SECURE Act Impacts Employer Sponsored Defined Contribution Plans
Recent provisions to the SECURE Act make it easier for employees to save for retirement while employers and plan sponsors have new rules to follow for qualified retirement plans.
Like-Kind Exchanges and Installment Sales
When business owners have divergent goals, Section 1031 contains several provisions for like-kinded exchanges and installment sales that can be used to satisfy all parties involved. Proactive tax planning can minimize and delay taxes due while allowing members to pursue their desired outcome.
IRS Requires Tax-Exempt Organizations to File Forms Electronically
Many tax-exempt organizations have filed their 990 series forms electronically for several years. Some smaller organizations are still submitting their 990, 990-EZ or 990-PF in paper form to the Internal Revenue Service (IRS). The Taxpayer First Act enacted July 1, 2019 includes mandates for all tax-exempt organizations to file their forms electronically.
Excessive Profits as a Government Contractor: Windfall or Downfall?
Government spending has increased, leaving Congress no choice but to review the Pentagon’s enforcement of the law related to the incomplete and inaccurate cost and pricing data used to establish contract pricing. First implemented in 1962 to level the playing field during contract price negotiation, the law has left many government contractors raking in the profits today. But what may seem like a windfall could lead to a downfall.
Repeal of Nonprofit Parking Tax Announced
Congress has passed a $1.4 Trillion spending bill to avoid a government shutdown which includes a repeal of the tax on nonprofit organizations that provided qualified transportation fringe benefits, otherwise known as the “parking tax”. Any nonprofit that may have paid tax on the transportation fringe benefits should file an amended 990T to claim a refund of the taxes paid.
Automation, the Human Touch, and Cloud Accounting
Organizational leaders can spend less time on repetitive accounting tasks and more time connecting with clients and by using automated and cloud computing software. Learn how cloud accounting can save you time, money and frustration so you can focus on what matters most.
Nonprofits Subject to High Tax Over Executive Compensation
The tax reform bill of 2017 brought changes to the deductible amount from a for-profit company and now nonprofit executive’s compensation deductions are changing, too. Code section 4960 further explains the 21% excise tax on the amount of compensation paid by an applicable tax-exempt organization, ATEO.
Recording Contributions with Donor-Imposed Restrictions
Donor contributions make up a lot of Virginia’s nonprofits’ annual revenue. Even though the organizations are not relying only on these contributions, nonprofit management has to understand how to account for these contributions in one of two ways.
Government Contractors-Protect Against Unallowable Subcontractor Costs
The Defense Contract Audit Agency recently questioned the allowance of subcontractor costs, not based on their reasonableness, but on the contractor’s lack of supporting documentation as defined in the cost principle. Government contractors can protect themselves and recover the costs they are owed, but there are steps to follow and documents to submit.
Strategies for Managing Concentrated Stock
Managing a concentrated stock position involves more than just knowing a little about stocks and trying to predict the market. Concentrated stock can be accumulated in many ways and can bring with it risk hurtful to your portfolio, and to your pride. Having a plan in place customized to your unique stock concentration issues can help achieve your financial goals.