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Maximize the QBI deduction before it’s gone
The qualified business income (QBI) deduction is scheduled to disappear after 2025. Congress could extend it, but don’t count on it. Here’s what you need to know to make the most of it while you can.

Upcoming Changes to No Tax Due Threshold Reporting
For franchise tax purposes, the Comptroller's office made some changes to reports originally due on or after January 1, 2024. Here's what you need to know.

Better tax break when applying the research credit against payroll taxes
The credit for increasing research activities is a valuable tax break for eligible businesses. Claiming it involves complex calculations. But in addition to the credit, be aware that it also has a feature that’s favorable to eligible small businesses.

6 ways nonprofit retirement plans are changing
The SECURE Act 2.0 made some important changes to 403(b) retirement plans, which typically are offered by nonprofits to their employees. Is your nonprofit caught up on the law’s provisions?

What’s the best accounting method route for business tax purposes?
Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take? Here are the rules.

The Corporate Transparency Act
The Corporate Transparency Act (CTA) went into effect on January 1, 2024, and is a law that requires businesses that do not meet certain exemptions to file their Beneficial Ownership Information (BOI) report with FinCEN.

Why uncertainty calls for a more flexible budget
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.

Got independent contractors? Get to know Form W-9
Nonprofits that pay independent contractors must keep completed Form W-9s on file for them. We offer some tips for obtaining this information from workers and filing it with the IRS.

New Voluntary Disclosure Program for Employers that Filed Dubious ERC Claims
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 standard business mileage rate will be going up slightly in 2024
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?

New per diem business travel rates kicked in on October 1
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.)

Social Security wage base is increasing in 2024
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.
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