DELAWARE TAX PLANNING Learn about the variety of services offered to Delaware companies including Delaware tax planning, business valuation and 401k audits -

Delaware CPA.

2021 DELAWARE SALUTE TO SERVICE BLS CPAs is proud to Multiply Good at The Jefferson Awards by being a Community Sponsor for the 2021 Delaware Salute to Service virtual event! - Belfint CPAs DELAWARE RELIEF GRANTS Paycheck Protection Program – Second Round. In the Consolidated Appropriations Act, 2021 signed on December 27, Congress authorized funds to be used for the second round of the Paycheck Protection Program, also called PPP2. The SBA has opened the PPP2 Loan Application Process, which we have detailed in our blog, A Matter of

Tax.

NONPROFIT CREDIT CARD A formal credit card policy is particularly critical for social service organizations, which frequently have charges similar to those an individual would make for his or her own purposes — for example, food, clothing or household goods. Credit card misuse could jeopardize any organization’s tax-exempt status, and a policy can set up rules

KATHRYN SCHULTZ CPA

DirectorCorporate & International Services. 302.573.3916. The best part of any work day is when a client comes in, I interpret his information and make sure it’s understood, and he then says he’s enjoyed talking to me. That’s not your typical response to a meeting with an accountant." RETIREMENT PLAN DISTRIBUTIONS TAXATION Mandatory 20% federal tax withholding depends on whether a distribution is considered an eligible rollover distribution. Those eligible rollover distributions are noted below in the chart and generally include distributions due to normal retirement age, early retirement at 59 ½, termination from the plan sponsor, disability,

and a Qualified

TRAVEL REIMBURSEMENTS Travel for Departure and Return Days – Expense reimbursements for the departure and return days must be prorated under the standard meal allowance method by one of two methods. Method 1: claiming 75% of the standard meal allowance. Method 2: using any method that is consistently applied and that is in accordance with reasonable

business

SMALL PLAN AUDIT EXEMPTION It takes 1,000 participants to be subject to an audit requirement! Undoubtedly, Pooled Plan Providers (PPPs) will start new PEPs to avoid exceeding the 1,000-participant threshold. “Define Large” suddenly has a longer response. It could be more than 100 DELINQUENT CONTRIBUTIONS Delinquent participant contributions must be reported on Form 5500, Schedule H, Line 4a. When amounts are reported on Line 4a, a schedule must be attached using the format below, as required by the Form 5500 instructions. The DOL has a Frequently Asked Question (FAQ) titled “Reporting Delinquent Participant Contributions on the Form 5500 ELIGIBLE COMPENSATION The answer is: “IT DEPENDS!”. The plan document defines compensation for each plan feature. As such, each plan document can have a different definition for eligible compensation used to determine elective deferrals, matching, and/or profit sharing contributions. Many plans use the statutory definition of compensation in Treasury Regulation DELAWARE TAX PLANNING Learn about the variety of services offered to Delaware companies including Delaware tax planning, business valuation and 401k audits -

Delaware CPA.

2021 DELAWARE SALUTE TO SERVICE BLS CPAs is proud to Multiply Good at The Jefferson Awards by being a Community Sponsor for the 2021 Delaware Salute to Service virtual event! - Belfint CPAs DELAWARE RELIEF GRANTS Paycheck Protection Program – Second Round. In the Consolidated Appropriations Act, 2021 signed on December 27, Congress authorized funds to be used for the second round of the Paycheck Protection Program, also called PPP2. The SBA has opened the PPP2 Loan Application Process, which we have detailed in our blog, A Matter of

Tax.

NONPROFIT CREDIT CARD A formal credit card policy is particularly critical for social service organizations, which frequently have charges similar to those an individual would make for his or her own purposes — for example, food, clothing or household goods. Credit card misuse could jeopardize any organization’s tax-exempt status, and a policy can set up rules

