For franchise tax purposes, the Comptroller’s office made some changes to reports originally due on or after January 1, 2024. Here’s what you need to know.

The credit for increasing research activities is a valuable tax break for eligible businesses. Claiming it involves complex calculations. But in addition to the credit, be aware that it also has a feature that’s favorable to eligible small businesses.

Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take? Here are the rules.

If your nonprofit’s budget is fixed or static, it may be inadequate during turbulent times. Here’s why you might want to consider a more flexible rolling budget, or even decide to reforecast your current budget.

As part of its continuing fight against questionable Employee Retention Credit (ERC) claims, the IRS recently announced a Voluntary Disclosure Program for employers. Under the program, businesses can “pay back the money they received after filing ERC claims in error,” the IRS explains.

The price of gas is about the same as it was a year ago. Will this affect the amount your business can deduct for business driving in 2024?

Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals, and incidentals when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.)

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax.

Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2% in 2024, the federal government just announced.