What Types of Expenses Can’t be Written Off by Your Business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section 162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”
Planning Ahead for 2024: Should Your 401(k) Help Employees with Emergencies?
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.”
Nonprofits: Special Events Call for Tax Planning
Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now to facilitate the reporting process later. Pay attention to the following issues.
What to do if Your Nonprofit Receives an IRS Audit Letter
In recent years, the IRS has increased its scrutiny — including actual audits — of nonprofits. Do you know what to do if your organization receives an audit letter?
Breaking Down the CARES Act – What You Need to Know
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19).
Is Your Nonprofit Complying With Federal Procurement Requirements?
“Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards” (Uniform Guidance) applies to all not-for-profits that accept federal funding.
Lookout for Fraudulent Unemployment Insurance Activity
While unemployment numbers are on the rise, so are cases of fraud being committed to claim unemployment benefits.
How well do your nonprofit’s development and accounting departments communicate?
Your accounting and development departments are central to the continued financial health of your not-for-profit.
The right entity choice: Should you convert from a C to an S corporation?
The best choice of entity can affect your business in several ways, including the amount of your tax bill.
Could You Be a Victim of Identity Theft?
Identity theft occurs when someone intends to use your stolen information to commit fraud through activities such as applying for credit cards, filing taxes, or receiving medical services.
