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What Does SECURE 2.0 Mean for Small Employers?

SECURE 2.0 changes retirement plan rules for small employers with 100 or fewer employees.

President Biden’s Proposed Budget Includes Notable Tax Provisions

President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills of both individuals and businesses. While most of these proposals stand little chance of enactment with a Republican

Fed Launches $25 Billion Lending Program to Prevent Bank Run

The $25 billion Bank Term Funding Program was necessary to prevent a much larger crisis that would spread through the financial channel to the real economy and almost certainly tip the economy into recession.

U.S. Supreme Court Rules Against the IRS on Critical FBAR Issue

The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling in Bittner v. U.S. is welcome news for U.S. residents who “non-willfully” violate the law’s requirements for the reporting of certain foreign bank and financial accounts

IRS Extends Tax Filing Deadline for California, Alabama, and Georgia

Extended due date – filing and payment relief The IRS issued guidance granting further relief to taxpayers affected by several disasters in California, Alabama and Georgia by providing an additional postponement of filing and payment dates. Affected taxpayers will now have until Oct. 16, 2023, to file various individual and business tax returns and to make tax payments.

Community Banks: It’s Time to Adopt Updated Credit Loss Rules

A new accounting rule for reporting credit losses goes into effect this year for small public companies, private companies and not-for-profits that extend credit. Although the changes primarily affect banks and other financial institutions, any company that has trade receivables, notes receivable, investments in held-to-maturity debt securities or contract assets could be affected. Large public

Is Your Company Following the Accounting Rules for Cutoffs?

Under the accrual method of accounting, the end of the accounting period serves as a strict cutoff for recognizing revenue and expenses. However, during economic downturns, managers may be tempted to artificially inflate earnings or reduce losses. As a result, they may extend revenue cutoffs beyond the end of the period or delay reporting expenses

Retirement Plan Changes for Long-term, Part-time Employees

SECURE 2.0 changes the rules for how long-term, part-time employees are treated for purposes of 401(k) and 403(b) retirement plans.

Required Minimum Distributions After SECURE 2.0

SECURE 2.0 changes the rules governing how and when certain retirement savers can withdraw money from their retirement accounts and IRAs.

February News for Nonprofits

Salary transparency gains steam The American Alliance of Museums (AAM), in Washington, D.C., is now requiring job postings on its Job HQ board to include salary ranges. The AAM itself has posted salary information for years. Urging museums to do the same is a step toward more equitable hiring, retention and promotion. The mandate took

Don’t Let Corporate Sponsorships Trip You Up

With some financial experts predicting that a recession looms on the horizon, corporate sponsorship dollars can be appealing. However, nonprofit organizations need to take care when crafting such arrangements — or possibly face an unexpected tax bill. What are qualified sponsorship payments? Under the Internal Revenue Code, qualified sponsorship payments aren’t subject to unrelated business

Who Are Disqualified Persons?

The IRS strictly prohibits self-dealing between private foundations and so-called “disqualified persons.” Potential penalties for the disqualified person and foundation staff are stiff. Here’s what you need to know to avoid liability. Stiff penalties The Internal Revenue Code imposes a minimum 10% excise tax on disqualified persons on the amount involved in a self-dealing transaction.