The holiday season will soon be here and after a year of avoiding social gatherings, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties.
Choosing the best business entity is an important decision if you are planning to launch a business or thinking about changing your business entity. There are many factors to consider and proposed federal tax law changes being considered by Congress may affect your decision.
Your nonprofit’s board members need accurate financial and strategic information to make the best decisions for your organization.
Establishing an employer-sponsored Health Savings Account (HSA) for your employees is a way to provide some tax-advantaged health care benefits. For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs.
According to a recent survey conducted by fundraising platform FrontStream, the vast majority (87%) of Americans say they’re donating to charity in 2021.
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021).
If your business is depreciating over 30 years the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow.
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021.
On September 24, 2021, the Minnesota Department of Revenue announced that their worksheet for calculating the Minnesota standard deduction limitation had been incorrect in their Instruction Booklet for both tax years 2019 and 2020.
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger automobiles can result in it taking longer than expected to depreciate a vehicle fully.
Whether your not-for-profit continues to hold videoconference board meetings or is back to in-person gatherings, you don’t want to waste members’ time. The key is good planning.
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases, it does, but you’ll have to substantiate the loss.
While preparing for a business audit, an IRS examiner generally researches the specific industry and the taxpayer’s return issues. In addition, examiners may use IRS “Audit Techniques Guides (ATGs).”
According to the Association of Certified Fraud Examiners, the typical defrauded not-for-profit loses on average $75,000 per fraud incident. And that amount doesn’t account for the negative publicity and subsequent lost donations and support that often follow fraud.
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.
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