Moving You Forward
As you navigate this new business environment, leaders need the right guidance and direction to move forward. Tap into our customized tax, audit, accounting and business advisory solutions to help you recover from disruption and grow stronger. Contact a PBMares advisor today.
RECENT INSIGHTS:
Key Internal Controls for Small Nonprofit Organizations
Many small nonprofits face challenges with weak or inadequate internal control systems, often due to limited staffing and financial resources. Without effective safeguards, these organizations are at greater risk of errors, fraud, and financial mismanagement, which can damage their reputation and disrupt operations. Implementing strong controls helps build trust and allows nonprofits to stay focused on their mission.
Safeguarding Nonprofits with Segregation of Duties
Segregation of duties (SOD) is a key internal control that helps nonprofits reduce fraud, improve accuracy, and build trust. Start the 2025 by exploring the importance of SOD, strategies to overcome common challenges, and actionable steps for establishing strong internal controls.
PBMares Announces Relocation of Norfolk, VA Office
PBMares has moved its Norfolk, Virginia office to the 19th floor of the Wells Fargo Center on Monticello Avenue. The Firm sought out new office space to accommodate a growing workforce.
PBMares Adds Eight New Partners
PBMares, LLP is excited to announce eight new partners effective January 1, 2025. This expansion enhances expertise across key practice areas, including government contracting, construction and real estate, not-for-profit, risk advisory, and outsourced accounting.
PBMares Announces Merger with Fairfax-based BSB CPAs + Advisors to Expand Market Presence in Northern Virginia
PBMares, LLP is excited to formally welcome new partners, team members, and clients from the merger with BSB CPAs + Advisors. The merger took place on October 1, 2024 and the two firms officially joined as of January 1, 2025. Five new partners and 36 new employees joined PBMares in the combination.
Roth Employer Contributions
Roth elective deferral contributions have been permitted in qualified retirement plans since 2006. Section 604 of SECURE 2.0 provided for an optional provision that allows employees to designate their employer contributions, whether it be matching nonelective, as Roth. This applies to 401(k) Plans and 403(b) Plan. This was effective December 29, 2022; however, several challenges delayed implementation of this provision.