KATHRYN SCHULTZ CPA

DirectorCorporate & International Services. 302.573.3916. The best part of any work day is when a client comes in, I interpret his information and make sure it’s understood, and he then says he’s enjoyed talking to me. That’s not your typical response to a meeting with an accountant." RETIREMENT PLAN DISTRIBUTIONS TAXATION Mandatory 20% federal tax withholding depends on whether a distribution is considered an eligible rollover distribution. Those eligible rollover distributions are noted below in the chart and generally include distributions due to normal retirement age, early retirement at 59 ½, termination from the plan sponsor, disability,

and a Qualified

TRAVEL REIMBURSEMENTS Travel for Departure and Return Days – Expense reimbursements for the departure and return days must be prorated under the standard meal allowance method by one of two methods. Method 1: claiming 75% of the standard meal allowance. Method 2: using any method that is consistently applied and that is in accordance with reasonable

business

SMALL PLAN AUDIT EXEMPTION It takes 1,000 participants to be subject to an audit requirement! Undoubtedly, Pooled Plan Providers (PPPs) will start new PEPs to avoid exceeding the 1,000-participant threshold. “Define Large” suddenly has a longer response. It could be more than 100 DELINQUENT CONTRIBUTIONS Delinquent participant contributions must be reported on Form 5500, Schedule H, Line 4a. When amounts are reported on Line 4a, a schedule must be attached using the format below, as required by the Form 5500 instructions. The DOL has a Frequently Asked Question (FAQ) titled “Reporting Delinquent Participant Contributions on the Form 5500 ELIGIBLE COMPENSATION The answer is: “IT DEPENDS!”. The plan document defines compensation for each plan feature. As such, each plan document can have a different definition for eligible compensation used to determine elective deferrals, matching, and/or profit sharing contributions. Many plans use the statutory definition of compensation in Treasury Regulation

PPP SURPRISE AUDITS

SEE ALSO >>> Nonprofit Organizations Recipients of COVID Relief Could Run into Surprise Audits. The Paycheck Protection Program (PPP), which has offered 100% forgivable loans to eligible organizations, has provided critical support during the pandemic. DELAWARE RELIEF GRANTS Paycheck Protection Program – Second Round. In the Consolidated Appropriations Act, 2021 signed on December 27, Congress authorized funds to be used for the second round of the Paycheck Protection Program, also called PPP2. The SBA has opened the PPP2 Loan Application Process, which we have detailed in our blog, A Matter of

Tax.

EXAMINING CFO DUTIES Your Organization Might Benefit from a CFO. SEE ALSO >>> Nonprofit Organizations As a nonprofit leader, you’re used to overseeing all aspects of your organization. However, you might think, at times, that having a financial expert run that side of the operation could be a

plus.

WHAT YOU NEED TO KNOW ABOUT CHILD TAX CREDIT ADVANCES June 11, 2021. On May 17, the Internal Revenue Service and the Department of Treasury announced additional details and changes surrounding the Child Tax Credit (CTC) outlined in the American Rescue

Plan.

2021 MEET THE FIRMS

Please join the University of Delaware for their 2021 “Meet the Firms” virtual event. Connect with us to learn about our 2022 Summer Internship Program and our Staff Accountant opportunities - Belfint CPAs - Delaware CPA Firm.

ROWAN UNIVERSITY

Join us for Rowan University's 2021 Accounting, Finance, and MIS Expo virtual event to learn more about our Rotational Development Program, Staff Accountant positions, and Internship program. If you are an accounting major looking for a great place to work, connect with us to learn about our 2022 Summer Internship Program and our Staff Accountant opportunities. MANAGING RESTRICTED CONTRIBUTIONS SEE ALSO >>> Nonprofit Organizations Nonprofits are expected to act as good stewards of all contributions. But restricted contributions, as the name implies, impose a higher level of responsibility. QUALIFIED BUSINESS INCOME DEDUCTION The amount of the deduction may not exceed 20% of the taxable income less any net capital gains. So, for example, if the QBI for a married couple is $400,000 and their taxable income is $300,000, the deduction is limited to 20% of $300,000, or $60,000. The QBI deduction is also limited for specified service trades or businesses (SSTBs). SHURELINE DRIVE FORE A CAUSE BLS is a Tee Sponsor of Shureline's 6th Annual Drive Fore a Cause benefiting First Tee of Delaware. - Delaware CPA, Belfint CPA DONNA MCCLINTOCK CPA Adept at creating scenarios for her clients in small businesses in a diverse group of industries, Donna wants to make sure that you are using your money wisely. And as such, she stands by her clients, helping them consider the consequences of the choices they need to make. Don’t be surprised if she brings you a side-by-side scenario

analysis

DELAWARE TAX PLANNING Learn about the variety of services offered to Delaware companies including Delaware tax planning, business valuation and 401k audits -

Delaware CPA.

DELAWARE RELIEF GRANTS Paycheck Protection Program – Second Round. In the Consolidated Appropriations Act, 2021 signed on December 27, Congress authorized funds to be used for the second round of the Paycheck Protection Program, also called PPP2. The SBA has opened the PPP2 Loan Application Process, which we have detailed in our blog, A Matter of

Tax.

2021 DELAWARE SALUTE TO SERVICE BLS CPAs is proud to Multiply Good at The Jefferson Awards by being a Community Sponsor for the 2021 Delaware Salute to Service virtual event! - Belfint CPAs RETIREMENT PLAN DISTRIBUTIONS TAXATION Mandatory 20% federal tax withholding depends on whether a distribution is considered an eligible rollover distribution. Those eligible rollover distributions are noted below in the chart and generally include distributions due to normal retirement age, early retirement at 59 ½, termination from the plan sponsor, disability,

and a Qualified

DELINQUENT CONTRIBUTIONS Delinquent participant contributions must be reported on Form 5500, Schedule H, Line 4a. When amounts are reported on Line 4a, a schedule must be attached using the format below, as required by the Form 5500 instructions. The DOL has a Frequently Asked Question (FAQ) titled “Reporting Delinquent Participant Contributions on the Form 5500 TRAVEL REIMBURSEMENTS Travel for Departure and Return Days – Expense reimbursements for the departure and return days must be prorated under the standard meal allowance method by one of two methods. Method 1: claiming 75% of the standard meal allowance. Method 2: using any method that is consistently applied and that is in accordance with reasonable

business

HIGHLY COMPENSATED EMPLOYEES CONTRIBUTIONS The minimum safe harbor employer contribution formulas available are as follows: 1. Traditional Safe Harbor Plan Match. 1. A 100% vested dollar-for-dollar match up to 3% of compensation, plus 50 cents for every dollar for the next 2% of compensation, or better, which is often effectively dollar-for-dollar up to 4% of compensation. 2. ELIGIBLE COMPENSATION The answer is: “IT DEPENDS!”. The plan document defines compensation for each plan feature. As such, each plan document can have a different definition for eligible compensation used to determine elective deferrals, matching, and/or profit sharing contributions. Many plans use the statutory definition of compensation in Treasury Regulation ADP/ACP FAILURE CORRECTIONS When the ADP or the ACP test fails, the corrective action must take place in the first 2 ½ months after the plan year end, which is March 15 for a calendar year plan. Alternatively, corrections must be made before the end of the plan year following the year of the failed test, but an excise tax must be paid for corrections made after the 2 ½

FRAUD INTERVIEWS

DELAWARE TAX PLANNING Learn about the variety of services offered to Delaware companies including Delaware tax planning, business valuation and 401k audits -

Delaware CPA.

DELAWARE RELIEF GRANTS Paycheck Protection Program – Second Round. In the Consolidated Appropriations Act, 2021 signed on December 27, Congress authorized funds to be used for the second round of the Paycheck Protection Program, also called PPP2. The SBA has opened the PPP2 Loan Application Process, which we have detailed in our blog, A Matter of

Tax.

2021 DELAWARE SALUTE TO SERVICE BLS CPAs is proud to Multiply Good at The Jefferson Awards by being a Community Sponsor for the 2021 Delaware Salute to Service virtual event! - Belfint CPAs RETIREMENT PLAN DISTRIBUTIONS TAXATION Mandatory 20% federal tax withholding depends on whether a distribution is considered an eligible rollover distribution. Those eligible rollover distributions are noted below in the chart and generally include distributions due to normal retirement age, early retirement at 59 ½, termination from the plan sponsor, disability,

and a Qualified

DELINQUENT CONTRIBUTIONS Delinquent participant contributions must be reported on Form 5500, Schedule H, Line 4a. When amounts are reported on Line 4a, a schedule must be attached using the format below, as required by the Form 5500 instructions. The DOL has a Frequently Asked Question (FAQ) titled “Reporting Delinquent Participant Contributions on the Form 5500 TRAVEL REIMBURSEMENTS Travel for Departure and Return Days – Expense reimbursements for the departure and return days must be prorated under the standard meal allowance method by one of two methods. Method 1: claiming 75% of the standard meal allowance. Method 2: using any method that is consistently applied and that is in accordance with reasonable

