On Oct. 19, 2022 the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try and get employers to claim the CARES Act Employee Retention Tax Credit (ERTC) when they may not actually qualify.
The new lease accounting standard is effective for fiscal years beginning after December 15, 2021 for nonpublic organizations; so it’s essential that businesses start planning now if you haven’t already.
The Inflation Reduction Act of 2022 provides significant funding for the IRS over the next 10 years. The IRS is expected to use over half the funds for enforcement. Taxpayers can also expect to see an increase in taxpayer services.
Nonprofit organizations often have lean operational budgets. They want to put as much of their resources as possible into fulfilling important missions. But a nonprofit that struggles with its operations will soon find itself with limited mission impact as well.