2024 Update on Retirement Plans: Recent Changes to Form 5500
Navigating the complexities of retirement plan reporting just got easier with the latest updates to Form 5500. These transformative changes promise to streamline processes, enhance data accuracy, and significantly reduce administrative burdens for plan administrators and sponsors. GRF hosted the 2024 Update on Retirement Plans webinar on May 16th, 2024, which delved into significant updates…
Update on Employee Retention Credit Claims
By Pam Harrison, CPA, Manager, Outsourced Accounting and Advisory Services As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted in 2020, the Employee Retention Credit (ERC) was established to assist businesses impacted by the COVID-19 pandemic. Unfortunately, the program later became a target for aggressive marketing efforts by ERC promoters…
Illustrating Your Nonprofit’s Story with Dynamic Dashboards
Dynamic dashboards are essential for nonprofits, turning complex data into compelling visual narratives. They simplify the presentation of financial and operational metrics, aiding in decision-making and enhancing communication with stakeholders. On Wednesday, April 4, 2024, GRF hosted an informative webinar, “Illustrating Your Nonprofit Story with Dynamic Dashboards,” featuring Ahkeeia Ward, CPA & EA, and Elinor…
GRF’s Omid Mohebbi Elected Chair of GWSCPA Nonprofit Section
May 15, 2024 GRF CPAs & Advisors (GRF) is pleased to announce that Omid Mohebbi, CPA, has been elected as the next chair the Greater Washington Society of CPAs (GWSCPA) Nonprofit Section. His term will begin on July 1, 2024. The Nonprofit Section plays the premiere leadership role to area CPAs in public and private practice…
Accounting Today Recognizes GRF as a 2024 Regional Leader and Firm to Watch
A leading provider of business news for the accounting community, Accounting Today released its 2024 Top 100 Firms ranking of accounting firms and accounting’s regional leaders. GRF CPAs & Advisors (GRF) reported another strong year in 2023 which earned the firm recognition as one of the Top Firms in the Capital Region for 2024 and…
Key Takeaways from the 2024 Sage Transform Conference
By Elinor Litwack, CPA, Partner, Outsourced Accounting and Advisory Services Introducing Sage Copilot One of the highlights of this year’s conference was the unveiling of Sage Copilot, an AI assistant integrated into Sage Intacct, designed to proactively assist users with tasks across the platform. Sage Copilot will allow users to ask questions like, “Who’s timesheet…
Enterprise Risk Management in Nonprofit Organizations – 2024 Workshop Takeaways
On February 22-23, 2024, GRF and NC State University’s Enterprise Risk Management Initiative convened over 100 nonprofit executives and board members to discuss enterprise risk management strategies and tactics. This 5th annual workshop, “Navigating the World of Uncertainties Impacting Nonprofit Organizations,” aims to fill a gap in the resources available to tax-exempt organizations seeking to…
How to Become a Tax-Exempt Organization
By Richard J. Locastro, CPA, JD and Katelyn Miller, CPA, MST The terms “nonprofit” and “tax-exempt organization” are often used interchangeably. And while there may be considerable overlap in their definitions, there is a distinction, especially for a 501(c)(3) public charity or private foundation. As explained further below, the process to become a tax-exempt organization…
The Daily Record Announces 2023 Empowering Women Awards
The Daily Record has named GRF CPA and Advisors as a recipient of a 2023 Empowering Women Award. Empowering Women winners will be honored at The Daily Record’s Women’s Leadership Summit on Oct. 25 at the University of Maryland, Baltimore, 621 West Lombard Street in Baltimore.
SECURE 2.0 Act Requires 401(k) Plan Administration Changes for Employers
The 401(k) plan is the most popular employer-sponsored retirement plan in the United States. As of September 30, 2022, more than $6.3 trillion in assets were held in 401(k) accounts by more than 60 million active participants, as well as millions of former employees and retirees. So 401(k) plans are a key payroll responsibility for most businesses….