If your nonprofit’s budget is fixed or static, it may be inadequate during turbulent times. Here’s why you might want to consider a more flexible rolling budget, or even decide to reforecast your current budget.

As part of its continuing fight against questionable Employee Retention Credit (ERC) claims, the IRS recently announced a Voluntary Disclosure Program for employers. Under the program, businesses can "pay back the money they received after filing ERC claims in error," the IRS explains.

The price of gas is about the same as it was a year ago. Will this affect the amount your business can deduct for business driving in 2024?

Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals, and incidentals when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.)

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax.

Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2% in 2024, the federal government just announced.

Every fall, CPAs are busy preparing for audit season, which generally runs from January to April each year. This includes meeting with clients, assigning staff, and scheduling fieldwork.

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

After receiving a deluge of improper Employee Retention Tax Credit (ERTC) claims, the IRS recently announced an immediate moratorium through at least December 31 on processing new claims for the pandemic relief program.

When properly claimed, the Employee Retention Tax Credit (ERTC) is a refundable tax credit designed for businesses that continued paying employees during the COVID-19 pandemic. The complex credit isn't available to individuals.