Changes to Hardship Withdraws

If circumstances, such as immediate and heavy medical expenses, required you to make a hardship withdrawal from your 401(k) you may need to be aware of changes over the past year. Thanks to the Budget Act of 2018, several changes are going into effect for the 2019 Plan Year in regards to hardship withdrawals: No… Read more »

Three Questions to Ask Your Auditor Before Your First Benefit Plan Audit

Is your first benefit plan audit in the near future? If so, you’ll need to be prepared. Any business with employee benefit plans covered by ERISA will be subject to complex regulations and possibly an annual audit, once they have 100 eligible employees. Plan sponsors have a fiduciary responsibility to properly manage their plans. Before… Read more »

Fiduciary Tax under the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act is widely regarded as one of the most significant tax bills passed in the last 30 years,  affecting nearly every type of taxpayer when it was passed in late 2017.  While the majority of the changes under the new law were aimed at individuals and businesses, the new law… Read more »

3 ways to improve development and accounting collaboration

Communication breakdowns between a not-for-profit’s development and accounting departments can lead to confusion, embarrassment and even financial problems. Here are three ways your organization can facilitate cooperation between these two critical functions. 1. Recognize differences Accounting and development typically record their financial information differently, which is why they can produce numbers that vary but nonetheless… Read more »

Tax Planning After Year-End

In general, most tax planning strategies focus on actions a taxpayer can take before year-end to lower their overall tax bill for that year.  Unfortunately, if you are reading this article, the year-end deadline has already passed for 2018.  Fortunately, however, there are still a few tax planning strategies that you can employ now in… Read more »

5 questions can help nonprofits avoid accounting and tax mistakes

To err is human, but some errors are more consequential — and harder to fix — than others. Most not-for-profit organizations can’t afford to lose precious financial resources, so you need to do whatever possible to minimize accounting and tax mistakes. Get started by considering the following five questions: Have we formally documented our accounting… Read more »

The Passing of Time: 2018 Recap

“The long unmeasured pulse of time moves everything. There is nothing hidden that it cannot bring to light, nothing once known that may not become unknown. Nothing is impossible.” – Sophocles Here we are at the end of another year… Time to put 2018 to bed and to begin afresh in 2019. Many of us will… Read more »

THE ESTATE TAX EXEMPTION-WHAT IS IT AND HOW DOES IT WORK?

When clients discuss their tax and financial matters with their CPAs and other advisors, they’ll often hear the term “estate tax exemption”.  Many are not familiar with the term, even though they may have heard it frequently.  While we all deal annually with income tax, not everyone has to deal with the estate tax.  What… Read more »

Following the fundamentals of employee retention

On a nationwide basis, construction businesses face a great challenge in hiring and retaining skilled workers. This means that, if a contractor currently has good people on board, he or she needs to keep them. This article reviews some employee retention fundamentals, including competitive compensation and regular feedback. Following the fundamentals of employee retention The… Read more »