Business: Beyond the Obvious

Sharpen your competitive edge with the latest expert financial, tech, operational, and HR insights.

Financial

OMB Rolls Out Updated Guidance Around Federal Awards

The Office of Management and Budget (OMB) announced revisions to grant guidance in October 2023. Now, a memorandum outlines changes such as raising the single audit threshold to $1,000,000 and increasing the de minimis rate to 15%. These changes take effect on October 1, 2024, with agencies having the option to apply them earlier. Federal agencies must submit implementation plans by May 15, 2024. In this article, CSH's Luke Downing, CPA , covers the approved changes. Read more.

SECURE 2.0 Act: The Gift That Keeps on Giving

Since its first rollout in 2022, the SECURE 2.0 Act has substantially impacted retirement savings from the standpoint of both a retirement saver and an employer. Additional updates were rolled out in 2023, and 2024 is no exception. Curious how your business might be affected? Check out our article by experts Lisa Margaret Martin, JD, ERPA and Brad Hunt, CPA . Read the full article here.

New IRS Guidance: Tax Treatment for Energy Efficiency Rebates

The Inflation Reduction Act (IRA) includes provisions to promote the use of renewable energy and energy-efficient upgrades through incentives such as home energy rebates, with nearly $9 billion allocated for this purpose. While the rebates are not yet available, many states are expected to launch their programs in 2024. Learn more about these rebates and the recently issued IRS guidance (Announcement 2024–19) regarding their tax treatment in our article by Brendan J. Walsh, JD, MBA, CCSP .

Not-for-Profits: Financial Statements, Budgeting and Grants (Free Webinar)

Join our upcoming webinar for not-for-profits on Thursday, May 23rd, at 1:00 PM ET. Our not-for-profit experts have prepared an hour of insightful content covering all the things that your organization needs to know. Learn more from experts Sherry Henning (Controller, Managed Services) and Sherry Saddler (Director, Managed Services). You’ll walk away with insights, best practices and updates that will help your not-for-profit stay positioned for success.

Register today and submit your questions to our presenters.

Technology

Five Steps to CMMC Compliance

The steps to achieving compliance with the Cybersecurity Maturity Model Certification (CMMC) can seem daunting. From readiness to maintaining compliance, we have created five key steps to help navigate you through this process. View and download the infographic here.

Demystifying SOC Reports

Organizations today face increasing pressure from their customers, business partners, and auditors to demonstrate the robustness of their internal controls and handling of sensitive data. SOC 1 and SOC 2 reports can provide this assurance to stakeholders. But which report is right for you? Our SOC infographic breaks down the key differences and benefits of each report, making it easier to choose the one that best aligns with your needs. Click here to view the infographic.

5 Ways Financial Institutions Can Minimize Risk

The current risk environment for financial institutions is complex and constantly evolving. Learn more about the five crucial areas your organization should look at to minimize risk now and in the future.

Operations

Considering the other side in an M&A deal can lead to tax benefits for both

Often, achieving tax savings for one party could mean increasing the tax liability for the other party. CSH's own Zach Gubser sat down with the Smart Business Network to explain how that's not always the case. Learn more in the article.

Human Resources

Special HR Compliance Update

On 4/23/24, the Federal Trade Commission (FTC) and the U.S. Department of Labor (DOL) announced major changes regarding non-compete agreements and the salary exemption threshold, respectively.

• Non-Compete Agreements: The FTC declared a ban on all non-compete agreements to go into effect 120 days after it is published in the Federal Register. The rule requires employers to inform present and terminated employees that their non-competes are no longer enforceable. There is an exception that upholds existing non-competes for senior executives making over $151,000 annually; however, it will prohibit future non-competes for such executives. While employers should be prepared for these changes, it is widely anticipated that there will be lawsuits emerging in the coming weeks to challenge the FTC ruling.
• Salary Exemption Threshold Increases: Separately, the DOL also announced scheduled increases on the salary exemption threshold, which currently stands at $35,568 annual. The rule states that effective 7/1/24, the exemption threshold will raise to $43,888 annual (or $844 per week). Effective 1/1/25, the exemption threshold will further increase to $58,656 annual (or $1,128 per week). Additionally, the salary level required to be considered a “Highly Compensated Employee” will increase from $132,964 annual to $151,164 annual on 1/1/25.

How To Conduct a Workplace Accident Investigation

While it’s not possible to prevent all accidents, preparation is key to responding quickly when one occurs. Is your team prepared to conduct a workplace accident investigation? Learn more in our article.

Should You Use a Pre-Screen Questionnaire For Job Applicants?

Wading through endless resumes can be time-consuming, slowing down the search for the best-fit candidate. Leveraging a pre-screen questionnaire can streamline your recruitment process, saving you hours in your day. Andrea Whalen , Senior HR Business Strategist, explains why it's more productive to use a pre-screen questionnaire and shares some best practices to follow to make the most of your time. Learn more in our article.

Clark Schaefer Hackett is more than an accounting and advisory firm; we’re striving to be your most valued advisor. We accomplish this through becoming an extension of your team in areas such as financial, technological, operational, and human resources. Connect with us today to discuss how we can support your growing organization through our family of brands: Clark Schaefer Consulting, Clark Schaefer Strategic HR, and Clark Schaefer Executive Search.