The SECURE 2.0 Act aims to expand the ease of saving for retirement, to simplify the management of retirement plans, and in general to improve financial security for American workers and retirees. The updated law includes new options for 401(k) and 403(b) employer contributions, adjustments to required minimum distribution age for IRAs, and increased catch-up […]
Tag: IRS guidelines
Setting Payroll for Nonprofit Organizations
Payroll for nonprofits adheres to principles that apply to employees and executives. First, nonprofits must consider payroll classifications. Do you hire direct employees or independent contractors? Ninety-five percent of the time, organizations hire employees. Second, nonprofits also should consider how much savings they will experience if they don’t have to cover payroll taxes. This, however, […]
Nonprofits and Independent Contractors
The most important first step to working with independent contractors is to understand how they differ from your employees. An independent contractor is an individual who performs services or work for your firm but also may perform similar services elsewhere. They are not employees of your nonprofit, and you are not responsible for paying their […]