New retirement plan distribution options introduced by SECURE 2.0
SECURE 2.0 provides new opportunities for plan participants to take retirement distributions without incurring early withdrawal penalties.
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Credits and incentives available to retirement plan sponsors
Employers with less than 100 employees who have recently adopted or are considering a retirement plan have a tax savings opportunity.
Fiscal year 2025 budget proposal contains items affecting exempt organizations
Biden administration's budget proposal includes items affecting donor advised funds and private foundations.
Exempt organization inflation adjusted items for 2024
Rev. Proc. 2023-34 provides annual inflation adjustments for tax year 2024, including those relevant to exempt organizations.
IRS releases 2024 retirement plan limitations
Cost-of-living adjustments to retirement plan limits for 2024 have been issued by the IRS in Notice 2023-75.
New guidance released on clean energy credit labor requirements
The IRS and Treasury released proposed regulations with respect to prevailing wage and apprenticeship requirements for clean energy tax incentives.
U.S. charitable donations fell last year
Donations to charity fell to $499 billion last year, a 3.4% decrease from 2021.
New guidance from IRS on correction of errors in qualified retirement plans
The IRS released Notice 2023-43 to provide interim guidance on plan correction changes under SECURE 2.0 until Rev. Proc. 2021-30 (EPCRS) is updated.
FASB votes to simplify accounting for common control leases
For common control leases, the FASB is drafting amendments to simplify determining whether a lease exists, the classification of the lease, and accounting for leasehold improvements.
IRS makes statements on CARES Act Employee Retention Tax Credit risks
On Oct. 19, 2022 the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try and get employers to claim the CARES Act Employee Retention Tax Credit (ERTC) when they may not actually qualify.
5 ways nonprofits can stay agile
To stay nimble, nonprofit organizations should examine these five areas to enhance their ability to adapt to change.
OMB issues 2022 Compliance Supplement
The OMB has released the 2022 Compliance Supplement, which is effective for audits of fiscal years beginning after June 30, 2021.
IRS releases guidance on Q4 removal of employee retention credit
Employers need to react quickly to the new guidance to pay in amounts as if they were incurred on Dec. 31, 2021.
IRS releases 2022 retirement plan limitations
The IRS has released its annual cost-of-living adjustments for retirement plan limits, effective Jan. 1, 2022.
IRS issues employee retention credit gross receipt exclusion procedure
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
IRS enhances employee retention credit guidance for open questions
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.