The Secure Act 2.0 was part of the omnibus government funding bill passed at the end of 2022. There are many provisions of this act that are intended to encourage Americans to save more for retirement, but it also means that every business has compliance requirements to begin considering. There are two and a half…
Most businesses know that Form 1099 NEC (non-employee compensation) is required for services over $600. However, in 2021 the American Rescue Plan Act included a provision to require Form 1099-K for all funds transfers on sites like Venmo, PayPal, eBay, and Etsy. Form 1099-K had previously only been used for significant amounts of credit card…
In the past, employers have suspended or eliminated the company match on retirement plans as recessions started or ramped up. You need to make the best decisions for your retirement plan, your wallet and your family. As recently as 2020 as many as 21% of employers suspended their contributions to 401(k) plans. Often they do get…
What can I do to protect my information? Sadly, identity theft and cyber security losses are still on the rise. The IRS tried to implement face recognition software but many complaints from individuals and the media changed those plans. While I don’t know if the IRS is the right organization to implement and control this…
Working from home is here to stay. What does that mean for you as an employer? What does it mean for your employees? While remote working might be a simple task if all your employees are in the same state as your business there are implications you should consider as you develop your remote working…
The inflation reduction act recently added around $80 billion to the IRS budget through year 2031. What does this mean to you as a taxpayer? There are many recaps claiming that this will pay for 87,000 new IRS employees, however; that was merely a suggestion in a 2021 report. They may hire all these new…
The global market for human resources outsourcing was approximately $32.8 billion in 2020 and is projected to rise to $45.8 billion by 2027, according to market research company Reportlinker. Should your not-for-profit join the many organizations that have already determined that outsourcing HR makes financial and operational sense? Here’s what you should consider before acting. Take a…
If your not-for-profit periodically prepares internal financial statements for your board, you may have noticed that your auditors propose adjustments to these interim statements at year end. Why do auditors do this? Generally, it reflects differences due to cash basis vs. accrual basis financial statements. But you can help minimize the need for such adjustments….
Did you know that COBRA health coverage is included in the American Rescue Plan Act (ARPA)? This change in regulation allows qualified individuals to gain coverage on or after April 1, 2021 without requiring them to pay premiums from the original loss of coverage date. Employers will need to pay the COBRA premium of effected…
Trying to navigate the relationship between the Paycheck Protection Program (PPP) Loans and the Employee Retention Credit (ERC) is confusing and constantly changing. Previously, you could not receive a PPP loan and claim the ERC on your Quarterly Tax Payments, although recent legislation has changed to allow employers to take both. Due to this change,…
Fully ADA compliant
Hours
