I recently received a communication from Jo Young-Switzer, President of Manchester College (and my alma mater), that is worth sharing. It is entitled
Notes from the President.
“Reflections. My reflections are usually fairly upbeat about higher education, but my January time away led me to think about young adults. I worry about them. I worry that some of them rely too much on their parents to solve their problems, from roommate issues to financial predicaments. I worry that too many of them have not developed the ability to delay gratification. I worry that some of them have no clue that loans will need to be repaid because loan dollars that seem so easily available now will soon become painful monthly repayments after graduation.
by Stacey Spencer, QKA | Manager, Employee Benefit Services Group
Vesting is the non-forfeitable interest in the employer portion of your account. Your vested percent determines how much of the employer contributions you get to keep when you leave the company. It does not matter whether you terminated employment voluntarily, if you are fired or laid off.
Implementing a vesting schedule is a way for employers to reward loyalty. It provides an incentive for you to continue working there. In many instances, the more years you work, the more employer money you get to keep.
Remember that you are always 100% vested in any money you contribute directly to your own retirement plan. Your deferrals, adjusted for any investment gains or losses, are always 100% vested.
by Amanda Meko, CPA | Partner, Director of Audit & Other Assurance Services and Team Leader of the Not-for-Profit Services Group
What type of research do you perform before making a significant purchase? You may compare the product you’re considering with similar products online to evaluate price and features. You likely will read reviews of other individuals who purchased the products. You may even seek out the opinion of a friend or family member. Your donors may also be performing similar research on your organization before choosing to give. Most organizations have invested in a website, but may not have considered other web resources that donors are using to research prospective charities. The following highlights some of those resources and how you can maximize them.
by Jim Wagoner, CPA | Partner, Director of Tax Services Group and Team Leader of the Professional Services Group
As we all start a new year, many of my clients share with me their goals and action steps they will implement in order to make their organization a more profitable company; a more efficient, leaner company; or an employer of choice, for example. This affords me the opportunity to advise them on how their leadership plays an essential role in the success of achieving their goals.
by Felicia Rupp and Marie Jett, CPA | Team Members of the Tax Services Group
On February 17, Congress passed H.R. 3630, the “Middle Class Tax Relief and Job Creation Act of 2012” (the Act) and sent it to the President for his signature and he is expected to sign the bill promptly.
by Jim Wagoner, CPA | Partner, Director of Tax Services Group
On Monday, February 13, the President unveiled his budget for fiscal year 2013, which included many tax proposals. While it would be unusual for all presidential recommendations to become law, many of the proposed changes have a good chance of being enacted. We want to highlight several of the proposals so that you are aware of them, and can take them into consideration in connection with 2012 tax planning. Most of these changes would become effective in 2013 unless otherwise noted.
by Anita Dudley | Manager, Tax Services Group
The American Payroll Association (APA) has issued a press release that describes five basic tips on how to avoid IRS penalties when paying independent contractors.
by Larry K. Greenwalt, CPA | Chairman of the Board
There was a large amount of interest regarding our last article “The ‘Tax the Rich Rhetoric’ Needs to Focus on the Realities of the Situation”, and we received a few questions which I wanted to address. One question related to the impact of those taxpayers in the $40-$100,000 income range.
by Larry K. Greenwalt, CPA | Chairman of the Board
It seems to be fashionable in Washington to say that the wealthy are not paying their fair share of income taxes. What is fair? Let’s take a look at that. In an interview with NPR, Mr. Roberton Williams, Senior Fellow, Tax Policy Center, noted that in 2009, 47% of Americans did not pay any Federal income tax, up from 38% in 2007. The makeup of this group was primarily families with children, the elderly, low income households, and those who have too little income on which to pay taxes after deductions, credits and exemptions from income tax. This increase in the percentage not paying tax was largely the result of the stimulus bills that were put in place to try to get the economy going again.
by Brandon Cook, CPA | Partner, Tax Services Group and Member of the Construction Services Group
In all businesses everyone knows that cash is king. This is especially true in the construction industry. In the new reality of tight margins, high retainage percentages, and slow-paying contracts, every bit of cash a contractor can get their hands on can be vital to a company’s operations. The look-back calculation, which is required for many contractors, could put more cash into your pocket.