Weighing your charitable giving options If leaving a charitable legacy is important to you, you may be thinking about establishing a private foundation or other vehicle for managing your philanthropic activities. Private foundations can be highly effective, but they’re expensive to set up and operate. Donor-advised funds (DAFs) are popular alternatives, but they also have .....
You may be familiar with the rule that permits a business to deduct employee bonuses this year if it pays them within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that benefits your business and your employees: You enjoy a tax deduction this year, while your employees needn’t .....
Subrecipient risk assessments and monitoring are critical aspects of federal grants management. These practices ensure that funds are used in accordance with federal regulations, that grant objectives are met and that the risk of fraud, waste and abuse is minimized. The federal government has set forth guidelines in the Uniform Administrative Requirements, Cost Principles, and .....
By Dan Durst, MBA, and Gina McDonald, CPA When asked what is at the top of their finance department “to-do” list, many nonprofits name the need for an updated cost allocation plan. An effective cost allocation strategy is essential to organizations’ understanding of how their resources are being deployed. It is also integral to performing .....
The title of this article might have caught the eye of some readers, who may have thought it provides tips on managing pay for poor performers or offers a rationale for employing individuals without proper job qualifications. However, this article focuses on “disqualified individuals” in the context of IRS intermediate sanctions — IRC Section 4958 .....
The Internal Revenue Service (IRS) has announced a moratorium on new claims related to the pandemic-era Employee Retention Credit (ERC, also known as Employee Retention Tax Credit). The pause on new claims goes into effect immediately and will last until at least 2024. When claimed properly, the ERC is a refundable tax credit designed to .....
Governments are required to adopt the provisions of the Governmental Accounting Standards Board Statement (GASBS) No. 96, Subscription-Based Information Technology Arrangements (GASBS 96 or the Statement) for fiscal years ending after June 15, 2023. GASBS 96 addresses accounting and financial reporting issues related to subscription-based information technology arrangements (SBITAs). Background SBITAs are frequently found in .....
The Internal Revenue Service finalized regulations on Feb. 23, 2023, significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after Jan. 1, 2024, to be submitted to the IRS electronically instead of on paper. Under the new rules, filers of 10 or more returns of any .....
Written by Paul Cheung, Norma Sharara and Joan Vines The Internal Revenue Service finalized regulations on Feb. 23, 2023, significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after Jan. 1, 2024, to be submitted to the IRS electronically instead of on paper. Under the new .....
On Wednesday, June 14, the Federal Reserve announced a pause in interest rate hikes for the first time since March 2022. The decision comes after promising economic indicators show that relief from historic inflation may be coming. Inflation Falls from Peak In a good sign for consumers, the Bureau of Labor Statistics announced on Tuesday .....