Butler Enterprise Corp.

Expense reporting isn’t just paperwork; it’s key to controlling costs, ensuring accuracy and preventing fraud. Follow these six best practices for reimbursable expenses. Need help setting up your expense reporting system? Let’s talk. Contact us at (310) 344-8968.

Distributions from IRAs before age 59½ are generally subject to income tax and a 10% penalty. But there are exceptions. For example, first-time homebuyers can withdraw $10,000 penalty-free, and adoptive parents can withdraw up to $5,000 to help pay adoption costs. Victims of federally declared disasters can withdraw up to $22,000, and victims of domestic violence can withdraw the lesser of $10,000 or 50% of an account balance. Also, you’re allowed one $1,000 “emergency” distribution annually to pay unexpected costs. For a complete list of exceptions that would enable you to take penalty-free early withdrawals from IRAs and 401(k)s: https://bit.ly/4c4JAyT. Questions? Contact us at (310) 344-8968.

Did you know the IRS can hold you PERSONALLY liable for the unpaid payroll taxes of your business? The Trust Fund Recovery Penalty (TFRP) targets business owners and responsible parties who willfully fail to remit payroll taxes withheld from employees. Even if the business is struggling, the IRS doesn’t take missed payments lightly. The financial consequences can be severe. If you've received a TFRP notice or are concerned about payroll tax compliance, don’t wait. We help you understand your rights and build a strong defense. Act now before penalties escalate. Contact us at (310) 344-8968.

Having the right estate planning documents in place gives you peace of mind and provides clarity for your loved ones during difficult times. That should start with a will, which designates who receives your assets and who becomes guardian of your minor children. Without it, state law decides. Also, consider a financial power of attorney and a medical power of attorney. They authorize someone to handle financial matters on your behalf if you’re unable to do so and make medical decisions for you if you’re incapacitated. Contact us at (310) 344-8968 with questions.