Author Archive

IRS opens determination letter program for 403(b) plans

Revenue Procedure 2022-40, allows 403(b) retirement plans to use the same individually designed retirement plan determination letter program currently used by qualified retirement plans.

IRS makes statements on CARES Act Employee Retention Tax Credit risks

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 dilemma of dealer or investor classifications for real estate

The actions taken throughout the life cycle of a real estate investment determine whether specific real estate is held for investment or held as dealer property.

Avoid these common pitfalls when establishing a retirement plan

When establishing a retirement plan, be sure to avoid common missteps when setting up your company’s retirement plan.

Sales tax considerations for exempt organizations

The application of sales and use tax to the activity of exempt organizations is complex and nuanced. RSM state tax and exempt organizations specialists explain what you need to know.

5 signs your nonprofit needs to update its business processes

Modernizing business processes has never been more crucial for mission-driven organizations. Key indicators let nonprofits know it may be time to upgrade their technology.

The Inflation Reduction Act of 2022 proposes $80 billion in additional funding for the IRS

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.

Tax issues that arise when a shareholder or partner dies

This article examines the various federal income tax issues, both from the individual and entity level, to be mindful when an owner of a passthrough entity dies.

Pass-through entity elections are here to stay: What you need to know

Pass-through entity elections are creating tax planning complexity. This article explains what you need to know and what you should do next.

5 ways nonprofits can stay agile

To stay nimble, nonprofit organizations should examine these five areas to enhance their ability to adapt to change.