Misclassifying employees as independent contractors can result in expensive consequences if the IRS reclassifies them. But determining if a worker is a contractor or an employee can be complex.
If you or your employees are heading out of town on a business trip this summer, it’s important to understand the travel deduction tax rules. To qualify, the trip must be necessary for business purposes and require an overnight stay within the U.S.
As a small business owner, you might hesitate to establish a retirement plan due to the administrative complexities involved. However, there are two retirement plans worth considering that come with fewer requirements than traditional qualified retirement plans.
Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. In some cases a business loss, within limits, may be used to reduce taxable income in later years.
Unpaid taxes withheld from your company’s employees might hit you harder than you think. Find out how the 100% penalty can affect your personal finances.
Has your nonprofit lost its tax-exempt status because you forgot to file information returns? The good news is that most organizations can file for reinstatement from the IRS.
A financial crisis can hit at any time, and a financial cushion can help you manage acute shortfalls. If your nonprofit’s operating reserves are low or nonexistent, start looking for ways to build them.
Payroll tax compliance is crucial for small businesses. Mistakes can lead to fines, strained employee relationships, and even legal consequences. This article has tips to help you stay on track.
If your nonprofit is facing a budget crisis and needs to cut costs, there are other possible ways to cut costs than laying off staff. Read more about possible solutions for your organization.
The Treasury Department has suspended the CTA filing requirement for U.S. businesses, signaling a major shift in compliance obligations. While the rule may still face legal challenges, domestic companies are no longer required to report beneficial ownership information—at least for now.
For 2025, inflation-adjusted changes were made to certain business tax limits. Here’s how much employees can contribute to their 401(k)s and FSAs this year, as well as other important business tax amounts.
Gaming fundraisers are popular with nonprofits and their supporters. But before you plan your event, make sure you know the IRS rules regarding reporting gambling activities and paying any tax due.
Nonprofits often struggle with properly handling the cost allocation of program expenses. Yet the process is critical because your supporters want to know how you use financial resources.
Navigating the complexities of payroll taxes is a daunting task for small business owners. Learn how you can streamline your payroll processes by developing strategies to ensure compliance, avoid penalties and maintain employee trust so you can continue to focus on growing your enterprise.
The standard mileage rate is adjusted annually and calculated based on driving costs, including the price of gas. The IRS announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup or panel truck is 70 cents.
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