Fundamental Differences Between Nonprofit and For-profit Accounting
You may know the difference between nonprofit and for-profit accounting systems, but do your newest employees and board members?
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.
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.
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).
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").