031 Recently, a residential rental property owned by one of our clients was destroyed by fire. The house was a total loss. The tax basis in the house was $150,000, and our client will receive insurance proceeds on the house in the amount of $500,000. Our client decided not to rebuild the house and is looking for ways to acquire another rental property in a more suitable location. They received and accepted an offer to sell the lot for $400,000. The tax basis of the lot is $200,000. Tax challenge Our client would like to use the insurance proceeds fr ..read more

Seniors in college face many challenges, finding a job doesn’t have to be one. For many seniors in college, midway through the spring semester could bring some stress and anxiety. Amidst efforts to finish the final semester strong, purchasing graduation regalia, and taking graduation pictures, the hardest challenge could be what looms afterward: finding a job. Fortunately, the outlook doesn’t have to look grim. According to a Society of Human Resources Management article on January 30, 2023, labor shortages were still a top concern for HR professionals. So, as students and recent graduates ma ..read more