Tax-exempt status for non-profit organizations allows them to devote their resources to pursuing their missions. To maintain that status, however, nonprofits must demonstrate that they are following various tax regulations and accounting rules. Failure to maintain accurate…
A recent U.S. Department of Labor (DOL) rule was issued to help business owners properly classify workers as employees or independent contractors. The new regulation (RIN 1235-AA43) was also enacted to help protect workers’ rights. The new…
A rule change, effective Jan. 1, 2024, for the 2023 tax year, requires businesses that file 10 or more information returns with the Internal Revenue Service (IRS) to do so electronically. Before the new rule, only businesses…
With changes to the estate tax rules, effective Jan. 1, 2026, many owners of closely held businesses will face serious real value and liquidity issues. With the new rule, the estate tax exemption threshold drops from $12.92…
Below you will find key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. This list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about…
The IRS announced that the standard mileage rate for the business use of a car, van, pickup or panel truck will be 67¢ cents (up from 65.5¢ for 2023). The increased tax deduction partly reflects the national…
For the second consecutive year, the IRS has postponed implementation of a new rule that would have led to an estimated 44 million taxpayers receiving tax forms from payment apps and online marketplaces such as Venmo and…
In the midst of holiday parties and shopping for gifts, don’t forget to consider 2023 year-end tax planning strategies for your business. You still have time to take advantage of a few opportunities. Time deductions and income If…
As another year ends with interest rates and markets in flux, one thing remains certain: Reducing your company’s 2023 tax bill can improve your cash flow and your bottom line. Below are five strategies — including some…
The IRS recently announced their 2024 inflation adjustments. Here’s a rundown of the amounts that are most likely to affect businesses and their owners. Rates and brackets If you run your business as a sole proprietorship or…
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain…
2023 year-end tax planning: 6 strategies to implement now A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes…
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