The first step in determining if your pension plan might need to be audited is in understanding the concepts of large plans and small plans. A large plan is a plan with 100 or more participants on the first day of the plan year and a small plan has fewer than 100 participants. Why does this matter?
We all learned in kindergarten that one year equals 12 months. Pretty simple, right? Wrong. In the Employee Benefit Plans world, a year does not always equal [...]
The largest change to individual tax compliance resulting from the Tax Cuts and Jobs Act affects the calculation of various itemized deductions. Clients and friends have expressed confusion and even repeated some common misconceptions about the changes.
The 2017 Tax Cuts and Jobs Act (the Act) passed by Congress on December 22, 2017 marks the most significant tax law changes in over 30 years. Most taxpayers will see their tax liability decrease. The Congressional Budget Office estimates the Act will reduce tax revenues by $1.455 trillion over the next 10 years. But all is not good for non-profit organizations as there are changes in the Act that may negatively impact charitable contributions.
One problem that every not-for-profit organization encounters is the need to raise money to fulfill the organization’s purpose. A great way to motivate donors and reduce fundraising pressures on your staff is through building and strengthening relationships with individual donors. This is especially true with major donors, or those donors who make a major investment in your organization.
Will the public change the way it makes donations as a result of the Job Cuts and Jobs Act? And will your non-profit be impacted by those behavioral changes? These questions are being asked by non-profit leaders across the country. There is a fear that a decrease in charitable giving will cause operating shortfalls and jeopardize your public charity status. One way to maximize your organization’s public support, no matter how charitable giving changes, is to make sure you are not in jeopardy of losing your charitable status
Soon after passage of the new tax reform law, the IRS announced that it is developing salary and wage tax withholding guidance to be issued sometime in January, 2018. The IRS said that use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February 2018. Until then, employers and payroll service providers should continue to use the existing 2017 withholding tables and systems.
Whether you are new to government contracting and are just setting up your accounting system or are more established and not sure costs are being [...]
The holidays are here. Is your company getting ready to have its annual holiday party? If so, you may be asking, “Are the costs of the company holiday party allowable or unallowable?” The answer is maybe.
This is a follow-up to previous discussions about a potential Federal government shutdown that was avoided through a continuing resolution restricting expenditures. The threat hinges [...]
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