News & Insights
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New Law Raises NonProfit Audit Threshold in NJ
N.J. Governor Murphy signed legislation that effective immediately raises the threshold at which a nonprofit must undergo an audit from $500,000 to $1 million in gross revenues. It also provides that in-kind…
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Protect Your Financial Information
The combination of the holiday shopping season, the upcoming tax season, and the pandemic create additional opportunities for criminals to steal sensitive personal or finance information. To help taxpayers…
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401(k) Limit Increases to $20,500 in 2022
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical…
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Stimulus update: Here’s who will get a payment in 2022
It seems unlikely that the federal government will distribute a fourth stimulus check at this time. But even though the federal government is not issuing an official fourth stimulus check for everybody…
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Pennsylvania Decennial Report must filed by December 31, 2021: What does this mean for you?
WHAT IS A DECENNIAL REPORT? It is a report of an entity’s continued existence. Decennial filings are made every ten years with the intent to identify business names and marks that are no longer in use…
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Year-end Giving: Special Deduction for Those who Don’t Itemize
A special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return. Ordinarily, people who choose to take the standard…
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Trilogy Partners is now officially a division of Haefele Flanagan
Trilogy Partners explores strategy, leadership, people, culture, and assessing what a business needs for growth. Their services include strategic planning, executive and leadership coaching, business transition…
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NJEDA $10 Million Small Business Lease Grant Program Opened Oct. 20
The New Jersey Economic Development Authority is now accepting applications on a rolling basis from eligible businesses and nonprofits seeking state grants to offset up to 20% of the annual cost of leases…
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Give Tax Withholding a Fresh New Look
The Internal Revenue Service reminds taxpayers that the last quarter of 2021 is a good time to check withholding. Life brings constant changes to individual financial situations. Events like marriage,…
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Philly Still Refunding 2020 Wage Taxes for Commuters
Philadelphia has already paid back more than $81 million in wage taxes to suburban residents who worked from home last year instead of commuting to the city — and officials are still processing refund…
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