Cryptocurrency Gift Acceptance Policy
By Emily Arrigo,Audit ManagerThe use of cryptocurrency has been on the rise in recent years with the younger, tech-savvy generation. Some investors are now looking at donating cryptocurrency due its potential tax savings. As cryptocurrency values have historically...
Biden’s Student Loan Forgiveness
August 29, 2022 On August 24, 2022, President Biden announced a plan that will work to address student loan debt in the United States. His announcement addresses three main areas, including forgiveness of up to $20,000 of federal student loan debt, an extension of...
Inflation Reduction Act (IRA) of 2022
Inflation Reduction Act (IRA) of 2022 What it Means for Individual Taxpayers August 18, 2022 On Tuesday, August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) of 2022 into law. This bill, which is designed to reduce the deficit and lower inflation...
The American Rescue Plan Act of 2021 and Single Audit Requirements
By Zachary Fowler, Senior Accountant The American Rescue Plan Act of 2021 (ARPA) was a $1.9 trillion stimulus package signed into law on March 11, 2021. The bill provides additional relief to address the continued impact of COVID-19 on the economy, public health,...
IRS New Pilot Inspection Program for Retirement Plans
By Niki Stehlik,ManagerIn June 2022, the IRS began sending notices to retirement plan sponsors for examination of their employee retirement plans. This new inspection program requires plan sponsors to self-review their plans for non-compliance. If non-compliance is...
CONSTRUCTION AHEAD: OPPORTUNITIES AND CHALLENGES IN 2022
The Infrastructure Investment and Jobs Act (H.R. 3684) will inject approximately $3 trillion into upgrading and expanding U.S. infrastructure, presenting a long horizon of opportunity for the construction industry. But to what extent will ongoing supply chain...
9 Ways to Bask in Summer Tax Savings
Remember the excitement of the last day of the school year? Many adults have fond childhood memories of being off from school for the summer. But summer break isn't just for kids. Here are nine potential summertime tax breaks for grown-ups — including many that allow...
Manufacturers, Aim to Hire “Target” Workers This Year to Claim the WOTC
If your manufacturing company is like many others in the industry, you're having difficulty finding top-notch new hires to expand your workforce as well as to replace employees who are retiring or quitting. At the same time, you'd like to reduce your tax liability for...
Tips for Increasing Nonprofit Employee Retention
By Morganne Fuller, Senior Accountant It's no secret that the world is experiencing a new climate that goes even beyond high-profile topics such as COVID-19 and politics. This new climate does not discriminate against any type of business, especially the...
Salary Increase Budgets Jump for Nonprofits
In the face of the “Great Resignation” and rising inflation, organizations are taking a second look at the size of their salary increase budgets. For the last decade, budgets for merit increases have hovered around 3%. Now, salary increase budgets are on the rise to...