Labor shortages are hitting nonprofits harder than most industries. Strategies to address this challenge don’t have to include higher wages; there are several other potential options, like culture, recruiting, contract workers, tax credits, and more.
The standard calculation of a proposed hourly rate for an exempt salary employee encompasses dividing the individual’s salary by the standard 2,080 work hours per year. However, there is a way you can make your hourly rate more competitive and FAR compliant at the same time.
The IRS is sending taxpayers new letters about the 2021 Economic Impact Payments and Advanced Child Tax Credit payments. The letters contain information necessary for calculating your tax refund correctly.
Many employers do not realize they could benefit from the ERC. As businesses close their books and records for 2021 and begin to work on tax compliance, it is a good opportunity to revisit the ERC to clear up any confusion that may exist.
In 2021 and 2022, a temporary change to the tax code allows companies to deduct 100 percent of most business meal and entertainment expenses. Guidance on per diem deductibility has also been clarified.