Moving You Forward
As you navigate this new business environment, leaders need the right guidance and direction to move forward. Tap into our customized tax, audit, accounting and business advisory solutions to help you recover from disruption and grow stronger. Contact a PBMares advisor today.
RECENT INSIGHTS:
Understanding Financial Risk in Nonprofits: Navigating Challenges for Long-Term Sustainability
Financial risks are an unavoidable reality for nonprofit organizations, but with strategic planning and a proactive approach, these risks can be managed effectively. Learn how your organization can address these risks head-on to achieve long-term sustainability and make an even greater impact.
Qualified Disaster Relief Through Charitable Organizations
Public charities, private foundations, and donor advised funds can provide qualified disaster relief assistance to victims of qualified disasters, including individuals and small businesses.
Most NIL Collectives Ineligible for Tax-Exempt Status
The IRS has issued a key memorandum concluding that most NIL collectives do not qualify for tax-exempt status. Learn more about the implications for universities, collectives, and the future of NIL programs.
Hurricane Helene: Deadline Extensions, Penalty Relief, and Insights from the PBMares Tax Team
The IRS took action quickly after Hurricane Helene traveled 400+ miles, claiming lives and wreaking havoc in the Southeast. Learn about the important information regarding deadline extension and penalty relief.
Higher Catch-Up Contribution Limit Coming in 2025
Section 109 of SECURE 2.0 provided for a higher catch-up contribution limit beginning in 2025 for participants in a 401(k) or 403(b) plan for a specific population of employees. The current catch-up contribution limit is $7,500. The higher catch-up contribution will be the greater of $10,000 or 150% of the regular catch-up limit in 2024; $11,250 for 2025. This higher catch-up limit will be indexed annually for inflation beginning in 2026.
SECURE 2.0 Act – Mandatory Automatic Enrollment
Learn more about what is needed for retirement plans. For plan years beginning on or after January 1, 2025, SECURE 2.0 requires certain plan sponsors of a 401(k) plan or 403(b) plan to adopt automatic enrollment provisions.
