President Trump signs his One, Big, Beautiful Bill Act into law
On July 4, President Trump signed into law the far-reaching legislation known as the One, Big, Beautiful Bill Act (OBBBA). As promised, the tax portion of the 870-page bill extends [...]
An Education Plan Can Pay Off For Your Employees — And Your Business
A Section 127 educational assistance plan can be a smart investment for your business. With this tax-favored benefit, employees can finish degrees, pursue graduate study and even pay off student loan debt.
Why Choosing The Right Trustee Matters
A trustee is the person who has legal responsibility for administering a trust on behalf of the trust’s beneficiaries. What qualifications should you look for when choosing a trustee?
Family Business Focus: Addressing Estate And Succession Planning
Family business owners: Prudently planning the future of your company may call for weaving together estate planning and succession planning. Let’s talk strategy.
6 Practical Tips To Lower Business Travel Expenses
With inflation and rising travel costs, businesses can’t afford to overspend. Take control of your travel budget with these six cost-cutting strategies.
There’s A New Threshold For Electronically Filing Information Returns
Businesses that file 10 or more information returns must now file them electronically.
New Threshold For Filing Electronic Information Returns Kicked In Jan. 1
If your business files 10 or more information returns, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns.
New Voluntary Disclosure Program For Employers That Filed Dubious ERC Claims
As part of its continuing fight against questionable Employee Retention Credit (ERC) claims, the IRS recently announced a voluntary disclosure program for employers. Under the program, businesses can "pay back the money they received after filing ERC claims in error," the IRS explains.
Cryptocurrency Donations and Non-Profits: Navigating the New Frontier
Introduction: In an ever-evolving financial landscape, non-profit organizations are faced with the prospect of accepting cryptocurrency as a novel form of donation. The question ar [...]
The Tax-Deductible Mileage Rate For Business Driving Increases For 2024
The IRS has announced the 2024 optional standard mileage rates used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes.
Unused 529 Assets Can Help with Retirement Planning Starting In 2024
In 2024, a significant hurdle will be removed for tax-advantaged education savings plans, commonly known as 529 plans. Currently, if your child did not pursue higher education or [...]
The IRS Has Announced Increased Retirement Plan Benefits For 2024
With the 2024 tax year right around the corner, there's good news coming from the IRS. According to a recent announcement from the tax agency (Notice 2023-75), there will be increases to retirement plan contributions next year due to inflation adjustments.
Federal Contractors Will Get A Minimum Wage Increase In 2024
The U.S. Department of Labor's Wage and Hour Division (WHD) recently announced that the minimum wage rate for federal contractors will increase, effective January 1, 2024, in most states.
IRS Suspends Processing Of ERTC Claims
With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year end.
Nonprofits And Insurance: Getting It Just Right
When it comes to insurance, your nonprofit might carry too little, the right amount or possibly too much. We look at must-have policies and offer tips for assessing real risks before you buy.
Why Nonprofits Need To Track Staffers’ Time
Nonprofits are obligated to track time worked by both hourly and salaried workers. So it’s critical to know what’s required and to implement best practices.
Your Nonprofit Probably Won’t Be Audited By The IRS, But If It Is …
Your nonprofit may do everything by the book and still be selected for an IRS audit. Don’t panic! We explain the typical correspondence audit process and how to get through it.
Nonprofits: 4 Ratios Worth Watching
What if we told you that only four ratios mattered when it came to managing your nonprofit? OK, that would be an exaggeration. But there are four measures that generally matter more than the rest.
Education Benefits Help Attract, Retain And Motivate Your Employees
An educational assistance program can be a win-win. Employees value the perk and employers can benefit from a more educated, motivated workforce. Here are the basic tax rules.
4 Ways Corporate Business Owners Can Help Ensure Their Compensation Is “Reasonable”
C corporation owners: To keep your compensation tax deductible, you need to ensure it’s “reasonable.” Otherwise, it could be deemed a dividend. Here are four steps to take.
Take Advantage Of The Rehabilitation Tax Credit When Altering Or Adding To Business Space
The federal tax code encourages businesses to invest in historic buildings with a tax credit. Here are the rules.