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As of 2024, certain long-term part-time employees are eligible to participate in 401(k) plans. This article provides a detailed understanding of the changes to retirement plan rules brought about by the SECURE Acts.
The IRS has issued a warning against companies misrepresenting personal wellness and nutrition expenses as medical expenses. Understand the potential tax implications and how to use your health spending accounts responsibly.
Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can help achieve this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions.
Understand the IRS's new e-filing system for Form 8300, designed to simplify the reporting of cash payments over $10,000. Learn who must file, the e-filing requirements, and how to apply for a waiver if e-filing is challenging for your business.
Selling your business? Planning your retirement? Strategic planning? Want a better understanding of the worth of your business? There are many reasons why a business owner would benefit from having a Business Valuation performed.
Holding companies offer benefits such as tax efficiency, liability protection, and privacy, but they also present challenges and complexity. This article provides an overview of what holding companies are, how they work, and their pros and cons.
The SECURE Act 2.0 made some important changes to 403(b) retirement plans, which typically are offered by nonprofits to their employees. Is your nonprofit caught up on the law’s provisions?
This article by Fafinski Mark & Johnson, P.A. explores the details of Minnesota’s new Digital Fair Repair Act going into effect on July 1, 2024. This new law will require manufacturers of any products that are sold in Minnesota, and that function using electronic elements, to provide parts, information, and
The Inflation Reduction has several provisions that benefit nonprofits with credits or cash payments. Read more for details on the provisions to determine if your nonprofit qualifies.
If your small business would like to exchange goods and services without exchanging money, you may be able to barter. The internet makes it easier to engage with other businesses. But if you barter, be aware of the tax consequences.
The quest for skilled laborers in the manufacturing sector continues. Where can manufacturers turn to fill open positions? One option can also provide substantial tax savings: Hire workers that qualify for the Work Opportunity Tax Credit (WOTC).
The qualified business income, QBI deduction, is available to eligible businesses through 2025. After that, it’s scheduled to disappear unless Congress acts to extend it. So make the most of the tax break while it’s still on the books.
Even if your startup business has little or no income tax liability, you may be eligible for a payroll tax credit election for increasing R&D activities. This tax break got better under the Inflation Reduction Act.
Even if your not-for-profit rarely needs to reimburse staffers, board members or volunteers, an expense reimbursement policy will make the reimbursement process easier and reduce the risk of any disagreements.
For manufacturers, as certain provisions of the Tax Cuts and Jobs Act (TCJA) begin to phase out, other tax laws, including the Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors Act, have begun to kick in.
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