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

By Jonny Rosch, CPA Nonprofit document retention policies are as much about good governance as data management. From the checkbox on the Form 990 asking whether the organization has a document retention policy and potential state and federal inquiries, to fundraising and financial governance, the importance of document management is understood. The challenges lie in which records to keep, how to store them, for how long, and how to cascade the policy throughout the organization. And while there may not be a uniform template for nonprofit document retention policies, there are generally accep ..read more

In this episode, we delve into a hidden gem known as R&D tax credits, a government incentive designed to promote investment in innovative endeavors by businesses. Joining us today is Dan Chenoweth, Credits & Incentives Team Leader and Partner, whose expertise in this lesser-known yet significant area provides valuable insights into its potential for driving economic growth within organizations. Tune in to learn more about this exciting topic. LISTEN NOW The post Podcast | R&D Tax Credits first appeared on PBMares ..read more

By Lynn Eller, CPA, APCIT, PFS FIRPTA Considerations The Foreign Investment in Real Property Tax Act (“FIRPTA”) authorizes the U.S. to tax foreign persons on the disposition of U.S. real property interests. The purchaser of the real estate from the foreign person is generally required to withhold 15% (10% if under certain thresholds) of the gross sale proceeds and remit to the IRS. The withholding on the gross proceeds typically creates a requirement for the foreign person to file a U.S. tax return to obtain a refund. U.S. Estate and Gift Tax Considerations Individuals that are not domicile in ..read more

By Stacie Newnam, CPA, QKA   Large employee benefit plans must have an independent qualified public accounting (IQPA) audit report attached to the Form 5500 filing. Effective January 1, 2023, the determination for being a large or small plans is based on the number of participants with account balances at the beginning of the plan year, except for new plans, which will use the count as of the end of the plan year. In general, when the number of participants with an account balance is 100 or more, an audit is required. The Importance of Choosing the Right Auditor Choosing the right auditor ..read more

By Neena Shukla, CPA, CFE, CGMA, FCPA, CTP The competitive world of government contracting demands not only scrupulous adherence to regulations but also a keen understanding of cost estimating systems. These systems form the backbone of budgetary planning and play a critical role in ensuring that projects are feasible, profitable, and compliant with stringent government requirements. In this blog post, we will explore the intricacies of cost estimating systems, their benefits and drawbacks, the purpose they serve, and provide insights into developing an estimating manual along with the methods ..read more