Wendy Harkins

Stay current on the latest happening in group health plan compliance with our monthly compliance update, available in the Learning Center. These updates are brought to you by our in-house compliance experts, covering significant updates on the federal, local, and state level from the month prior. Read more: https://lnkd.in/gMXa7iTH #compliance #grouphealthplan #healthcare

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Yesterday, the Internal Revenue Service (“IRS”) released an update to its plan to transform agency work and improve taxpayer experience. The update to the Strategic Operating Plan provides “an outline of the major projects and outcomes the IRS expects to deliver over the next 12 to 18 months, including enforcement activities, efforts to modernize foundational technology and improve IRS employee tools to help taxpayers.” The plan focuses on five key objectives, one of which (Objective 2) is to “quickly resolve taxpayer issues when they arise.” The planned changes that the IRS expects to lead to the organization’s success in meeting Objective 2, include enhancing live assistance, expanding online services, simplifying notices, disrupting tax scams and schemes, improving IRS employee tools, and ensuring fairness in enforcement. The IRS expects to accelerate these changes through fiscal year 2025 and reports that, during this past tax season (compared with last), it answered over a million more calls (with reduced wait times) and increased in- person service at its Taxpayer Assistance Centers by 37%. In addition to the above, the report notes that the IRS, with its continued focus on enforcement, anticipates increasing audits on the wealthiest taxpayers, large corporations and large, complex partnerships. Audit rates on wealthy individual taxpayers (those with total positive income over $10 million) will increase from an 11% coverage rate in 2019 to 16.5% in tax year 2026. The IRS continues to emphasize that it will not increase audit rates for small businesses and taxpayers making under $400,000. For more information see the IRS release here:  https://lnkd.in/gsn8pPUe Thank you to Michelle E. Espey for sharing this week’s Tax Tracker! #taxtracker #strategicoperatingplan #taxpayer

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Time spent on setting and monitoring indirect rates is time well spent. If your indirect rates involve guesstimation or are missing costs, CAVU's GovCon accountants can help you meet federal requirements while boosting profits. #GovCon #DCAA #Compliance #Accounting

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Headlines shout it, employees complain about it, social media amplifies it: A top concern for the accounting profession is the dwindling talent pipeline. The COCPA continues to lean into initiatives and solutions at both the state and national levels that aim to address growing concerns about the shortage of talent and ensure the sustainability of the future of the profession. https://lnkd.in/gQRyzMiq

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Many foreign non-profit organizations are unable to be recognized as a public charity in the US due to the financial and administrative burden that comes with registering and maintaining a 501(c)(3). As an alternative, the IRS offers the Equivalency Determination and the Expenditure Responsibility as tools for donors and grantees to use when facilitating regulatory compliant cross-border grants. Find out which option is best for your philanthropic needs in the latest installment of our blog series explores the features, similarities, and differences between these two processes: https://lnkd.in/eHgdCQgh

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Start-ups that have secured funding from grants have been hit with additional tax burdens due to the changes in the Tax Cuts and Jobs Act’s (“TCJA”) IRC Sec. 174 related research and development (“R&D”) capitalization. Learn more: https://okt.to/6ucoCT #startups #tax #grants

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Urgent call for accountants in public sector AICPA and the National Association of State Auditors, Comptrollers and Treasurers, (NASACT) have released a report highlighting a critical shortage of accountants in state and local governments. AICPA chief executive of public accounting Susan Coffey stated: "We have a talent shortage in accounting that affects business as a whole." The report suggests remedies such as competitive salaries for CPAs, educating legislative bodies on the value of accountants, and reviewing audit thresholds. It emphasizes the need for specialized expertise in public sector accounting, as government salaries often lag behind the private sector. The report also calls for increased educational initiatives and support for internships to attract young talent into the profession. R. Kinney Poynter, CPA, NASACT executive director, urged for renewed investment in public-sector accounting, stating: "Trust in government requires governments to prepare clear, consistent financial data." The report advocates for aligning accounting standards and reviewing audit requirements to enhance accountability. Subscribe to Accountancy Slice to get your daily slice of Accountancy intelligence direct to your inbox ➡️ https://lnkd.in/emfepVdu #AICPA #CPA #finance #accounting #AccountantShortage #accountants

