Interest Rates Increase for the Fourth Quarter 2023
IRS interest rates are increasing to 8% (and up to 10% for large corporate underpayments) starting October 1, 2023. See below for detailed information regarding IRS Revenue Ruling 2023-17. For individuals, the rate for [...]
IRS Doubles Down on Substantiation of Health and Dependent Care Expenses
The IRS recently cautioned employers that the tax-free status of all benefits provided under their Internal Revenue Code (IRC) Section 125 cafeteria plan could be lost if employees are allowed to self-certify or use [...]
Demystifying Nonprofit Cost Allocations
When asked what is at the top of their finance department “to-do” list, many nonprofits name the need for an updated cost allocation plan. An effective cost allocation strategy is essential to organizations’ understanding [...]
Managing Pay for Disqualified Individuals
The title of this article might have caught the eye of some readers, who may have thought it provides tips on managing pay for poor performers or offers a rationale for employing individuals without proper [...]
IRS Drastically Expands Electronic Filing Requirement for 2023 Tax and Information Returns
The Internal Revenue Service finalized regulations on Feb. 23, 2023, significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after Jan. 1, 2024, to be [...]
Unused 529 Accounts
What can you do with an unused 529 account? A 529 account is a tax-advantaged savings plan designed to help families save for education expenses. These accounts are named after Section 529 of the [...]