COVID restrictions have eased, and in-person conferences are back on the calendar. And as more people return to offices, companies are warming to sending their employees on work trips.
For many businesses, it’s been a minute since they’ve had to account for employee travel expenses. So it might be time for a refresher on which expenses are tax-deductible, which aren’t, and what pandemic-related tax incentives are available.
The IRS has provided an additional exception for qualified domestic partnerships and S corporations to file their schedules K-2 and K-3 for tax year 2021 to further ease the transition to these new schedules. The new schedules standardize international tax information to partners and flow-through investors while clarifying obligations and standardizing the reporting format.
Business owners spend a lot of time and effort ensuring their operations run smoothly. Yet one scammer going after your company can bring it all down, harming your reputation and your revenue. Here are three steps you can take to boost security at your business and keep scammers at bay.
Build Back Better is one of two pieces of legislation that form the centerpiece of President Biden’s domestic agenda. The first piece — the Infrastructure Investment and Jobs Act — was signed into law in November 2021.
The IRS recently released the 2022 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase every year to account for rising fuel and vehicle and maintenance costs and insurance rate increases.
The Employee Retention Credit (ERC) was introduced in 2020 to help businesses that have been affected by the COVID-19 pandemic. Since its release, it has been expanded and modified to help more businesses. Despite all of this, many businesses that are eligible for the credit haven’t filed for it. Did the pandemic impact your business? Don’t assume your business is ineligible. Keep reading to learn more.
Taxes are a constant for any business. They come due every year, whether you have a profitable year or are in times of economic downturn. Planning for your taxes is an important business function, as it allows you to make decisions throughout the year to maximize your tax deductions and save your business on taxes. Businesses often encounter multiple types of taxes throughout the operating year. These include income taxes, employment taxes like FICA and social security taxes, sales taxes, and excise taxes (only for specific industries). In the article below, we’ll discuss simple measures for saving your business and your employees on some of these taxes.
As a business owner, it is important to be able to read and understand the accounting terms found in your financial statements. Once you understand the basics of financial statements, you can interpret what they mean to your organization’s financial health.
Start-ups and small businesses customarily incur expenditures that may qualify for Research & Development (R&D) tax credits, but generally, these businesses don’t have the taxable profit needed to take advantage of the credit. Qualifying small businesses can apply all or a portion of this popular credit against their payroll tax liability, including social security taxes. Below we’ve answered some of the key R&D questions and whether your business is eligible for offsetting payroll tax.
Preparedness takes many forms, from creating a disaster plan, complete with supply kits and evacuation routes, to safeguarding your business with communication templates and IT backup. This article will explore the steps business owners can take both before and after a disaster strikes to protect their company, employees, clients, and the community.
There have been many changes to the business meals and expenses tax rules over the past few years. This article breaks it down to basics for you. Keep reading.
Do you know what will happen to your business when you retire? By necessity, many busy small business owners spend all of their time thinking about the here and now, with little opportunity to focus on the future. But your company’s long-term survival -— and your own retirement security -— may depend on establishing a realistic and workable exit strategy.
Registered Investment Advisors (RIAs) serve an important role in their client’s lives. They can often be financial custodians to their clients and hold great responsibility for the client’s financial situation. Due to past examples of mismanagement by RIAs in recent history, the Securities and Exchange Commission (SEC) began requiring annual surprise exams (surprise audits) of RIAs to detect fraud, misused, or misappropriated use of client assets managed by RIAs.