On August 25, 2023, the IRS announced in Notice 2023-62 that higher-income participants in 401(k) and similar retirement plans have been given a two-year delay on the new requirement that they must designate their catch-up contributions to those plans as after-tax Roth contributions.
First the COVID-19 pandemic wreaked havoc on nonprofit organizations' finances and operations. Now, many organizations are worried about how high inflation and a possible recession might interfere with plans.
After trending downward prior to the pandemic, going concern opinions increased substantially in fiscal year 2021. This article reviews the going concern assumption and the responsibility to identify "substantial doubt" about a company's ability to operate as a going concern over the next year.
Does your board have a quick and easy way to assess your nonprofit's financial performance? It does if it has a dashboard with carefully chosen and up-to-date key performance indicators ("KPIs").
The SECURE 2.0 Act of 2022 is designed to build upon the provisions of the original SECURE Act to expand participation and boost retirement savings.
To help you make sure you do not miss any important 2023 deadlines, here is a summary of when various tax-related forms, payments and other actions are due.
he IRS released the new Affordable Care Act's (ACA) Patient-Centered Outcomes Research Institute (PCORI) fee for plan years that end on or after October 1, 2022, and before October 1, 2023 (see IRS Notice 2022-59).
In November 2022, the IRS announced, in Revenue Procedure 2022-40, the expansion of one of their programs for approving retirement plans.
The IRS reminded employers and self-employed individuals who chose to defer paying part of their 2020 Social Security tax liability that their second annual installment of the deferred amount is due on December 31, 2022.
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022.
On October 18, 2022, the IRS released various inflation adjusted amounts for 2023.
On October 13, 2022, the Social Security Administration announced the 2023 wage cap for purposes of the Social Security tax.
On April 20, 2022, the Financial Accounting Standards Board (FASB) proposed to defer the sunset date of rate reform rules by two years to December 31, 2024, a year after the new cessation date of the London Interbank Offered Rate (LIBOR).
At most companies, operations management would admit that the use of business software, such as ERP (enterprise resource planning), could be improved. But how - and when?
The CHIPS Act aims to bolster semiconductor production and economic competitiveness. Among its provisions is an investment tax credit for manufacturing facilities and equipment.
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly.
Enacted on July 8, PA House Bill 1342 (H.B. 1342) makes significant changes to the corporate net income tax laws, including a nine year phase-in of a corporate net income tax (CNIT) tax rate reduction.
The IRS recently announced that it'll increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year.
New 90-day IRS Pre-Examination Compliance Pilot - Retirement Plans