The Internal Revenue Service recently announced the inflation-adjusted 2024 mileage reimbursement rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning Jan. 1, the 2024 mileage reimbursement rates for the use of a car (or a van, pickup or panel truck) are: Business standard mileage rates …
For Business
NEW – Business Beneficial Ownership Information (BOI) Reporting Starts in 2024
Ready to learn about Beneficial Ownership Information (BOI) Reporting rules that start January 1, 2024? In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part of the National Defense Authorization Act for Fiscal Year 2021. The Act introduces new reporting requirements for businesses in the United States; specifically focusing on …
NEW – Business Beneficial Ownership Information (BOI) Reporting Starts in 2024Read More
New in January – Businesses Are Required to E-file Form 8300
Starting Jan. 1, 2024, businesses are required to e-file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300. Trades and businesses must report cash payments received if all the following criteria is met: To comply …
New in January – Businesses Are Required to E-file Form 8300Read More
False Employee Retention Credit Claims Can Mean Big Problems Later
There has been a vast amount of false employee retention credit claims recently filed. Imagine this: you are a business person relaxing at home after a long day’s work. You’re watching TV and a commercial comes on claiming you can get a tax refund of thousands of dollars. And all you have to do is …
False Employee Retention Credit Claims Can Mean Big Problems LaterRead More
Best Practices To Help Guarantee Success For Your Gig Enterprise
Looking for tips to help boost your success for your gig enterprise? You’re not alone! According to one recent study, workers who make up the “gig economy” contributed roughly 5.7% to the gross domestic product of the United States in 2021 alone. This growth signifies a significant shift in the way that we all collectively …
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S Corporation Stockholder? Be Sure You’re Taking Reasonable Compensation In The Form Of Wages.
S corporation requirements, specifically those regarding reasonable compensation, are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their …
Just Announced – Standard Mileage Rates for 2023
Checking the mileage rates for 2023? This article discusses each of the standard mileage rates for 2023 and how they apply. The Internal Revenue Service recently announced the inflation-adjusted 2023 optional standard mileage rates. These rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning …
2023 Tax Year – Starting the Year Right
Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year. While the list below is a great start, the most important of these actions is keeping timely and accurate tax records. Top Considerations for Starting the 2023 Tax Year Right W-4 Updates Employed? If so, …
Wonder What A Tax Deduction Is Worth?
Individuals are always looking for a tax deduction that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer. Some deductions are “above the line” while others must be itemized. Some tax deductions must exceed a threshold amount before being deductible. Then there …
