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Five Steps to Track Vehicle Mileage in QuickBooks
Your organization may need to track business miles to maximize its tax deductions, reimburse employees for personal vehicle use, and comply with IRS rules and regulations. Navigating this process can be administratively burdensome. Fortunately, QuickBooks® offers...
IRS Issues Guidance on New Retirement Catch-Up Contribution Rules
In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications for both employers and...
How to Build a Fence around Your Assets
Make Fundraising a Year-Round Commitment
If your nonprofit focuses all of its fundraising energy on the holiday season and end of the year, it’s not misguided. After all, 26% of charitable giving to nonprofits occurs in December, according to the 2023 M+R Benchmarks Study. But that means almost three...
IRS Computer Glitch Results in Late Notices to Some Plan Sponsors
The IRS has confirmed that a programming glitch resulted in notices being sent to some plan sponsors for late filing of 2022 Form 8955-SSA. The glitch has been fixed, and the IRS is working on a newsletter article to notify taxpayers and to provide instructions to...
Reporting UTPs on Your Financial Statements
It can be difficult for business owners to navigate the tax code and monitor tax law developments. One area of special concern is financial reporting for uncertain tax positions (UTPs). Here’s some insight to help clarify matters. Recognition Standard Companies that...
When Can You Deduct Business Debt from Income Tax?
Private Foundations: “Disqualified Persons” Must Color within the Lines
Although conflict-of-interest policies are essential for all nonprofits, private foundations must be particularly careful about adhering to them. In general, stricter rules apply to foundations. For example, you might assume that transactions with insiders are...
Start Cross-Training Your Accounting Team Today
The accounting profession is facing a talent crisis. The U.S. Bureau of Labor Statistics estimates that roughly 17% of U.S. accountants and auditors have left their jobs over the past two years, leaving some open positions unfilled for many months. And the American...