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Federal Tax News for Businesses

A Business Tax Deduction for Working Pets If you’re a business owner, you may be able to deduct “ordinary and necessary” expenses related to keeping working animals. But the operative word here is “working,” for example, dogs that guard against illegal entry or cats that protect inventory from rodents. In general, such expenses as food,… Continue Reading

7 Tasks For a Successful Nonprofit Finance Committee

A nonprofit’s finance committee oversees and keeps its board of directors apprised of the organization’s overall financial health. This should be more than simply scanning financial reports. An active finance committee is crucial to maintain a nonprofit’s health and reputation. The success of your committee depends on your board, staff and committee members understanding the committee’s… Continue Reading

Top 10 Tax Tips to Consider on Extended Returns

If you requested an extension for your 2023 federal income tax return, you have until six months from the original due date — October 15, 2024, to be exact — to wrap things up. This extra time may give you the opportunity to lower your overall tax bill and possibly increase a refund. Here are 10… Continue Reading

IRS enters next stage of Employee Retention Credit work; review indicates vast majority show risk of being improper

Issue Number:    IR-2024-169 Inside This Issue IRS enters next stage of Employee Retention Credit work; review indicates vast majority show risk of being improper  Highest-risk claims being denied, additional processing to begin on low-risk claims; heightened scrutiny and review continues as compliance work tops $2 billion; IRS will consult with Congress on potential legislative… Continue Reading