December 2024
IRS ERC Disallowance Notices: What You Need to Know
The IRS has announced a significant development regarding the Employee Retention Credit (ERC). If you or your business filed an ERC claim, you may receive a disallowance notice or a request for repayment. The IRS [...]
November 2024
End-of-Year Tax Strategies: Gifting and Charitable Giving
As the year draws to a close, it’s the perfect time to review your financial and tax strategies. Whether you’re looking to benefit loved ones or support charitable causes, there are several ways to make [...]
From Flights to Meals: A Guide to Business Travel Tax Deductions
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel [...]
Understanding Financial Statements: A Guide for Small Business Owners
For small business owners, gaining a solid understanding of financial statements—balance sheet, income statement, statement of changes in equity, and statement of cash flows—is crucial. Financial statements provide insights into the business's financial health, cash [...]
National Cybersecurity Awareness Month Reminder: IRS and Security Summit Online Safety Tips
As National Cybersecurity Awareness Month ends and preparation for next tax season begins, the Internal Revenue Service and its Security Summit partners today reminded taxpayers to be wary of online threats like identity theft and fraud. [...]
October 2024
Employers: In 2025, the Social Security Wage Base is Going Up
As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up [...]