In today’s world, nearly every organization faces uncertainty, from cyber threats to market fluctuations to operational disruptions. The COVID-19 pandemic ushered in a new level of uncertainty, forcing businesses to not only plan for survival but also be competitive in the face of increasing risk. Today’s episode is part of a series on a burgeoning area of work called Risk Advisory. During this series, we’ll dissect what risk means to businesses and organizations with a team of PBMares experts who will help you turn risk from a foe to a force for growth. Antonina McAvoy is a partner at PBMa ..read more

By Bo Garner, CPA, MBA As the May 15th deadline approaches, most tax-exempt organizations operating on a calendar year-end (December 31) must prepare to submit their Form 990-series returns or request an extension. Meeting this deadline is crucial for maintaining tax-exempt status and ensuring compliance with IRS regulations. Understanding the Form 990-Series The Form 990-series is a collection of forms designed to meet the reporting needs of tax-exempt organizations of various sizes and types. These forms play a crucial role in maintaining compliance with IRS regulations, ensuring that o ..read more

Source: RSM US LLP.  PBMares is a member of RSM US Alliance.  ARTICLE Executive summary: House Ways & Means Committee Chairman Jason Smith (R-MO)  and House Tax Subcommittee Chairman Mike Kelly (R-PA) recently announced the formation of 10 “Committee Tax Teams”.  Each team will address key tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that are set to expire in 2025 and identify legislative solutions that seek to help many taxpayers. Tax policy and potential legislation will be top of mind for many as we move closer to the expiration of many TCJA provisions ..read more

By Charles Dean Smith, Jr., CPA As franchises continue to face new challenges and opportunities in today’s marketplace, navigating complexity can be streamlined and simplified with the use of strategic management tools. Strategic management tools provide a systematic solution for analyzing, planning, and executing initiatives to ensure the franchise remains agile and prepared to respond to changing circumstances. Every day, new types of strategic management tools are emerging. Weeding through them all to find the right one for your unique situation can feel overwhelming, but don’t give up. The ..read more

By Neena Shukla, CPA, CFE, CGMA, FCPA, CTP In the complex landscape of employee benefit plans, plan sponsors often lean on external service organizations to manage key operations, from recordkeeping to administration. With such critical functions outsourced, maintaining a clear understanding of the controls and safeguards in place at these service organizations is more than advisable—it’s a fiduciary duty. Enter the SOC 1 (Service Organization Control 1) report, an instrument designed to assure plan sponsors that their service providers maintain effective internal controls relevant to financia ..read more

By Cindy Kochersperger, CPA, QKA Yes you can!  Another welcomed changed with SECURE 2.0 is the ability of an employer to switch from offering a SIMPLE plan to a 401(k) Plan.  This was effective January 1, 2024.  Prior to SECURE 2.0 you could only switch the type of plan offered at the beginning of the calendar year. There are several reasons to replace a SIMPLE plan with a 401(k) Plan; greater deferral limits, a vesting schedule for discretionary employer contributions, and plan design flexibility. For 2024, the deferral limit in a SIMPLE plan is $15,500 ($19,000 if catch-up eli ..read more

By Todd Swisher, CPA Private clubs are enhancing their appeal to both current and prospective members by using AI and other emerging technologies. In this article, we’ll begin with the low-hanging fruit and proceed to the more adventurous items as we go. Practical Ways to Use AI & Tech to Enhance the Appeal of Your Private Club For Prospective Members Produce a high-tech tour of your facility. From drone flyover tours of the golf course to virtual tours of facilities that leverage Google 360, clubs are showcasing their properties with more panache than ever. By moving away from the static ..read more

By Neena Shukla, CPA, CFE, CGMA, FCPA, CTP Overview Discussing the importance of employee benefit plan audits Understanding the upcoming changes for the 2023 plan year Navigating through the new requirements and guidelines Employee benefit plans are an essential part of any organization, providing various benefits such as retirement savings, healthcare coverage, and other non-monetary perks to employees. With these plans becoming increasingly complex and heavily regulated, it is crucial for government contractors to stay updated on the latest audit requirements. Change is ongoing in the worl ..read more

By Ed Yoder, CPA, MSA The Employee Retention Credit (ERC) was designed to offer financial relief to businesses impacted by the pandemic. However, due to a surge in claims partly prompted by aggressive marketing from some third-party advisors, not all claims met the program’s eligibility requirements. In response, the IRS temporarily halted the processing of new claims and introduced a withdrawal option for businesses to retract their claims over the past year. The IRS is now taking additional action through the issuance of Letter 6612. This letter serves as a notice to businesses that their ER ..read more

As a tax practitioner for the past 38 years, Partner Sean O’Connell, CPA/PFS, CGMA has served as an advisor and planner for hundreds of American taxpayers, and knows the Internal Revenue Code inside and out. To spare you the effort of sifting through its over 4,000 pages, Sean has condensed the Code Sections he deems the “Greatest of All Time”. What’s particularly intriguing is that all of these G.O.A.T. Code sections are presently active and could yield financial benefits! LISTEN NOW The post Podcast | “Greatest of All Time” Internal Revenue Code Sections first appeared on PBMares ..read more