Page 73 - BusinessWest February 20, 2023
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ACCOUNTING FIRMS RANKED BY NUMBER OF CPAS IN WESTERN MASS.
 COMPANY
NO. OF CPAS/ PARTNERS
NO. OF STAFF/ OFFICES
MANAGING PARTNER(S)
     1 1
PRIMARY SPECIALTIES
  1 0
 1 2
 0 1
   19 ON TIME ACCOUNTING
22 Southwick St; Feeding Hills, MA 01030 (413) 789-2443; www.otawesternma.com
19 TEIXEIRA CPA, P.C.
78 Main St., Northampton, MA 01060 (413) 586-0990; www.ptcpapc.com
19 TROMBLEY ASSOCIATES BOOKKEEPING AND PAYROLL 95 Post Office Park, Suite 9506, Wilbraham, MA 01095 (413) 599-1613; www.trombleybp.com
4
1 Michael Margiotta
3
1 Fernando Teixeira
3
1 Barbara Trombley
41 Bill Le Fevre
Bookkeeping, accounting, business development, strategic planning, consulting, forensic account, credit and collections consulting; industry specialties include construction, real estate, automotive, medical, advertising, transportation, and manufacturing
Tax planning and preparation; accounting and auditing; business valuations; business consultants
Bookkeeping and payroll for small businesses
Tax preparation for individuals and businesses; accounting and bookkeeping; payroll; sales tax; notary services; multi-lingual office
           SUPERIOR TAX AND ACCOUNTING SERVICES
24 1550 Main St., Suite 104, Springfield, MA 01103
(413) 732-0859; www.superiortaxandaccounting.com
   >>
Retirement
Continued from page 70
Required Minimum Distributions
Beginning Jan. 1, 2023, the age for required mini- mum distribution (RMD) from an IRA is increased
to age 73. Starting in 2033, the RMD age will be 75. (IRA owners turning age 72 in 2023 would not be required to take RMDs in 2023.) Furthermore, the penalty for not taking your RMD has been decreased from 50% of what was required to be withdrawn to 25%, and even further down to 10% if corrected with- in two years.
Facilitation of Error Corrections
The act expands the self-corrections system, allow- ing more types of errors to be fixed internally without
having to amend returns in the Employee Plans Com- pliance Resolution System.
Immediate Incentives for Participation
At this moment, employers use matching contribu- tions as a means to motivate employees to save for their retirement. Beginning in 2023, employers can incentivize employees with gifts cards or other small monetary rewards to increase engagement, although any financial rewards should be small and cannot come from retirement-plan assets.
In summary, the SECURE Act 2.0 provides many new benefits and opportunities to save for retirement.
It allows employers to offer more flexible contribu- tions and encourages employees with incentives to become engaged in their own financial health. With reduced penalties and expanded self-correction rules, this act gives Americans more control over their retirement savings, allowing them to become better prepared for their future.
As always, it’s important to consult with your advi- sor for advice, as guidance and changes to provisions are expected, and everyone’s situation is unique. BW
Dan Eger is a tax supervisor at the Holyoke-based accounting firm Meyers Brothers Kalicka, P.C.; (413) 536-8510.
      Richard F. Burkhart, CPA and Salvatore J. Pizzanelli, CPA, JD, PFS
The talented team at Burkhart Pizzanelli
Accounting
Julie M. Quink, CPA and Deborah J. Penzias, CPA
The talented team at Burkhart Pizzanelli provides
provides expertise in a full range of accounting
and financial services. Feel free to call on us at Consulting 413.734.9040.Feel free to call on us at 413.734.9040.
expertise in a full range of accounting and financial services.
201 Park Avenue, Suite 2, West Springfield, MA
201 Park Avenue, Suite 2 • West SpringfieldR, eMtAir0e1m08e9nt Plans T: 413.734.9040 • F: 413.781.5609
T: 413.734.9040 • F: 413.781.5609 • www.bppc.com www.bppc.com Tax Planning
ACCOUNTING • CONSULTING • LITIGATION • RETIREMENT PLANS • TAX PLANNING
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