business

HIGHLY COMPENSATED EMPLOYEES CONTRIBUTIONS The minimum safe harbor employer contribution formulas available are as follows: 1. Traditional Safe Harbor Plan Match. 1. A 100% vested dollar-for-dollar match up to 3% of compensation, plus 50 cents for every dollar for the next 2% of compensation, or better, which is often effectively dollar-for-dollar up to 4% of compensation. 2. ELIGIBLE COMPENSATION The answer is: “IT DEPENDS!”. The plan document defines compensation for each plan feature. As such, each plan document can have a different definition for eligible compensation used to determine elective deferrals, matching, and/or profit sharing contributions. Many plans use the statutory definition of compensation in Treasury Regulation ADP/ACP FAILURE CORRECTIONS When the ADP or the ACP test fails, the corrective action must take place in the first 2 ½ months after the plan year end, which is March 15 for a calendar year plan. Alternatively, corrections must be made before the end of the plan year following the year of the failed test, but an excise tax must be paid for corrections made after the 2 ½

FRAUD INTERVIEWS

EXAMINING CFO DUTIES Your Organization Might Benefit from a CFO. SEE ALSO >>> Nonprofit Organizations As a nonprofit leader, you’re used to overseeing all aspects of your organization. However, you might think, at times, that having a financial expert run that side of the operation could be a

plus.

PPP SURPRISE AUDITS

SEE ALSO >>> Nonprofit Organizations Recipients of COVID Relief Could Run into Surprise Audits. The Paycheck Protection Program (PPP), which has offered 100% forgivable loans to eligible organizations, has provided critical support during the pandemic. FOREIGN TAX CREDIT GUIDE The amount of your creditable taxes paid or accrued during the tax year is not more than $300 ($600 if married filing a joint return) as a result of the foreign tax redetermination, and. You meet the requirements listed under Exemption from foreign tax credit limit under How To Figure the Credit, later.

NONPROFIT ROI

Determining ROI vs. cost ratios. The formula for ROI uses the same inputs as the cost ratio but flips them: ROI = Fundraising revenue / Investment in fundraising (Fundraising expense) Focusing not only on the big picture but on specific fundraising activities will allow your organization to identify its weaker methods and strategies and improve NONPROFIT CREDIT CARD A formal credit card policy is particularly critical for social service organizations, which frequently have charges similar to those an individual would make for his or her own purposes — for example, food, clothing or household goods. Credit card misuse could jeopardize any organization’s tax-exempt status, and a policy can set up rules

2021 MEET THE FIRMS

Please join the University of Delaware for their 2021 “Meet the Firms” virtual event. Connect with us to learn about our 2022 Summer Internship Program and our Staff Accountant opportunities - Belfint CPAs - Delaware CPA Firm.

ROWAN UNIVERSITY

Join us for Rowan University's 2021 Accounting, Finance, and MIS Expo virtual event to learn more about our Rotational Development Program, Staff Accountant positions, and Internship program. If you are an accounting major looking for a great place to work, connect with us to learn about our 2022 Summer Internship Program and our Staff Accountant opportunities. MANAGING RESTRICTED CONTRIBUTIONS SEE ALSO >>> Nonprofit Organizations Nonprofits are expected to act as good stewards of all contributions. But restricted contributions, as the name implies, impose a higher level of responsibility. SHURELINE DRIVE FORE A CAUSE BLS is a Tee Sponsor of Shureline's 6th Annual Drive Fore a Cause benefiting First Tee of Delaware. - Delaware CPA, Belfint CPA RETIREMENT PLAN DISTRIBUTIONS TAXATION * Non-spousal beneficiaries may ask to have benefits distributed by the plan in a plan-to-plan transfer to an inherited IRA. ~ Generally distributions made prior to age 59 1/2 will be assessed an additional 10% early distribution tax. ^ 10% early withdrawal tax does not apply if from an IRA provided the funds are used to buy a first home, pay for college, or needed due to financial hardship. 302.225.0600 | CONTACT US

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Accounting | Audit | Advisors | Consultants | CPAs – Belfint Lyons Shuman is a Certified Public Accounting Firm serving companies across Delaware including Wilmington, Dover (DE) and Pennsylvania including Philadelphia and West Chester (PA). BLS focuses on serving the needs of construction companies, employee benefit plan audits, law firms, medical practices and nonprofit organizations. We also assist international companies with international tax, FBAR compliance and regulatory services. For additional information contact us at

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