News
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ERISA in Year 2: What You Need to Know
- July 13, 2023
- Posted by: Hood & Strong
- Category: Audit & Assurance
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The Employee Retirement Income Security Act (ERISA) covers two types of retirement plans: defined benefit plans and defined contribution plans. Originally enacted in 1974 and amended numerous times since then, ERISA protects the interests of employee benefit plan (EBP) participants and their beneficiaries. It requires plan sponsors to provide plan information to participants, establishes standards of
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Crossing Borders for Remote Work: Key Considerations for Employers
- July 13, 2023
- Posted by: Hood & Strong
- Category: Tax
As more companies embrace remote work, employers need to be aware of the various rules and regulations that can apply to remote employees. The implications of remote work crossing state lines can be complex and, if not properly managed, may create significant administrative burdens or legal problems for employers. Learn about key considerations for managing remote workers across state lines.
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June News for Nonprofits
- June 22, 2023
- Posted by: Hood & Strong
- Category: Nonprofits
LinkedIn Announces New Resources for Nonprofits The networking site LinkedIn has launched a free online “Resource Hub” to help nonprofits make the best use of its platform. Its research indicates that only 19% of nonprofits feel confident that they’re using LinkedIn to its full potential. The hub includes guidance on how to use LinkedIn Live,
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How to Stay on the Right of the IRS
- June 22, 2023
- Posted by: Hood & Strong
- Category: Nonprofits
Obtaining a determination letter from the IRS is no guarantee that a nonprofit organization’s tax-exempt status is secure for the long run. Your nonprofit must meet additional requirements to maintain its exempt status. Required filings and recommended recordkeeping Although your organization is exempt from income taxes, it’s probably required to file an annual IRS Form
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Is Your Nonprofit Ready for the Next Disaster?
- June 22, 2023
- Posted by: Hood & Strong
- Category: Nonprofits
It’s easy for disaster planning to fall by the wayside when your nonprofit is focused on pursuing its mission. But taking the time to prepare now can help you avert mission-threatening consequences later. From hurricanes, wildfires, active shooters and cyberattacks — to events as seemingly minor as a burst pipe — your operations are vulnerable. Here
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Don’t Let Reimbursements Trip Up Your Nonprofit – Why It’s Important to Establish a Formal Plan
- June 22, 2023
- Posted by: Hood & Strong
- Category: Nonprofits
Whether it’s for employees, board members or other volunteers, your nonprofit organization likely will need to provide reimbursements for expenses at some point. While some nonprofits handle such transactions on an ad hoc basis, you’re better off establishing a formal reimbursement plan. Here’s what you need to know. Understanding accountable vs. nonaccountable plans In the
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Virtual Currency Lands in the IRS’s Crosshairs
- June 20, 2023
- Posted by: Hood & Strong
- Category: Tax
While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their federal income tax returns. Moreover, the Inflation Reduction Act, enacted in 2022, allocated $80 billion to the
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Keeping the House in Order: Enabling IT Investment by Cutting Costs
- June 20, 2023
- Posted by: Hood & Strong
- Category: Audit & Assurance
Implementing a new framework can enable companies to optimize IT investments and uncover potential funding opportunities.
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Leadership in a Time of Change: An Interview with Hood & Strong Managing Partner Susan Malone
- June 15, 2023
- Posted by: Hood & Strong
- Category: H&S Perspectives
Susan Malone was named Hood & Strong’s first woman managing partner in 2018 and over the last five years has dedicated herself to furthering the firm’s strong commitment to diversity, equity and inclusion. Here she reflects on the challenges and opportunities she sees in the accounting profession today. After more than 30 years with Hood
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How to Classify Information on the Statement of Cash Flows
- June 15, 2023
- Posted by: Hood & Strong
- Category: Tax
The statement of cash flows is arguably the most misunderstood and underappreciated part of companies’ annual reports. But it can also provide valuable insight to stakeholders who understand its uses and potential weaknesses. The guidance on divvying up cash flows among operating, investing and financing activities remains a gray area in financing reporting. Here’s an