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.
What do you need to know about the new upcoming tax legislation in the Tax Relief for American Families and Workers Act of 2024 bill? This bill is currently with the Senate to approve and includes many significant changes that impact taxpayers.
Identity theft occurs when someone wrongfully obtains and uses another person’s personal information, such as their name, Social Security number, credit card accounts, or other confidential data, and uses it to commit financial fraud or engage in other criminal activities while impersonating the victim.
Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. However, for businesses, the aggregate value of tax credits may be limited by the general business credit (GBC).
IRS examiners use publications called IRS Audit Techniques Guides to prepare for audits in certain industries and those with various issues. The publications are available to the public, so you can read them to gain insight into what the IRS looks for in terms of compliance.
Private foundations can be highly effective for people who want to leave a charitable legacy, but they’re expensive to set up and operate. Donor-advised funds (DAF) are a popular alternative, but they also have potential drawbacks.
Nonprofits whose states or municipalities have passed pay transparency laws must comply by, for example, revealing salary ranges in job postings. But even if you’re not required to, consider adopting these practices.
If your manufacturing company is looking to reduce its tax bill, it’s important to familiarize yourself with the General Business Credit (GBC) which is a collection of credits scattered throughout the tax code.
If your nonprofit hopes to land a large gift, it needs to go to the source: high net worth donors. Learn more about wealthy philanthropists and how to get their attention.
Inefficient accounting processes and errors can cost a nonprofit time and money. Here are some tips on how to find and fix less than perfect accounting processes.
Charitable auctions can be an effective way for nonprofits to raise funds. But they can also trip up nonprofits (and donors) that don’t follow tax rules. Here are some of the most important issues.
Shortages in accountants and increasing workplace demands for remote options are forcing organizations to take a closer look at their software and technology platforms and are strongly suggesting a push to cloud accounting platforms.
The SECURE Act 2.0 was signed into law on December 29, 2022 and covers numerous changes to retirement provisions that affect employers and lower their cost of offering and funding retirement savings plans.
Giving circles sometimes are confused with crowdsourcing. But these groups of donors tend to be smaller, more focused and more likely to take an active role in supporting charities. Learn more:
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