The IRS announced a moratorium on the popular Employee Retention Credit through at least the end of 2023. Here’s what you need to know about the moratorium.
There’s new guidance for businesses and nonprofits that are subject to the relatively new lease accounting standard.
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Intuit recently announced that it will discontinue service for QuickBooks Desktop 2020 as of May 31, 2023. If you use QuickBooks Desktop 2020, you have some decisions to make. Let’s look at how this will impact your business and what your options are as May 31 approaches.
Social Security & Medicare Tax As of January 1, 2023, the maximum amount of annual earnings subject to the Social Security increases to $160,200 (from $147,000 in 2022). There is no limit on the amount of earnings subject to the Medicare tax. The maximum Social Security tax to be deducted from an employee’s compensation during 2023 will be $9,932.40 (6.2% x $160,200).
Between the merry-go-round of government changes, staffing shortages and a fluctuating financial market, many youth-focused nonprofits lack one of the most vital tools in securing their future–an endowment.
If your organization is like many other youth-focused nonprofits, the generosity of donors is a huge source of funding for some, if not all, of your income. As a result, fundraising is always a top priority. Since child-focused nonprofits often compete for donor dollars and attention, how can your organization stand out in the crowd of nonprofits that help kids?