BCo Blog

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 [...]

By |September 1st, 2023|Categories: BCo Community News|Comments Off on Interest Rates Increase for the Fourth Quarter 2023

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 [...]

By |July 25th, 2023|Categories: BCo Community News, IRS|Comments Off on IRS Doubles Down on Substantiation of Health and Dependent Care Expenses

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 [...]

By |July 19th, 2023|Categories: BCo Community News|Comments Off on Demystifying Nonprofit Cost Allocations

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 [...]

By |July 12th, 2023|Categories: BCo Community News|Comments Off on IRS Drastically Expands Electronic Filing Requirement for 2023 Tax and Information Returns
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