The audit is over. Now what?
Whew! That’s probably your reaction when outside experts announce that their audit of your not-for-profit is complete. But even if auditors have left your premises and returned the documents they’ve reviewed, the work isn’t really over.
SEK wins two categories in Tri-State’s Best awards
FOR IMMEDIATE RELEASEOctober 26, 2022 SEK Wins Two Categories in Tri-State’s Best Awards
2023 Cost of Living Adjustments
The IRS recently released the 2023 cost of living adjustments for retirement plans and related items. You can view the updated numbers below or click the button at the bottom to view a printable version!
Employers: In 2023, the Social Security wage base is going up
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax.
Keep your religious congregation on the financial straight and narrow
Religious congregations usually enjoy greater protection from federal government oversight than other not-for-profit organizations.
Providing fringe benefits to employees with no tax strings attached
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits which employees generally can exclude from income:
Life insurance still plays an important role in estate planning
Because the federal gift and estate tax exemption amount currently is $12.06 million, fewer people need life insurance to provide their families with the liquidity to pay estate taxes.
M&A on the way? Consider a QOE report
Whether you’re considering selling your business or acquiring another one, due diligence is a must. In many mergers and acquisitions (M&A), prospective buyers obtain a quality of earnings (QOE) report to evaluate the accuracy and sustainability of the seller’s reported earnings.
The FLSA asks your nonprofit to accurately classify staffers
Are your not-for-profit’s staffers employees or independent contractors? It’s an important question because under the Fair Labor Standards Act (FLSA), misclassifying workers can lead to penalties and other costs.
What local transportation costs can your business deduct?
You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses.