2024 Tax Calendar

To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for January 31 […]

New Threshold for E-Filing Information Returns

Unrelated Business Income for Tax-Exempt Organizations

Effective January 1, 2024, businesses which file 10 or more information returns with the IRS will now be required to file them electronically. This new threshold is effective for 2023 tax year information returns.  Previously, only businesses filing 250 or more information returns were required to do so electronically. Notably, the 250-return threshold was applied […]

Preparing for Your Annual Single Audit

By Kylie Thomas While there are many items to consider while preparing for an audit, one of the key details to nail down includes audit timing and completion, to ensure timely submission. The audit reporting package is required to be submitted by the earlier of thirty calendar days after receipt of the report or nine […]

Federal Grants and New Audit Requirements

By Kylie Thomas There may be nuances and other options depending on the grant award and federal agency, but generally, a single audit is required if $750,000 (or more) of federal awards are spent during your fiscal year. A single audit is a comprehensive audit of not only financial statements but grant compliance and controls over compliance as well.  […]

New CTA Reporting Requirements’ Deadline is Approaching

Should your business be outsourcing sales tax compliance

New requirements associated with the Corporate Transparency Act (CTA), are requiring certain companies to disclose their “beneficial owners” — the individuals who ultimately own or control the company — to the Financial Crimes Enforcement Network (FinCEN). Non-compliance may lead to civil or criminal penalties. Effective starting January 1, 2024, the new CTA reporting rules are […]

Reducing Your Company’s Tax Liability in 2023: 5 Strategic Tips

As we approach the conclusion of yet another year marked by fluctuating interest rates and market dynamics, one constant holds true: Mitigating your company’s tax burden has the potential to enhance both your cash flow and overall financial performance. Presented below are five strategies—spanning from established practices to timely approaches—that you can implement before the […]

Audit Requirements for Defined Contribution Plans are Changing 

We have exciting news, especially for smaller plan sponsors of defined contribution plans! The Department of Labor (DOL) has revised the Form 5500 and instructions for 2023, bringing about a substantial change in the criteria used to determine the requirement for an audit. Updates to Participant Count Methodology  Employee benefit plans that filed as a large plan […]

IRS Releases 2024 Cost-of-Living Adjustment Numbers 

As the end of year focus moves to year-end tax planning strategies for 2023, it’s important to factor in the recently released 2024 cost-of-living adjustments for more than 60 tax provisions. With inflation moderating slightly this year over last, many amounts will increase over 2023 amounts but not as much as in the previous year. Be […]

The Pitfalls of Choosing the Cheapest SOC Report

Tax planning for businesses

Service Organization Control (SOC) reports have become a common part of modern business operations, providing assurance to clients, partners, and stakeholders regarding the security and integrity of an organization’s systems and processes. When it comes to SOC reports, businesses often find themselves tempted to simply select the cheapest option. While this might seem like a […]

SECURE Act Changes to 401K Plan Rules

Employee Benefit Plans (EBPs) are crucial for attracting and retaining top talent, promoting employee well-being, providing financial security, offering tax advantages, maintaining a competitive advantage, complying with legal requirements, and enhancing overall workplace productivity and satisfaction. With such an important asset for employees, as well as businesses themselves, it’s important to make sure your 401K […]

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