Before Your Nonprofit Celebrates That New Grant ...
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.
Operating Reserves Can Help Cushion Financial Blows
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.
Warning: Going concern opinions reach all-time high
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.
A Financial Dashboard Can Take Your Nonprofit Where It Wants to Go
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").
SECURE Act 2.0 Increases Age for Required Minimum Distributions
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.
2023 Tax Calendar
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.
IRS Releases PCORI Fees
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).
New Determination Letter Program for 403(b) Plans
In November 2022, the IRS announced, in Revenue Procedure 2022-40, the expansion of one of their programs for approving retirement plans.
IRS Reminds Employers and Self-Employed Individuals About Deferred Social Security Tax Payment Deadline
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.
401(k) limit increases to $22,500 for 2023 IRA limit rises to $6,500
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.
IRS Announces Inflation Adjustments for 2023
On October 18, 2022, the IRS released various inflation adjusted amounts for 2023.
2023 Social Security Wage Cap Jumps
On October 13, 2022, the Social Security Administration announced the 2023 wage cap for purposes of the Social Security tax.
FASB proposes delay in shift from LIBOR
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).
When to consider ERP?
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?
CHIPS Act Poised to Boost U.S. Businesses
The CHIPS Act aims to bolster semiconductor production and economic competitiveness. Among its provisions is an investment tax credit for manufacturing facilities and equipment.
Businesses: Act now to make the most out of bonus depreciation
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.
PA 2022-23 Budget Approves Corporate Tax Rate Cuts and Other Tax Changes
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.
Standard Business Mileage Rate will Increase for the Second Half of 2022
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.
2022 Business Tax Surprises?
Build Back Better may be on the shelf for now but there are still tax changes taking effect in 2022. Following are highlights related to two of such changes that selected businesses should be aware of and planning for.