In 2024, manufacturers purchasing equipment and other tangible property may be able to save taxes by claiming Section 179 expensing and first-year bonus depreciation.
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The estate and gift tax exclusion is increasing in 2023 to an all-time high, but set to be cut in half by 2026. Read more to learn about how you can best take advantage of this opportunity today and for an analysis of several different gifting options available to you.
The MN Department of Revenue has released information on changes for new and existing tax laws in 2024.
In recent years, the IRS has increased its scrutiny of nonprofit compliance. Failure to file Form 990 for three consecutive years can lead to automatic exempt status revocation, and other violations can trigger IRS investigations.
A nonprofit merger with a like-minded organization potentially enables you to pool funds, staff, and supporters — temporarily or permanently.
Although uncommon, donors can change their minds and may ask your not-for-profit to return a gift. You need to look at the problem and find a solution.
For many employees, the use of a company car is a cherished perk. But before you hand over the keys, make sure you understand the rules that apply to a company car and taxes.
The IRS has announced various federal inflation-adjusted rates. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners.
Strong internal controls reduce risk for nonprofits but trust and internal controls can coexist.
You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be ordinary, necessary and reasonable. Here are the rules.
Term limits for not-for-profit board members can be a double-edged sword. They can allow you to easily let go of unsuccessful board members, but they also can cause you to lose the best sooner than you’d like.
A cost segregation study might allow you to accelerate depreciation deductions on certain items, reducing taxes and boosting cash flow. Under current law, the potential benefits of a cost segregation study are now even more significant than they were a few years ago.
The Internal Revenue Service has issued the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
For business owners, determining whether they’re making repairs or improvements can be tricky — but it’s important to be aware that the distinction can have real tax consequences.
Learn more about the new IRS Regulations effective January 1, 2024 that require electronic filing for 1099s and other returns. This is applicable to any entity who files 10 or more returns.