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IMPORTANT: Failure to comply results in a $500/day penalty
Companies should familiarize themselves with the reporting requirements of the Corporate Transparency Act (CTA) which will impact millions of businesses starting January 1, 2024.
Facing a Future Emergency? Two New Tax Provisions May Soon Provide Relief
Starting next year, employers with certain retirement plans can allow staff members to contribute to pension-linked emergency savings accounts. Here’s how they work and who can contribute.
The Social Security Wage Base for Employees and Self-employed People is Increasing in 2024
Certain business owners and some of their employees don’t have to pay Social Security tax on all their wages. Amounts above a threshold aren’t subject to Social Security tax. The “wage base” for 2024 was recently announced by the Social Security Administration.
Businesses Planning to Pay Employees Year-end Bonuses Can Time Their Payments to Reduce Tax.
If your business would rather deduct bonuses in 2024, look into changing your bonus plans and re-setting the payout date before the end of 2023.
Valuations Can Help Business Owners Plan for The Future
Most business owners know that a valuation will be necessary if they decide to sell their companies. But there are other reasons to consider engaging a qualified appraiser.
The Tax Implications of Renting Out a Vacation Home
If you rent your vacation home for less than 15 days during a year, there’s a special tax break. Here are the rules for vacation rentals.
The IRS Has Indicated That it Will Focus Audit Activity on Affluent Taxpayers with More Than $400,000 in Annual Income, Large Partnerships and Big Corporations
If you fall into these groups, you may want to review your tax filings from the past three years.
The Top 3 Tax Tips for 2023
At least one of these simple, easy-to-execute steps are available to most taxpayers. Taking advantage of these steps can result in significant tax savings over the years.
The IRS Has Clarified Its “Wash-Sale” Rule
The IRS has clarified how its “wash-sale” rule affects redemptions of shares in money market funds (MMFs) that maintain fixed share prices.
What Types of Expenses Can’t Be Written off by Your Business?
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.
Build a Better Nonprofit Board with Term limits
Although there are potentially a few disadvantages to board term limits, they generally benefit nonprofits. Read on for more about how term limits can promote diversity and cooperation.
What Are the Tax Implications of Winning Money or Valuable Prizes?
There are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.

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