Contending with a large outpouring of support sounds like a problem any not-for-profit would embrace. But, in fact, it’s possible to become overwhelmed by supporter interest and donations — particularly if your organization is small or relatively new. Expanded tax… Read More
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IRS announces adjustments to key retirement plan limits
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k),… Read More
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New digital asset reporting requirements will be imposed in coming years
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary… Read More
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Infrastructure law sunsets Employee Retention Credit early
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. It now only applies through September 30, 2021 (rather than through… Read More
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Tax-Efficient Tips for 2021’s Charitable Giving Season
EXTRACT FROM https://bit.ly/3HCYyxB Spurred in part by the pandemic, a record $471 billion was donated to U.S. charities in 2020, according to Giving USA. I expect that trend to continue this year, as individuals, couples and families are inspired, perhaps more so than… Read More
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Loan-hunting tips for nonprofits
To remain financially afloat and retain staffers, many not-for-profit organizations took advantage of government loan programs in 2020 and 2021. But nonprofits shouldn’t think about borrowing only as an emergency solution. If, for example, your nonprofit is in good shape… Read More
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4 red flags of an unreliable budget
Every business should prepare an annual budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats. Whether you’ve already put together a 2022… Read More
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Remember to use up your flexible spending account money
Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account… Read More
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Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after… Read More
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Here’s How Medicare Beneficiaries Can Appeal Income-Related Charges That Result in Higher Premiums
“Most people don’t want to wait two years for their lower income to catch up to them in order to get the IRMAA adjusted downward or removed,” said Danielle Roberts, co-founder of insurance firm Boomer Benefits. Of Medicare’s 63.3 million… Read More