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🔴 Breaking News: Barry Melancon, President & CEO of the American Institute of CPAs and Chief Executive of the Association of International Certified Professional Accountants, will step down after 30 years of service to the profession. View the release here >> https://lnkd.in/eTqGZfNz

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Have you checked your paycheck withholding lately? The best way to avoid a surprise at tax time is to check your withholding. It could help you avoid paying come tax return time. https://lnkd.in/eVvGit4a #IRS #TaxTips #TaxWithholding

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Time is running out to register for #TaxCourse via @HagerstownCC There are 340,000 fewer #accountants than five years ago, according to a Bloomberg analysis of data from the Bureau of Labor Statistics. And the talent pipeline is drying up. That's why learning to prepare #taxreturns is an essential #skill that can lead to #parttime or #fulltime #employment. Plus, your understanding may help you to not only save on #taxprep fees, but also identify #taxsaving strategies making you a #TaxSleuth! #Tax Course begins Oct. 8. https://buff.ly/47EZDSP #LessTaxingLife #MoreProsperousSolutions #40Years #student #class #moms #retiree #job #work

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Navigating Educational Assistance Programs: A Guide for HR Professionals The IRS recently provided valuable guidance on Educational Assistance Programs under Section 127 of the Internal Revenue Code, essential reading for employers and HR professionals managing or considering such benefits. This guidance helps clarify the tax implications and operational procedures for offering educational benefits to employees. Learn more here - https://hubs.ly/Q02Gh5Pd0

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The Work Opportunity Tax Credit (WOTC) provides employers with a federal tax credit for hiring individuals from targeted groups facing significant barriers to employment, reducing hiring costs and promoting workforce diversity.  In this session, two thought leaders--James Killian, HSD Metrics and Rachel Moorman, HRLogics--will highlight how WOTC and employee engagement combine to fill gaps for employers.  👉 Check out the video here: https://bit.ly/4drW5Fz #HumanResources #Solutions #Webinar

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"You made it through Tax Day! When tax season ends, it’s a great time to review your Form W4 for your withholding for 2024. Whether you started a new job, getting married, or expanding your family, filling out your W-4 correctly is crucial. Here’s a quick guide to help you navigate it like a pro: Personal Information and Filing Status: Begin by entering your essential details—name, address, and Social Security Number. Then choose your filing status (single, married, head of household, etc.). Remember, your filing status affects how much tax your employer withholds from your paycheck. Multiple Jobs or Spouse Also Works: If you have multiple jobs or your spouse works, follow the instructions in this section. Adjust your withholding accordingly to avoid surprises at next year’s tax time. Dependents and Other Credits: If you have dependents or qualify for other tax credits, make sure to account for them. These can impact your withholding. Other Income, Deductions, and Extra Withholding: Be thorough! Report any additional income, deductions, or extra withholding you’d like to consider. Sign and Date: Seal the deal by signing and dating the form. Remember, an accurate W-4 ensures you don’t overpay or underpay your federal taxes. If you’re unsure, use the IRS Tax Withholding Estimator for personalized guidance." From the Desk of Kerry Sees, CPP, ESI's Director of Finance. #taxday #check #whatsnext #w4 #tipsandtricks #esi #employmentsimplified #staffing #hr #compliance #payroll

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What important state and local tax developments have recently occurred across the country that could impact your business? Our prominent State + Local Tax team highlights and analyzes all the updates in the April 2024 edition of The BR State + Local Tax Spotlight. Edited by Josh Sivin and Melanie Lee, this newsletter features commentary by Craig Fields, Eugene Gibilaro, Nicole Johnson, and Josh. #taxlaw #stateandlocaltax #taxattorney

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