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6 essential tips for small business payroll tax compliance
Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all…
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Grant proposals in the age of AI
With fewer federal grants available to not-for-profit organizations, the competition to qualify for funding — from all sources, including foundations — has become more intense. Now, more than ever, your nonprofit needs to submit sharp, clear and attention-getting grant proposals to potential funders. Many organizations are enlisting AI tools to generate proposals. However, it remains…
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5 potential tax breaks to know before moving a parent into a nursing home
Approximately 1.3 million Americans live in nursing homes, according to the National Center for Health Statistics. If you have a parent moving into one, taxes are probably not on your mind. But there may be tax implications. Here are five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing…
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Another court ruling on BOI reporting: Requirements are halted again
In a surprising turn of events, a federal appeals court has issued another ruling that suspends a requirement for businesses to file reports about their beneficial ownership information (BOI). This came just days after the same court issued a ruling that resulted in the federal government announcing that millions of small businesses did have to…
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Audit alert: Beware of potential conflicts of interest
As year end approaches, many businesses will soon be preparing for their annual audits. One key consideration is ensuring there are no potential conflicts of interest that could compromise the integrity of your company’s financial statements. A conflict of interest can cloud an auditor’s judgment and undermine their objectivity. Vigilance in spotting these conflicts is…
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5 tax breaks on the table: What business owners should know about the latest proposals
A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. While the proposed legislation is still under debate, it’s already sparking attention across business communities. Here’s a look at the current rules and proposed changes for five key tax provisions and what they could mean…
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2025 tax calendar
To help make sure you don’t miss any important 2025 deadlines, we’re providing this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance meeting them. January 31 Businesses: Provide Form 1098, Form…
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Building a better nonprofit budget
Does your nonprofit start its budget process from scratch each year or do you mostly make simple adjustments to the previous year’s budget? Either way, if your organization operates on a calendar-year basis, it’s probably time to start thinking about this annual chore. Issues such as reduced grant funding and increased service needs can take…
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3 tips to streamline your accounting processes
Whether you operate a for-profit business or a not-for-profit organization, strong accounting practices are essential for maintaining financial health and making informed decisions. These include creating budgets, monitoring results, preparing accurate financial statements, and complying with tax and payroll requirements. Over time, even efficient systems can become outdated or inconsistent. Here are three simple ways…
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The new law includes a game-changer for business payment reporting
The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the threshold amount will be adjusted for inflation. The current requirement: $600 threshold…
