Extracting Value from Your Audit Reports
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Only some not-for-profit organizations are required to conduct independent annual audits.
2025 Inflation Adjustments
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On October 22, 2024, the IRS issued Revenue Procedure 2024-40, announcing the 2025 inflation-adjusted amounts for various tax items.
SECURE 2.0: Key Retirement Plan Changes for 2024
The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws.
IRS Issues Final Regulations on Inherited IRAs
The IRS has published new regulations relevant to taxpayers subject to the "10-year rule" for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans.
Why Private Foundations Need to Avoid Self-Dealing
If you're a leader of a private foundation, you're probably aware of the prohibition against self-dealing transactions between foundations and "disqualified persons."
PCORI Fees Due July 31
The IRS released the Affordable Care Act's (ACA) Patient-Centered Outcomes Research Institute (PCORI) fee for plan years that end on or after October 1, 2023, and before October 1, 2024 (see IRS Notice 2023-70).
PA Annual Reporting Requirements Implemented
As part of Act 122, which was signed into law in November 2022, all Pennsylvania businesses must complete an annual filing beginning in 2025.
Commit to Continually Improve Your Nonprofit's Accounting Processes
Do your not-for-profit's accounting processes work perfectly — with no errors, delays or other inefficiencies? If yours is like most organizations, probably not.
Round 2: 90-Day IRS Pre-Examination Compliance Pilot - Retirement Plans
The IRS Employee Plans Division has officially started the second phase of the Pre-Examination Retirement Plan Compliance Program pilot.
2024 Tax Calendar
Below is a summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.
New Mileage Rates Announced
On December 15, 2023, the IRS released the optional standard mileage rates for 2024 in Notice 2024-8.
New Rules on Part-Time Employee 401(k) Plan Participation Starting January 1, 2024
The IRS issued proposed regulations on long-term, part-time employees' eligibility to participate in 401(k) plans.
2024 Inflation Adjustments
On November 9, 2023, the IRS issued Revenue Procedure 2023-34, announcing the 2024 inflation-adjusted amounts for various tax items.
Social Security Changes
The Social Security Administration (SSA) announced that the maximum earnings subject to Social Security tax will increase from $160,200 to $168,600 in 2024 (an increase of $8,400). The maximum Social Security employer contribution will increase by $520.80 in 2024.
IRS suspends processing of ERTC claims
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit.
Before Your Nonprofit Celebrates That New Grant ...
Most not-for-profits believe they cannot afford to turn down offers of financial support. At the same time, such organizations should not blindly accept funding simply because it is offered. Some grants may come with excessive administrative burdens, cost inefficiencies and lost opportunities.
IRS Announces Transition Period for Mandatory Roth Catch Up Contributions
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.
IRS Provides Transitional Relief for RMDs and Inherited IRAs
The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking required minimum distributions (RMDs) from retirement accounts.
FASB Issues Guidance on Common Control Leases
The Financial Accounting Standards Board has issued Accounting Standards Update 2023-01 - Leases (Topic 842).