The Future of the SALT Cap: Ways You Can Prepare Now for Potential Scenarios
The SALT deduction's future is uncertain ahead of its scheduled sunset at the end of 2025. Here's how taxpayers can prepare for potential outcomes.
PBMares, LLP Combines with Fairfax Firm BSB CPAs + Advisors
PBMares, LLP, #72 in Inside Public Accounting’s 2024 Top 100 ranking, has combined with Fairfax accounting and tax firm BSB CPAs + Advisors as of October 1, 2024.
Mitigating Governance and Leadership Risks in Nonprofits: Strengthening Foundations for Long-Term Success
In the nonprofit world, governance and leadership are the cornerstones of organizational success. Learn about some common governance and leadership risks that nonprofits must address to ensure long-term sustainability.
SECURE 2.0 Act – Increased Involuntary Cash-Out Limit to $7,000
Learn about the SECURE 2.0 involuntary cash out limit increase. Effective for distributions after December 31, 2023, SECURE 2.0 allows the plan sponsor to increase the cash-out limit to $7,000 from the previous limit of $5,000.
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.
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.