News & Insights
6 ways nonprofit retirement plans are changing
The SECURE Act 2.0 made some important changes to 403(b) retirement plans, which typically are offered by nonprofits to their employees. Is your nonprofit caught up on the law’s provisions?
The Corporate Transparency Act
The Corporate Transparency Act (CTA) went into effect on January 1, 2024, and is a law that requires businesses that do not meet certain exemptions to file their Beneficial Ownership Information (BOI) report with FinCEN.
Why uncertainty calls for a more flexible budget
If your nonprofit’s budget is fixed or static, it may be inadequate during turbulent times. Here’s why you might want to consider a more flexible rolling budget, or even decide to reforecast your current budget.
Got independent contractors? Get to know Form W-9
Nonprofits that pay independent contractors must keep completed Form W-9s on file for them. We offer some tips for obtaining this information from workers and filing it with the IRS.
New Voluntary Disclosure Program for Employers that Filed Dubious ERC Claims
As part of its continuing fight against questionable Employee Retention Credit (ERC) claims, the IRS recently announced a Voluntary Disclosure Program for employers. Under the program, businesses can "pay back the money they received after filing ERC claims in error," the IRS explains.
The standard business mileage rate will be going up slightly in 2024
The price of gas is about the same as it was a year ago. Will this affect the amount your business can deduct for business driving in 2024?
New per diem business travel rates kicked in on October 1
Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals, and incidentals when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.)
Social Security wage base is increasing in 2024
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax.
Social Security announces cost-of-living adjustment for 2024
Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2% in 2024, the federal government just announced.
4 ways to prepare for next year’s audit
Every fall, CPAs are busy preparing for audit season, which generally runs from January to April each year. This includes meeting with clients, assigning staff, and scheduling fieldwork.
2023 Q4 tax calendar: Key deadlines for businesses
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
IRS Orders an Immediate Stop to New ERTC Processing
After receiving a deluge of improper Employee Retention Tax Credit (ERTC) claims, the IRS recently announced an immediate moratorium through at least December 31 on processing new claims for the pandemic relief program.