Industry News

Building or replenishing nonprofit operating reserves can take time. But you need a financial cushion, particularly when the economic future looks uncertain. Learn more about finding funds to grow reserves.

If you’re starting a new business, you may wonder if you should operate as a C corporation, an S corporation or another entity. Here’s a summary of what will happen if you choose a C corporation.

The end of the year is a good time to examine your portfolio for tax purposes. Here are some strategies that may save you taxes.

Many people like to give thanks at this time of year by donating to their favorite charities. Here are the basic 2022 rules for charitable contributions and gifts to loved ones.

Do you own savings bonds? Here’s how the interest on the bonds is taxed.

Many people started working from home during the pandemic and have continued working out of home offices. Some of them qualify for home office deductions, but unfortunately, not all of them do. Here are the rules.

Do you have a Health Savings Account at your business? Or are you interested in establishing one? Here are the contribution limits for next year, as compared with this year.

The tax-advantaged retirement plan contribution amounts will be much higher next year than they’ve been in recent years. The reason? Inflation. Find out how much can be saved in 401(k)s, SEP plans, IRAs and more.

It has been quite a year — high inflation, rising interest rates and a bear stock market. While there’s not a lot you can do about any of these financial factors, you may have some control over how your federal tax bill for the year turns out. Here are some strategies to consider executing before year end that may reduce your 2022 or future tax liability.

Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a certain threshold aren’t subject to Social Security tax. Here’s how the 2023 “wage base” will affect your payroll.

Your business may provide low- or no-cost tax-free fringe benefits to employees. Here are the details of these benefits, along with a court case in which an employee was found to have received a taxable benefit but he didn’t include its value in his income.

The price of gas is going up again in some parts of the country. That may affect the tax deductions for local transportation costs that your small business can claim. Here’s what you can write off.

Getting contacted by the IRS and told your tax return is being audited may cause business owners to panic. But you’ll fare better if you understand IRS audits.

Many small businesses are in need of new employees and may get creative in their hiring. The Work Opportunity Tax Credit can help if you hire from certain targeted groups.

Here are four categories of financial ratios that can help you make better, more-informed decisions about your company’s financial future.

New lease accounting rules go into effect this year for private companies and nonprofits. Related-party leases continue to be a sticking point, but help may be coming soon.

Statistical tools, like Benford’s Law, can help your auditors work smarter. But it’s important to recognize the limits of these tools.

If you want to know more about a specific account or nonfinancial matter, an agreed-upon procedures engagement may fit the bill.

Are you looking for a way to give your health care benefits a competitive edge? One idea to consider is adding an Excepted Benefit Health Reimbursement Arrangement to your existing coverage.

If significant growth is part of your company’s strategic plan for the coming year, be careful. Growing a business too quickly can lead to serious financial problems.

Identifying and executing the right M&A deal means gathering the right information at the right time. A quality of earnings report can be a strong addition to your due diligence documentation.