Does your not-for-profit want to kick off the new year with fresh momentum and a renewed purpose? Re-energize your team by involving employees in planning training programs that align with their needs and your mission.
While December is here and the end of the year is near, businesses can still take action to reduce their 2024 tax liability. Opportunities such as leveraging pass-through entity tax (PTET) deductions, maximizing the qualified business income (QBI) deduction, and timing income and expenses to optimize tax brackets are all still on the table for 2024.
The IRS is ramping up its efforts to crack down on basis-shifting transactions, a tax strategy used by some partnerships to significantly reduce their tax liabilities. Potential new regulations, including proposed rules and reporting requirements aimed at curbing these abusive practices, will likely impact partnerships moving forward.
🗓️ Wednesday, January 15, 2025 🕐 1:00 PM EST ⌛90 Minutes
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.
