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Report Shows Decrease in Quality of IRS Employee Benefit Plan Exams

February 7, 2022 The Treasury Inspector General for Tax Administration recently released a report stating that the IRS unit that checks employee benefit plans for compliance with IRS qualification, reporting and disclosure requirements, and with excise and income tax matters, scored 23 percent lower overall on its quality reviews in fiscal years 2018 through 2020.

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Standard Mileage Rates to Increase in 2022

December 22, 2021 The IRS recently issued Notice 2022-03, which increases the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes for the 2022 tax year.

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Tips for Working With First-Time Single Audit Clients

September 21, 2021 The U.S. has seen historic levels of federal funding in response to the COVID-19 pandemic. Various laws, including the CARES Act and the American Rescue Plan Act of 2021, have provided billions of dollars to American businesses, state and local governments, and not-for-profits. While this funding has provided relief, especially for nonprofits, it may cause complications for many recipients.

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