Employers that sponsor EBPs must ensure that they comply with federal laws enforced by the IRS and the U.S. Department of Labor (DOL). The government uses Form 5500 to collect information about EBPs...
Many business owners may be aware of pass-through deduction but lesser of them may realize that they can utilize eligible retirement contributions to potentially gain a huge tax advantage on...
Federal tax credits are designed to reduce tax burdens for certain expenses, and there are many potential tax credits for which a person or business may be eligible.
Across the country and across many industries, there is an ongoing need to innovate. Of course, coming up with the next big thing often requires a great deal of investment, time, research and...
Managing cash flow is a vital part of running a business. It can also be one of the most challenging aspects. Accurate data on how much money a business is bringing in (accounts receivable) and how...
The construction industry saw a strong rebound from COVID and showed strong performance throughout 2023. This was bolstered largely on the strong growth in U.S. gross domestic product in both Q3 and...
The Accelerating Charitable Efforts Act was introduced in 2021 as a proposed means of reforming tax laws related to charitable donations, private foundations and Donor-Advised Funds (DAFs). For...
The IRS officially began accepting returns for the 2023 tax year at the end of January 2024. This gives taxpayers several months to complete their returns or submit an extension request. Every year,...
The manufacturing industry will face several changes in federal tax law in 2024 thanks to the Tax Cuts and Jobs Act (TCJA) of 2017. New or expanded tax credits are also available to encourage certain...
Form 1099-NEC Form 1099-NEC is required to be issued if the small business owners or sole proprietors paid at least $600 for services performed by contractors within the calendar year. It reports the...