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RECENT INSIGHTS:

Qualified Disaster Relief Through Charitable Organizations

Don2024-10-12T18:10:07-04:00October 11, 2024|

Public charities, private foundations, and donor advised funds can provide qualified disaster relief assistance to victims of qualified disasters, including individuals and small businesses.

Most NIL Collectives Ineligible for Tax-Exempt Status

Janet Rosson2024-10-12T18:12:27-04:00October 10, 2024|

The IRS has issued a key memorandum concluding that most NIL collectives do not qualify for tax-exempt status. Learn more about the implications for universities, collectives, and the future of NIL programs.

Hurricane Helene: Deadline Extensions, Penalty Relief, and Insights from the PBMares Tax Team

Janet Rosson2024-10-08T17:06:31-04:00October 8, 2024|

The IRS took action quickly after Hurricane Helene traveled 400+ miles, claiming lives and wreaking havoc in the Southeast. Learn about the important information regarding deadline extension and penalty relief.

Higher Catch-Up Contribution Limit Coming in 2025

Janet Rosson2024-10-08T14:02:53-04:00October 7, 2024|

Section 109 of SECURE 2.0 provided for a higher catch-up contribution limit beginning in 2025 for participants in a 401(k) or 403(b) plan for a specific population of employees. The current catch-up contribution limit is $7,500. The higher catch-up contribution will be the greater of $10,000 or 150% of the regular catch-up limit in 2024; $11,250 for 2025. This higher catch-up limit will be indexed annually for inflation beginning in 2026.

SECURE 2.0 Act – Mandatory Automatic Enrollment

Janet Rosson2024-10-07T09:54:50-04:00October 7, 2024|

Learn more about what is needed for retirement plans. For plan years beginning on or after January 1, 2025, SECURE 2.0 requires certain plan sponsors of a 401(k) plan or 403(b) plan to adopt automatic enrollment provisions.