The IRS has released the 2025 inflation-adjusted contribution limits for retirement plans in Notice 2024-80. While many retirement plan limits will see increases, the adjustments are smaller compared to previous years. As a result, your ability to boost retirement savings may be more restricted, depending on the type of plan you have.
If your company offers self-insured medical benefits or has 50+ full-time employees, Affordable Care Act (ACA) reporting to the IRS is mandatory. Failure to report or errors in filing can result in steep penalties.
As we approach the next ACA reporting period, it's important to stay ahead of significant updates for the 2024 tax year. While there are no major changes to the forms and codes, there are critical updates you should be aware of:
Goodwill is an intangible asset that may be linked to such things as a company’s customer loyalty or business reputation. Many companies have internally developed goodwill that isn’t reported on their balance sheets. However, if goodwill is acquired through a merger or acquisition, it may be reported on the buyer’s financial statements.
The SECURE 2.0 Act, enacted in December 2022, introduced over 90 changes to retirement and tax regulations. While many of these changes will be implemented gradually over several years, there are some that you should start planning for today.
What's the difference between capital gains and losses and ordinary gains and losses? Whether you are selling investments, real estate, or other assets, understanding the distinction between capital gains and losses and ordinary gains and losses is crucial to your federal income tax obligations. From maximizing deductions to understanding tax rates, our article covers everything you need to know to make informed decisions when selling assets.
Not-for-profit organizations and the communities they serve depend on the generosity of donors.
Organizational budgets play a crucial role in guiding not-for-profit organizations toward achieving their mission. Covering all programs and operational costs, it is an essential organizational asset that must be well-maintained. Grant budgets, a subset of this, are specifically funded for particular purposes by grantors and also carry significant importance.
