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The Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning January 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on October 1. Here is a complete list of the new rates: 7% for…
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Today is Giving Tuesday, an annual global generosity movement that started in 2012. Many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Let’s review the basic tax rules involved in these transactions. Donating to charity In 2022, in order to…
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By now, all organizations, both for-profit and nonprofit, know about the risk of cyberattacks. Why then, would any nonprofit fail to secure its network and digital assets? One reason is cost. Cybersecurity can be expensive. Yet according to IBM’s “2022 Cost of a Data Breach Report,” a data breach in the United States leads to…
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Michael Wolansky, Partner, was recently honored by the nonprofit organization, Carolyn Dorfman Dance, for excellence in service. Michael’s commitment, leadership, and dedication are evident to his clients. He is an integral part of Buchbinder, and his work has truly made a difference. Congratulations, Michael!
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Does your company use supplier finance programs to buy goods or services? If so, and if you must adhere to U.S. Generally Accepted Accounting Principles (GAAP), there will be changes starting next year. At that time, you must disclose the full terms of supplier finance programs, including assets pledged to secure the transaction. Here are…
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No one needs to remind business owners that the cost of employee health care benefits keeps increasing. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical…
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