RPB_Admin
Year-End Tax Reminders
Need a last minute gift for the hard to shop for person......how about some year-end tax tip reminders! Manage your Capital Gains and Losses - Talk to your broker/investment adviser to get an estimate of gains and losses, including projected taxable Review any potential sales before year end to take advantage of the capital gains o Review any potential stock option plans. Year-end Charitable Contributions - Donations prior to year-end can help reduce o Donor-advised funds may be a great alternative. Planning for 2020 donations using retirement accounts starts Retirement Planning - 401(k) limits are $19,000 per year for 2019
Wisconsin Sales & Use Taxes – Are You Ready for 2020?
As we near the end of 2019 and 2020 rapidly approaches, we find our Accounting Services Department busy getting ready for the changes ahead. The end of the year means finalizing payroll reports and sales tax filings along with year-end bookkeeping and numerous other work for our accounting services clients. But, it also means bringing our clients up to speed on the changes for the year to come. For 2020, one such change is in the area of Wisconsin Sales Taxes. For what seems like an eternity, Wisconsin has had various additional city/local/additional taxes above and beyond our base 5%
Counting your employees for ACA compliance purposes
It seems like a simple question: How many full-time workers does your organization employ? But, when it comes to the Affordable Care Act (ACA), the calculation can be complicated — and the answer is important. Potential penalty The number of workers you employ determines whether your organization is an applicable large employer (ALE). If you’re an ALE, your organization may be subject to a penalty tax for either: Failing to offer minimum essential health care coverage to all full-time employees (and their dependents), or Offering eligible employer-sponsored coverage that isn’t “affordable” or doesn’t offer “minimum value.” The penalty tax
Management letters: Have you implemented any changes?
Audited financial statements come with a special bonus: a “management letter” that recommends ways to improve your business. That’s free advice from financial pros who’ve seen hundreds of businesses at their best (and worst) and who know which strategies work (and which don’t). If you haven’t already implemented changes based on last year’s management letter, there’s no time like the present to improve your business operations. Reporting deficiencies Auditing standards require auditors to communicate in writing about “material weaknesses or significant deficiencies” that are discovered during audit fieldwork. The AICPA defines material weakness as “a deficiency, or combination of
Employers can truncate SSNs on employees’ W-2s
The IRS recently issued final regulations that permit employers to voluntarily truncate employee Social Security Numbers (SSNs) on copies of Forms W-2 furnished to employees. The purpose of the regs is to aid employers’ efforts in protecting workers from identity theft. Proposals and comments On September 20, 2017, the IRS issued proposed regs on the truncation concept. A truncated taxpayer identification number (TTIN) displays only the last four digits of a taxpayer identifying number and uses asterisks or “Xs” for the first five digits. Seventeen comments were submitted on the notice of proposed rulemaking and many recommended adopting the
Auditing grant compliance
Has your organization received any public or private grants to fund its growth? Grants sometimes require an independent audit by a qualified accounting firm. Here’s what grant recipients should know to help facilitate matters and ensure compliance at all levels. Federal compliance Federal awards require compliance with the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (also known as 2 CFR Part 200). This guidance requires any entity that expends $750,000 or more of federal assistance received for its operations to undergo a “single audit,” which is a rigorous, organizationwide examination. To provide grant recipients with
A few basics of safe harbor 401(k) plans
Many growing businesses and other types of employers want to offer a 401(k) plan but don’t want to deal with the stress and administrative challenges of following the IRS’s nondiscrimination testing rules for elective deferrals and matching contributions. One potential solution may be to set up a “safe harbor” 401(k). Such plans aren’t subject to nondiscrimination testing if they satisfy certain contribution, vesting and notice requirements. Here are a few basics on this intriguing retirement benefits option. Start-up requirements To immediately start a safe harbor 401(k), a new plan must have at least three months remaining in the short plan
Is it time to hire a CFO or controller?
Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good thing — the company has grown to a point where simple bookkeeping and basic financial reporting just don’t cut it anymore. If you can relate to the feeling, it may be time to add a CFO or controller. But you’ve got to first consider whether your payroll can take on this generally high-paying position and exactly what you’d get in return. The broad role A CFO or controller looks beyond day-to-day financial management to do more holistic, big-picture
Employee pickup of SPDs isn’t a good idea
Many organizations have employees who become eligible for benefits during their employment. At such time, the employer must provide them with a summary plan description (SPD) of any health benefits plan (or retirement plan) covered by the Employee Retirement Income Security Act (ERISA). One commonly asked question in this situation is: Can we just put a stack of SPDs in the HR office and tell employees to come pick one up instead of furnishing the SPDs by mail or electronically? Although having a supply of SPDs available in HR isn’t necessarily a bad idea, it’s not an advisable approach
Should you revise your nonprofit’s bylaws?
Your not-for-profit has likely grown and evolved since it was founded. Have your bylaws kept pace? Bylaws are the rules and principles that define your organization — and, if you haven’t revisited them recently, they may not be as effective as they could be. Rules and procedures Typically, bylaws cover such topics as the broad charitable purpose of an organization. They also include rules about the size and function of the board; election terms and duties of directors and officers; and basic guidelines for voting, holding meetings, electing directors and appointing officers. Without being too specific, your bylaws should
