As part of an ongoing initiative to combat questionable Employee Retention Credit (ERC) claims, the IRS has launched a voluntary disclosure program. It allows eligible businesses to pay back the money they received after filing ERC claims in error.
Worker Classification: Employee vs. Contractor
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees.
7 Smart Ways to Separate Business and Personal Expenses
Do You Avoid Separating Business and Personal Expenses?
You’re in good – or should we say, bad – company. Over half of American business owners use either their personal checking account or credit card for business purposes, according to a Forbes Expert Panel.
It’s Not Too Late! Uncovering 6 Hidden Tax Deductions for Businesses
Where to Look for Hidden Tax Deductions (Even Though 2023 is Over)
It’s that time of year again! Time for business owners to get together with their accountants to review the previous year’s taxes. If you’ve already started crunching your 2023 numbers and don’t like what you see, there are still ways to uncover hidden tax deductions – which could potentially save you thousands.
The Advantages of LLC Structure for a Small Business
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know the options for setting it up. Here are the basics of operating as an LLC and why it might be a good choice for your business.
Alert: Navigating the Corporate Transparency Act (CTA)
In the ever-evolving landscape of regulatory changes, it is imperative for businesses to stay informed and adapt to new legislation. One such crucial development is the Corporate Transparency Act (CTA), which went into effect on 1/1/24. As your trusted accounting partner, we are here to guide you through the essential aspects of the CTA and outline the necessary steps your business should take to ensure compliance.
2024 Vehicle Mileage Rates
The IRS has issued the 2024 optional cents-per-mile rates used to calculate the tax-deductible costs of operating a vehicle:
Make Business Losses Less Painful Through Tax Code
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.
New Per Diem Rates for Business Travel
The IRS has announced the per diem rates for ordinary and necessary business travel expenses in the fiscal year 2023-24:
Secure a Business Bad Debt Deduction on Your Tax Return
Is your business having trouble collecting payments from clients or vendors? You might be able to claim a bad debt deduction on your tax return. But if you hope to take the deduction on your return for this year, you’ll have to get busy because you must be able to show that you’ve made a “reasonable” effort to collect the debt.