blog
February 2, 2024
Employee Retention Credit IRS Audit Update

The CARES act was signed into law March 27, 2020 which gave us the Employee Retention Credit (ERC). This refundable tax credit was intended to help those affected by COVID restrictions or disruptions. Unfortunately it has been abused by many organizations and more importan...

February 2, 2024
Encouraging Charitable Donors to Include You in Their Estate Plans

Even if current donations are your not-for-profit’s bread and butter, you can’t afford to neglect planned, legacy or deferred gifts. These gifts, generally made through wills and living trusts, often are much larger. Your employees don’t need to be directly involved wh...

January 24, 2024
3 Tips for Making the Financial Statement Auditing Process Smoother

Not-for-profits aren’t required to produce audited financial statements. But audited statements are more likely to reassure big donors and grant makers about your financial stability and generally will be required if your organization applies for a bank loan. When you hire...

January 19, 2024
Adopting Automatic Enrollment in Your Retirement Plan
January 18, 2024
Why Uncertainty Calls for a More Flexible Budget

Economic, social and political events in 2024 have the potential to negatively influence your not-for-profit’s budget. So if you generally prepare static budgets well in advance of each fiscal year, you may want to switch things up. Rolling budgets can provide your organiz...

January 15, 2024
Correcting Erroneous ERC Claims

In this video, Chris Wittich discusses the process of correcting erroneous claims in the ERC (Employee Retention Credit) program. He explains the voluntary disclosure program, which allows borrowers to amend and fix an ERC claim if a mistake was made. Chris also highlights t...

January 11, 2024
Got Independent Contractors? Get to Know Form W-9

If your not-for-profit is shorthanded, you may decide to engage independent contractors to pick up some of the slack. Just make sure you’re collecting the right information. Organizations need a completed Form W-9 for every nonemployee they pay for services. Obtain this in...

January 8, 2024
Corporate Transparency Act — Beneficial Ownership Information Reporting Requirement

Starting January 1, 2024, a significant number of businesses are now required to comply with the Corporate Transparency Act (“CTA). The CTA” was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial o...

January 5, 2024
Manufacturers: Pay Attention to These 6 Tax-Related Items in 2024

What’s the tax outlook for manufacturers as 2024 begins? While certain provisions of the Tax Cuts and Jobs Act (TCJA) begin to phase out, other tax laws, including the Inflation Reduction Act (IRA) and the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act, ...

January 3, 2024
ERC Second Look Consulting

Consulting with Chris Wittich to determine the best path forward on ERC. In the event that the ERC claim is deemed valid, taxpayers can find reassurance in the accuracy of their claim. On the contrary, if the ERC claim is identified as problematic, we will thoroughly explore...

December 28, 2023
When are Sponsorship and Advertising Payments Subject to Tax?

Sponsorship and advertising dollars can provide a real boost to your not-for-profit organization’s income. However, if sponsors or advertisers receive a “substantial benefit” or if providing benefits isn’t a related business activity, you may owe unrelated business i...

December 27, 2023
2024 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirement...