Legacy Professionals LLP

In a highly competitive job market , retaining top talent in the accounting industry is essential for sustained success and growth. With changing industry demands, advances in technology, and shifting client expectations, accounting firms must be proactive in creating environments that attract skilled professionals and ensure they stay long-term. By implementing strategic approaches to employee retention, accounting firms can secure a loyal and effective workforce that drives business success. This article explores several key strategies firms can use to retain their best employees. Offer Competitive Compensation and Comprehensive Benefits Compensation remains one of the most critical factors in retaining employees. Top accounting talent expects a competitive salary that reflects their skills, experience, and the value they bring to the firm. To stay ahead of the competition, firms must offer an attractive base salary and performance-based incentives such as bonuses or profit-sharing o...

The landscape of retirement planning in the United States is undergoing significant changes with the recent enactment of the SECURE Act 2.0 . Building on the success of its predecessor, the SECURE Act of 2019, this legislation introduces several key updates designed to enhance the effectiveness of retirement savings plans. It aims to expand access, increase savings opportunities, and provide greater flexibility, which could have profound implications for employees and employers. Understanding these changes is crucial for anyone involved in retirement planning. Understanding the Impact of the SECURE Act 2.0 on Employee Retirement Plans Broadening Retirement Plan Access One of the SECURE Act 2.0’s primary goals is to make retirement plans more accessible to a broader range of workers, including part-time employees and those working for small businesses. Previously, part-time workers often faced challenges in qualifying for employer-sponsored plans due to stringent requirements on hours w...

In today’s fast-paced and competitive accounting environment , CPA firms must maximize their growth and performance to stand out. One of the most effective ways to ensure long-term success is by attracting and retaining top talent. Recruitment and retention are critical components of any firm’s strategy, as they directly influence the quality of service provided to clients, the overall productivity of the team, and the firm’s bottom line. CPA firms can build a sustainable, high-performing workforce that drives growth and success by optimizing these aspects. Recruiting Talent That Aligns with Firm Goals Recruiting the right professionals is the first step toward enhancing firm performance. CPA firms must approach Recruitment with a clear strategy beyond just filling open positions. It's crucial to identify candidates who not only have the necessary technical skills but also align with the firm’s culture and values. Hiring individuals who share the firm’s vision and goals can signifi...

The SECURE Act 2.0, signed into law at the end of 2022, is a significant piece of legislation that builds on the original SECURE Act of 2019, designed to improve retirement security for American workers . This new legislation is poised to have far-reaching effects on employee retirement plans, affecting everything from plan participation to withdrawal rules. As the retirement landscape continues to evolve, understanding how the SECURE Act 2.0 impacts employers and employees is crucial for navigating the future of retirement savings. Enhanced Retirement Plan Access for Employees One of the central goals of the SECURE Act 2.0 is to expand access to retirement plans for more workers. Under this new law, employers are encouraged to offer retirement plans to part-time workers by reducing the eligibility requirements. Previously, part-time employees had to work at least 1,000 hours per year to participate in a workplace retirement plan. The SECURE Act 2.0 lowers this threshold to 500 hours a...

The Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0, passed as part of the omnibus spending bill in late 2022, builds upon the original SECURE Act of 2019 with several new provisions to enhance retirement savings for Americans. This act introduces significant changes that employers and employees must understand to fully leverage its benefits for retirement planning. Below, we explore these changes and their implications for employee retirement plans. Expanding Retirement Plan Coverage and Increasing Flexibility One of the primary goals of the SECURE Act 2.0 is to expand access to retirement plans, especially for part-time workers and small business employees. The new legislation requires employers who offer 401(k) and 403(b) plans to include long-term, part-time workers who have worked at least 500 hours per year for three consecutive years. This move significantly widens the net of retirement plan coverage, bringing more employees into the fold of retirement sa...