BCo Blog

Qualified Charitable Distributions Allow Eligible IRA Owners Up To $100,000 In Tax-Free Gifts To Charity

  On November 17, 2023, the Internal Revenue Service reminded individual retirement arrangement (IRA) owners age 70½ or over that they can transfer up to $100,000 to charity tax-free each year. These transfers, known as [...]

By |November 20th, 2023|Categories: IRS, Retirement Planning|Comments Off on Qualified Charitable Distributions Allow Eligible IRA Owners Up To $100,000 In Tax-Free Gifts To Charity

IRS Provides Tax Inflation Adjustments for Tax Year 2024

  On November 9, 2023, the Internal Revenue Service announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Revenue Procedure [...]

By |November 15th, 2023|Categories: IRS|Comments Off on IRS Provides Tax Inflation Adjustments for Tax Year 2024

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
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