Offering a 401(k) plan helps create an attractive benefits package for keeping employees long term. Most employers with over 100 employees participating in the retirement plan will need to complete a 401(k) audit. As the owner of the company or plan administrator, preparing for the audit is crucial for a successful process. Tips for a […]
Preparing Form 5500: How to Report Employee Benefit Plan
The Form 5500 series concentrates on your employee benefit plans. Returning the annual report with the Depart of Labor is mandatory through the Employee Retirement Income Security Act of 1974. Preparing your form is based on many contributing factors. Who is required to File Form 5500? Knowing if you are required to file is the […]
Nonprofit Board and Staff: Understanding Taxes
Nonprofit board members, trustees, volunteers, and paid staff are the foundation for building a lasting organization to advocate your cause. Running a nonprofit requires planning and understanding of the tax benefits for the organization. When meeting all of the IRS guidelines, most nonprofits are exempt from state sales, property, and income tax. The nonprofit must […]
Get Ready for Tax Season with these Tips!
Tax guidelines and rules change yearly. Preparing for tax season in advance will help your firm, non-profit, or business file an accurate return. Preparing for tax seasonshould be an everyday occurrence. Avoiding the last minute rush to find the right documents will aid in a stress-free tax preparation.3 Tips to Help You Get Ready for […]
New Rules in 2018: Partnership Audits
Every year, changes to the upcoming season affect the way you commence business on a daily basis. The significant changes for 2018 are part of the Bipartisan Budget Act of 2015 (BBA). Passed by the Congress, the BBA greatly effects the rules for partnership audits. The 2018 changes for partnerships may actually increase the number […]
Small Broker Dealer Firms: Audit Tips
The word audit immediately brings a sense of dread to your small broker dealer firm. Do not worry, rather, take action. Being prepared is the best way to handle an upcoming audit. The standards of the audit must meet all the criteria set by the Public Company Accounting Oversight Board (PCAOB). Protecting the rights of […]
Assisting your Senior Parent with their Tax Filing
The aging baby boomer generation means many adult children are taking on new roles of caring for their parents. During tax season, assisting aging parents is crucial for accurate returns. If your parent is already using a tax professional, discuss the types of documents you may need to help at tax time. Identifying the required […]
Nonprofits and Unrelated Business Income Tax (UBIT) – What does it Mean?
Nonprofit organizations are generally charitable, educational, or religious entities promoting a goal within the local or specific community. Under most circumstances, the nonprofit organization will fall under the tax exemption status as outlined by the Internal Revenue Service (IRS) under 501(c)(3) structure. Providing nonprofit organization owners a way to save money on income, the tax exemption […]
Nonprofits: Handling Employment and Compensation Issues
Nonprofit organizations focus on a specific cause or mission. From animal related charities to educational institutions, nonprofit organizations have a broad spectrum of goals. Using excess funds to further the goals is the nature of the nonprofit organizational structure. As a result, handling employment and compensation issues tends to be a difficult task. Staying compliant […]
The Nonprofit 501(c) Audit
When it comes to your nonprofit, there are different audit approaches to verifying sound financial management practices and operational compliance. The scope of work to review your nonprofit will vary depending on the organization’s classification. There are 29 different types of 501(c) classification statuses for tax exemption; however only one classification is allowed to give donors […]