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Round 2: 90-Day IRS Pre-Examination Compliance Pilot - Retirement Plans

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 EBP Inflation Limits

2024 EBP Inflation Limits

The IRS has released 2024 inflation adjustments.

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Social Security Changes

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.

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Tax

IRS suspends processing of ERTC claims

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.

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Tax

Before Your Nonprofit Celebrates That New Grant ...

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.

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IRS Announces Transition Period for Mandatory Roth Catch Up Contributions

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.

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Tax

IRS Provides Transitional Relief for RMDs and Inherited IRAs

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.

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Tax

FASB Issues Guidance on Common Control Leases

FASB Issues Guidance on Common Control Leases

The Financial Accounting Standards Board has issued Accounting Standards Update 2023-01 - Leases (Topic 842).

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Operating Reserves Can Help Cushion Financial Blows

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.

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Warning: Going concern opinions reach all-time high

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.

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A Financial Dashboard Can Take Your Nonprofit Where It Wants to Go

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").

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SECURE Act 2.0 Increases Age for Required Minimum Distributions

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.

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Tax

2023 Tax Calendar

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.

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Tax

IRS Releases PCORI Fees

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).

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New Determination Letter Program for 403(b) Plans

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.

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IRS Reminds Employers and Self-Employed Individuals About Deferred Social Security Tax Payment Deadline

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.

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Tax

401(k) limit increases to $22,500 for 2023 IRA limit rises to $6,500

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.

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IRS Announces Inflation Adjustments for 2023

IRS Announces Inflation Adjustments for 2023

On October 18, 2022, the IRS released various inflation adjusted amounts for 2023.

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Tax

2023 Social Security Wage Cap Jumps

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.

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Tax

FASB proposes delay in shift from LIBOR

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).

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When to consider ERP?

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?

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