Donating cash and property to your favorite charity is beneficial to the charity, but also to you in the form of a tax deduction if you itemize. However, to be deductible, your donation must meet certain IRS criteria. First, the charity you’re donating to must be a qualified charitable organization, with tax-exempt status. The Exempt […]

Recently, the IRS halted processing of claims for the Employee Retention Credit (ERC), due to a high volume of fraudulent claims. The moratorium is through at least the end of 2023. ERC claims that were already filed are now subject to longer processing, including heightened scrutiny to weed out fraud. Now the IRS is creating […]

If your business sells products, you know how important it is to be able to track their numbers precisely. Keep your stock at the right levels, and you shouldn’t run out of items. You also won’t have a lot of money tied up in products that aren’t selling. You probably have a sense of what’s […]

Does your business have multiple owners? If so, you need a buy-sell agreement. This type of binding contract determines how (and at what price) ownership shares of a privately held business will change hands should an owner depart. There are also potential tax consequences to consider. Unique Challenges Unlike public companies, private ones have no […]