The SECURE 2.0 Act, enacted in 2022, significantly enhances the original Setting Every Community Up for Retirement Enhancement Act. To improve retirement savings opportunities across the United States, it introduces over 90 provisions designed to expand access, improve flexibility, and encourage participation in employer-sponsored retirement plans. In light of this legislation, the IRS has released new guidance (Notice 2024-2) that targets critical facets of the legislation. This guidance is crucial for plan sponsors, ensuring they can both comply with the new regulations and optimize their re ..read more

Fraud prevention is an essential component of any corporate risk management program. Limiting the opportunities for bad actors to commit illegal activities is necessary. To achieve this goal, various protections can and should be implemented. These include formal fraud risk assessments, surprise audits, mandatory job rotation/vacations, internal audits, financial statement audits, and anti-fraud policies. When updating your program, it is essential not to forget about fraud awareness training. According to the ACFE Occupational Fraud 2024 – Report to the Nations, it was found that training on ..read more

Many businesses regularly conduct research and development projects to improve processes and efficiencies and to uncover ways to make new and more valuable products. Companies with dedicated research and development functions invest significant human and financial resources in the process. Others without a formal department often invest in such activities continuously with a limited scope. These activities are essential because they help to create new or improved products and uncover efficiencies and enhancements. While helpful, these activities can be pretty expensive, leaving management unab ..read more

For most charities and organizations, fundraising is an essential function that ensures funding is available to continue existing programs, create new ones, and pay operating expenses. Without this money, it would be tough to maintain the ability to fulfill the core mission. This underscores the importance of a vibrant fundraising strategy that highlights successes, articulates how programs meet goals and provides a clear picture of how funds are used. Since donors want to feel they have contributed to a worthwhile cause, it’s vital to demonstrate the value provided. Attention will be focused ..read more

Earlier this month, the Association of Certified Fraud Examiners (ACFE) issued Occupational Fraud 2024: A Report to the Nations. This is the 13th installation of the largest global study on occupational fraud and includes information about the costs, schemes, victims, and perpetrators of fraud. To limit the potential for criminal activities and financial loss, management needs to regularly evaluate and update fraud prevention programs to ensure maximum effectiveness. The findings contained in the report, including changes to how tips are reported, should be carefully considered. To help client ..read more

There has been significant concern amongst legislators about the retirement-saving opportunities available to American workers. A recent study by the Pew Charitable Trusts has found that 51% of workers are concerned about running out of money in retirement and 71% wished they had more saved. These findings, common among such studies, reflect the alarming situation many will face in the golden years. It also means taxpayers could be left paying the bill to help those without sufficient means. Over the past few years, Congress has passed several parcels of legislation to make it easier for emplo ..read more

Last month, the IRS announced a second reporting deadline extension for auto dealerships that sold eligible electric and other clean energy vehicles (EVs) in 2023. The first extension was issued in January when there was a two-week extension to the filing deadline from January 15th to January 31st. This extension means dealers now have until February 15th to submit the required time of sale reports for 2023 transactions. The additional time is needed to help sellers navigate compliance regulations including various filing options.  Complying with the new deadline is essential because a bu ..read more

In late November, the IRS announced a delay in the $600 reporting threshold requirement for payment apps and online marketplaces. The decision was made due to feedback received from tax professionals and payment processors and general taxpayer confusion. The 2023 tax year will serve as another transition year leaving prior threshold reporting requirements in place. This means only payees who made gross payments of more than $20,000 or more than 200 transactions will remain. The delay is welcome news for businesses that would otherwise be required to prepare and submit Form 1099-K. To help clie ..read more

In late January, the House of Representatives passed important bi-partisan tax legislation that provides several saving opportunities for families and businesses. The Tax Relief for American Families and Workers Act of 2024 (Act) calls for the extension of several credits and incentives that expired at the end of last year. It includes an increase to the reporting threshold for Form 1099s, changes to federal Section 174 research and development (R&D) credit expense rules, an extension of bonus depreciation, and updates to the Child Care Credit. There is also a provision that calls for a ba ..read more

The SECURE Act 2.0 passed into law in December 2022 calls for several updates to plan operations. Due to the comprehensive nature of the legislation, many updates are set to phase in over five years. Provisions effective in 2024 include introducing Starter 401k plans, student loan matching payments, deferral failure corrections, and introducing a new emergency savings account (PLESA). These accounts are limited to $2,500 in annual contributions and the first four withdrawals are tax-free. While regulations guiding all new provisions have yet to be issued, the IRS recently released Notice 2024 ..read more