Category: General

By Rick Schreiber, CPA,CVGA, CGMA, M&AP | Advisory Practice Leader 

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Running a business today is more complex than ever. From economic uncertainty to talent shortages, business owners are navigating a minefield of challenges. In our recent client survey, many of you shared that you weren’t aware of all the ways ATA can support your business, and that you’re looking for more proactive advice. This article is designed to highlight some of the most common challenges we hear, and how ATA and its growing advisory services is helping clients navigate them. 

1. Financial Stress & Cash Flow Uncertainty

The Worry:
Business owners are constantly juggling cash flow, trying to make payroll, cover rising costs, and still turn a profit. Inflation, interest rate hikes, and supply chain disruptions have only added to the pressure. Many are unsure whether they’re pricing correctly, overstaffed, or missing opportunities to improve margins. The stress of not knowing if they’ll have enough cash next month or next quarter can be paralyzing. Without clear financial visibility, even strong businesses can feel like they’re flying blind. 

Our Suggested Solutions: 

• Fractional CFO services to improve forecasting and cash flow discipline 

• Cost and margin optimization to uncover savings and improve profitability 

• Strategic planning to diversify revenue and reduce financial risk 

2. Growing Revenue in a Crowded Market

The Worry:
Owners are feeling squeezed. Competitors are slashing prices, customers are more demanding, and digital disruption is changing how people buy. Many businesses are stuck in a cycle of flat growth, unsure how to break through. They may be relying too heavily on a few key clients or outdated sales tactics. The fear of stagnation or worse, decline is real. Without a clear growth strategy, even the best-run companies can lose ground.  

Our Suggested Solutions: 

• Growth advisory to identify new markets, products, or pricing strategies 

• Digital advisory to enhance online presence and customer experience 

• Sales process and CRM optimization to improve conversion and retention

3. Attracting and Retaining Talent

 The Worry:
The labor market has shifted and many business owners are struggling to keep up. Younger workers want more than a paycheck; they want purpose, flexibility, and growth. Meanwhile, experienced employees are being poached by competitors offering better benefits or remote options. Owners worry about losing institutional knowledge, training new hires, and maintaining morale. They know that without the right people, growth stalls, and culture suffers.  

Our Suggested Solutions: 

• HR advisory to improve recruitment, onboarding, and retention 

• Compensation, benefits, and retirement plan design to attract and retain top talent 

• Culture and engagement assessments to strengthen morale and loyalty

4. Regulatory Complexity & Compliance Risk

 The Worry:
From shifting tax codes to evolving labor laws and cybersecurity regulations, the compliance landscape is a moving target. Business owners worry about missing something critical, like a new reporting requirement or a data privacy rule that could lead to fines, audits, or reputational damage. Many don’t have the time or expertise to keep up, and they fear that one misstep could undo years of hard work. 

Our Suggested Solutions: 

• Regulatory compliance reviews and risk assessments 

• Internal audit and controls advisory 

• Tax advisory to navigate evolving federal and state rules 

5. Technology Disruption & Cybersecurity Threats

The Worry:
Technology is advancing faster than most businesses can adapt. Owners know they need to modernize but fear the cost, complexity, and potential for cyberattacks. They’re unsure which tools are worth the investment, how to train their teams, or how to protect sensitive data. The fear of a ransomware attack or system failure keeps many up at night. And without a clear digital strategy, they risk falling behind competitors who are already embracing automation and AI. 

Our Suggested Solutions: 

• Digital transformation and automation advisory tailored to small and mid-sized businesses 

• Cybersecurity readiness assessments and employee training 

• Strategic tech planning to reduce complexity and future-proof operations

Closing Thought 

At ATA, our goal isn’t just to solve problems, it’s to be the partner who helps you seize opportunities, build resilience, and move forward with confidence, so you can sleep better at night. Let’s start the conversation today. 

By Gabrielle Lorbiecki, CPA, CPC, QKC, QPA, QKA | Employee Benefit Plan Practice Leader 

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When business owners evaluate retirement plan options, two common choices are the 401(k) and the SIMPLE IRA (Savings Incentive Match Plan for Employees). While the SIMPLE IRA is often appealing for very small businesses due to its simplicity, the 401(k) generally provides more flexibility, higher contribution limits, and stronger long-term benefits for both employers and employees.

Below, we’ll break down why a 401(k) is typically the superior choice, including contribution maximums, employer flexibility, and important deadlines for converting a SIMPLE IRA into a 401(k).

Key Advantages of a 401(k) Over a SIMPLE IRA

1. Higher Contribution Limits

A primary advantage of a 401(k) is the much higher contribution ceiling. Employees can defer significantly more of their salary, and employers can make discretionary contributions up to the annual IRS limits.

2. Plan Design Options

401(k) plans can include:

• Loans to participants.
• Safe harbor provisions to simplify compliance.
• Profit-sharing contributions that can be allocated strategically to owners or key employees.

SIMPLE IRAs, by design, lack these customization options. In addition, 401(k) plans may be designed to meet your company’s specific goals and can be updated as your business grows and changes over time.

3. Better Long-Term Retirement Accumulation

Because of the higher contribution limits and employer discretion, 401(k) participants can build wealth faster than those in SIMPLE IRAs. This makes the 401(k) particularly advantageous for business owners seeking to maximize their own retirement savings.

Deadlines to Convert from a SIMPLE IRA to a 401(k)

If your business already has a SIMPLE IRA and you’d like to switch to a 401(k) effective January 1, 2026, employers must notify employees of any changes by November 2, 2025.

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While a SIMPLE IRA may be suitable for very small or new businesses, the 401(k) offers greater savings potential, plan flexibility, and strategic advantages for business owners and employees alike. With higher contribution limits and advanced plan features designed to meet your company’s goals, a 401(k) is often the better long-term choice.

For businesses currently using a SIMPLE IRA, careful planning around the November 2 conversion deadline ensures a smooth transition to the more powerful 401(k) platform.

Ready to explore whether a 401(k) is right for your business? Contact our team today to review your retirement plan options and map out the best strategy for your company’s future.

What Employers Need to Know for Tax Years 2025 through 2028 

By Charles Peery, CPA | Business Tax Practice Leader

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The One Big Beautiful Bill Act (OBBBA) introduces new federal reporting rules for businesses that employ tipped workers or overtime eligible staff. Effective for tax years 2025 through 2028, these changes emphasize wage transparency without drastically altering enforcement or eligibility rules. Instead, employers are expected to meet new documentation standards, especially for tip income and overtime premium pay. This article outlines the key provisions and best practices to help your business stay compliant and prepared. 

1. Annual Tip Reporting Requirements

The OBBBA enhances annual wage reporting required for tipped employees but does not mandate real time or per pay period submissions. 

Key changes include: 

• Employers must report the total qualified tips received by each employee on Form W-2, along with their qualifying occupation. 

• Qualified tip income includes cash tips, credit card tips, and pooled tips that are voluntary and customary. 

• Mandatory gratuities and service charges are not included. 

• The existing rule that employees must report all tips to employers by the tenth of the following month remains in place. 

• No changes were made to existing federal rules on tip pooling. 

• A new deduction allows employees to exclude up to 25,000 dollars of qualified tip income annually. The deduction begins to phaseout once modified adjusted gross income exceeds 150,000 dollars for single filers and 300,000 dollars for joint filers. 

• Workers may claim the deduction regardless of whether they itemize deductions or claim the standard deduction.  

Strategic takeaway: Ensure your payroll system supports detailed end of year tip tracking and that your employees understand their responsibilities. 

2. Best Practices for Verifying Tip Income

• Keep detailed records: Encourage employees to log tips daily and keep employer copies of all reports for at least four years after the tax deadline. 

• Participate in IRS tip agreements: Consider agreements such as TRDA, TRAC, or GITCA for added compliance support. 

• Train employees: Provide training on tip policies and include written guidance in your employee handbook. 

• Use technology: Electronic tracking tools can help automate reporting and provide tax summaries for employees. 

3. Overtime Reporting for a New Deduction

Although the OBBBA does not change who qualifies for overtime under federal law, it does introduce a new deduction for the premium portion of qualified overtime pay. 

Key provisions include: 

• Only the additional half time pay required by federal law qualifies. 

• State mandated or contract-based overtime does not qualify. 

• Employers must report qualified overtime premium pay separately on Form W-2. 

• Employees can deduct up to $12,500 individually or $25,000 jointly. The deduction phases out for single filers with MAGI over $150,000 and joint filers with MAGI over $300,000. 

• The overtime deduction is available to both itemizers and nonitemizers.   

• No additional enforcement, attestation, or documentation mandates have been introduced. 

Strategic takeaway: Your payroll system must be able to isolate and report the qualifying overtime premium amounts accurately. 

4. Best Practices for Overtime Pay Documentation

• Implement reliable time tracking: Use time clocks or software that accurately captures hours, breaks, and overtime. 

• Separate overtime premium pay: Payroll systems should be configured to track the extra half time pay separately for reporting. 

• Retain supporting documents: Maintain records of timecards, payroll reports, and communication regarding compliance. Assign responsibilities clearly between departments to improve oversight. 

5. IRS Compliance and Internal Controls

Participating in IRS tip programs like TRDA, TRAC, or GITCA can reduce audit risk and help demonstrate good faith compliance. Employers in these programs are required to submit annual reports on tip income and hours worked. 

Strategic takeaway: Establish strong internal controls and update your policies and procedures to align with OBBBA standards. 

Schedule a Consultation 

Now is the time to assess your payroll systems and reporting practices. Schedule a consultation with your ATA advisor to prepare for the 2025 reporting season and reduce the risk of penalties. Our team can help you stay compliant and confident under the new law. 

By Mark Puckett , CPA | Tax Principal 

The halfway point of the year isn’t just a time to reflect, it’s a smart opportunity to reset. A mid-year check-in with your accountant helps you evaluate progress, respond to changes, and strategically plan for what’s ahead. Whether you’re an individual, a business owner, or a nonprofit leader, this proactive step can prevent surprises and position you for a strong year-end finish. 

Get Ahead of Potential Issues 

Waiting until year-end to discover financial gaps or tax surprises can leave you with limited options. Meeting with your accountant now gives you time to address concerns while there’s still room to act. Common topics include tax estimates, income or deduction changes, cash flow shifts, and budget variances. Catching these early allows for more flexibility and peace of mind heading into Q4. 

Make the Most of Tax Strategies 

Tax laws continue to evolve, and the earlier you plan, the better your chances of maximizing savings. Your accountant  can help you assess the potential impact of new tax law changes on your specific situation. By working together to discuss your ongoing plans, you have a much better opportunity to take advantage of the tax laws. With half the year behind you, projections based on real numbers make your decisions smarter and more impactful. 

Check In on Business Health 

For business owners, a mid-year financial review is essential. Your accountant can analyze your year-to-date numbers, compare them to forecasts, and evaluate performance indicators such as margins, expenses, and cash flow. These insights can guide decisions around pricing, hiring, capital purchases, and goal setting for the remainder of the year. 

Stay Aligned and Compliant 

This check-in also ensures you’re staying on top of compliance, whether it’s sales tax filings, payroll reports, or estimated payments. Nonprofits can use this time to review grant tracking, audit readiness, and mission alignment. Individuals may want to discuss life events like a marriage, new child, or property purchase that could affect their tax picture.  

Be Proactive 

A mid-year conversation with your accountant is more than a check-in, it’s a strategic move to stay informed, adaptable, and confident. Don’t wait for year-end stress. Reach out to your ATA advisor today and make sure you’re on track to finish the year strong. 

By Gabrielle Lorbiecki, CPA, CPC, QKC, QPA, QKA 

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The Top Line 

In today’s competitive job market, a strong employee benefits package is essential for attracting and retaining top talent. While salary plays a critical role, benefits significantly influence employee satisfaction, engagement, and long-term loyalty. 

Developing an effective benefits plan is not a one size fits all process. It requires a thoughtful approach that reflects both the needs of your workforce and the goals of your business. Below are key strategies to help you create a benefits package that delivers real value for your team. 

1. Understand Your Workforce

What it means for your business:
Start by learning what matters most to your employees. A younger team may value student loan repayment or flexible work schedules. More experienced employees might prioritize health insurance, retirement savings, or long-term care support. 

