Advisors for Change Shares Five Changes in 2020 that Could Impact Your Business

Pictured from left to right:  Cindy Popol, Colleen Whitlock, Janet Butler Berry, Amy McPherson

Advisors for Change is a team of experienced professionals who have been helping nonprofits build financial confidence since 2007. They are passionate about how they work with their partners in the process of financial transformation. Keeping track of compliance changes from day to day can be a challenge for anyone! Helping nonprofit clients navigate these changes is a small and important piece of how they partner with the organizations they serve. Here are some important recent developments that impact all businesses. All effective January 1, 2020: 

1. The IRS business mileage reimbursement rate is 57.5 cents in 2020 - down from 58 cents in 2019. See the IRS notice here.
2. Hiring soon? The IRS has issued a new W-4 form in 2020 with notable differences from previous forms. Check out the IRS’ FAQs on the new form here.
3. The Maryland Minimum Wage is now $11.00/hour for most employees and is scheduled to increase in subsequent years. See the Maryland Minimum Wage and Overtime Law poster here.
4. The IRS has raised contribution limits for most retirement plans in 2020. Are you saving enough? Are your employees? Read more about the increases from the Journal of Accountancy here.
5. Employees who make less than $35,568/year must be paid overtime premiums. Read more about the new overtime rule from SHRM here.

The team at Advisors for Change loves helping their nonprofit clients discover financial management solutions that transform their financial health and fuel their missions. They focus on people as the primary drivers of successful financial management systems. Their work develops individuals, teams, and organizations to strengthen their financial engagement and understanding to produce more transparent, accurate, useful, and timely information for management and external reporting purposes. With these values at the forefront of their work, the implementation of technology solutions is met by empowered people, ready to leverage it. Collaborating with their clients to select and engage with a tech stack that improves their efficiency, accuracy, and transparency is basically a night on the town for Advisors for Change! Advisors for Change has operated in Maryland for over 12 years and at My Annapolis Office for three years. They enjoy sharing space and networking with fellow My Annapolis Office professionals, so please feel free to stop by their office or contact them through the Advisors for Change website or follow them on their LinkedIn Page.