Read About - The New Federal Audit ClearinghouseJanuary 17, 2024
Introduction
In October 2023, the General Services Administration launched the new Federal Audit Clearinghouse
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Read About - California Guidance on Other State Tax Credit and ReciprocityJanuary 10, 2024
https://windes.wistia.com/medias/v2owa3534x?embedType=async&seo=true&videoFoam=true&videoWidth=640
At a Glance
Main Takeaway
Understanding and navigating the complexities of state tax laws can be challenging for individuals earning income across state lines
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Read About - Receiving a Contribution of Cryptocurrency? Your Donor May Need a Qualified AppraisalDecember 28, 2023
Since the introduction of cryptocurrencies, charities have grappled with the idea of accepting them as a contribution, like receiving a donation of stock. The growth in crypto popularity has prompted more charities to say “Yes.” However, if your charity decides to accept such a gift, you may need to obtain…
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Read About - Cost Segregation Reports and Your Schedule K-1December 18, 2023
A cost segregation report can significantly impact Schedule K-1 tax reporting by affecting depreciation deductions and taxable income
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Read About - Budget vs Actual: How To Do Variance AnalysisDecember 7, 2023
As we enter the last few months of the year, annual planning activities like creating budgets and forecasts become the focus for most leaders and finance teams
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Read About - Tax Credits Available to Nonprofits Under the Inflation Reduction Act of 2022December 4, 2023
In general, tax credits do not mean much to tax-exempt nonprofit organizations because they do not pay taxes (typically)
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Read About - IRS Contributions Rule Change for High-Earner 401(k)sNovember 28, 2023
At a Glance
Main Takeaway
The SECURE 2.0 Act of 2022 (the Act) mandates that individuals aged 50 and older earning $145,000 (indexed for inflation) or more make “catch-up” contributions to their employer-sponsored 401(k) on a Roth basis, meaning those extra contributions are to be made with money you’ve already paid taxes on
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Read About - New SECURE Act 2.0 Long-Term Part-Time Employee RulesNovember 14, 2023
At a Glance
Main Takeaway
The original SECURE Act, signed into law in 2019, was designed to encourage employers to offer retirement plans such as the 401(k) and make it easier for employees to benefit from them
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Read About - 2023 Tax Data ScheduleNovember 7, 2023
Windes Tax Manager Matt Whipple has produced a user-friendly tax data schedule for 2023
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Read About - 2024 Cost of Living Adjustments for Retirement PlansNovember 6, 2023
The IRS has announced cost of living adjustments (COLA) applicable to qualified retirement plans for 2024
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Read About - 2023 Year-end Year-round Tax Planning GuideNovember 1, 2023
Windes is committed to helping you maximize your income through a variety of tax-saving strategies
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Read About - What is CECL, and How Will It Affect Nonprofit Organizations?November 1, 2023
Introduction
Over the past four years, nonprofit organizations (NFPs) have faced a steady stream of new Accounting Standard Updates (ASUs) to adopt
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