Strategic takeaway:
Use surveys or focus groups to tailor your offerings. Personalizing benefits to your team’s needs improves participation and ensures your investment is going where it matters most. 

2. Align Benefits with Business Goals

What it means for your business:
Your benefits strategy should support your company’s long-term vision. For example, if employee retention is a challenge, consider incentives like profit sharing or enhanced retirement contributions. If you are focused on boosting productivity, wellness programs or mental health services can make a measurable difference. 

Strategic takeaway:
Choose benefits that reinforce your culture and support your workforce strategy. 

3. Balance Cost and Value

What it means for your business:
Benefits are a major investment. Compare plan options and providers carefully to strike the right balance between cost and quality. For example, pairing a high deductible health plan with a Health Savings Account can reduce costs while still offering valuable coverage. 

Strategic takeaway:
Use data and employee feedback to invest in benefits that deliver both value and sustainability. 

4. Comply with Legal Requirements

What it means for your business:
Federal and state regulations govern many aspects of employee benefits. Rules from the Affordable Care Act, ERISA, FMLA, and others must be followed to avoid fines and legal complications. 

Strategic takeaway:
Work with an HR advisor or benefits consultant to ensure your offerings meet all legal standards. Staying compliant protects your business and builds employee trust. 

5. Communicate Clearly and Consistently

What it means for your business:
Even the most robust benefits package has little impact if employees do not understand how to use it. Clear communication improves participation and helps employees recognize the true value of their benefits. 

Strategic takeaway:
Use handbooks, info sessions, and digital portals to ensure employees stay informed and engaged year round. 

6. Plan for Future Growth

What it means for your business:
As your business grows, your benefits should evolve with it. Choose providers and platforms that are built to scale and can accommodate additional offerings as your needs expand. 

Strategic takeaway:
Build flexibility into your benefits structure so you can adapt without disruption. 

7. Review and Update Regularly

What it means for your business:
Employee expectations and market standards shift over time. Regular reviews help you stay current and competitive. 

Strategic takeaway:
Reevaluate your plan annually. Gather employee feedback, benchmark against peers, and adjust offerings to maintain relevance and compliance. 

Schedule a Consultation 

Navigating retirement plan compliance is complex. Whether you need support with annual filings like Form 5500, plan testing, or simply want expert guidance, Gabrielle Lorbiecki is here to help. 

Gabrielle specializes in retirement plan consulting and ensures that businesses remain compliant with Department of Labor and IRS regulations. 

Contact Gabrielle today to schedule a personalized consultation and set your retirement plan on the path to long-term success. 

If you’re the parent of a newborn, toddler or older child, you may be thinking about naming a guardian for him or her. This can be a difficult decision, especially if you have many choices or, on the other hand, no one you can trust. The following are answers to common questions about guardianship:

Q. How do I choose a guardian for my child?

A. In most cases involving a single parent or a paren ting couple, you designate the guardian in a legally valid will. This means the guardian will raise your child if you (or you and your partner) should die unexpectedly. A similar provision may address incapacitation issues. Choose the best person for the job and designate an alternate in case your first choice can’t fulfill the duties. Parents frequently name a married couple who are relatives or close friends. If you take this approach, ensure both spouses have legal authority to act on the child’s behalf. Also, select someone who has the necessary time and resources for this immense responsibility. Although it’s usually not recommended, you can name different guardians for different children. In addition, consider the living arrangements and the geographic area where your child would reside if the guardian assumed legal responsibilities. Do you really want to uproot your child and send him or her to live somewhere far away from familiar surroundings?

Q. Do I have to justify my decision?

A. No. However, it can’t hurt — and it could help — to prepare a letter of explanation for the benefit of any judge presiding over a guardianship matter for your family. The letter can provide insights into your choice of guardian. Notably, the judge will apply a standard based on the child’s “best interests,” so you should explain why the guardian you’ve named is the optimal choice. Focus on aspects such as the child’s preferences, who can best meet the child’s needs, the moral and ethical character of the potential guardian, and the guardian’s relationship to the child.

Whether you’re naming a guardian for a child in your will or you’re attempting to become a guardian yourself, you must adhere to the legal principles under state and local law. Fortunately, we can provide any necessary guidance. © 2025