The Internal Revenue Service (IRS) doesn’t require nonprofits to have independent audits, but that doesn’t mean your nonprofit never needs an audit. Some federal, state, and local government agencies require audits, as do some banks and foundations. Generally, the requirements
Charitable contributions are deductible, says the IRS, only if you itemize deductions. And further, they are deductible only if you make contributions to qualified charitable organizations. The tax agency reminds us that contributions to individuals are never deductible. Even if
Have you ever wondered how you’re supposed to determine whether your organization is eligible for exemption from federal income tax? The possibility of being tax-exempt is permitted under section 501(a) of the Internal Revenue Code. But what about determining private
All year long, employers withhold income tax from the paychecks of their employees. Each paycheck is distributed to you after your employer has taken out a portion of your paycheck to pay the IRS on your behalf. At the end
If you’re running a business, you’re on the hook for a variety of taxes. Let’s take a look at the main categories: Income tax — All businesses except partnerships must file an annual income tax return. (Partnerships file an information
According to an IRS statement, starting in 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: These rates apply to electric and hybrid-electric automobiles as well as gasoline- and diesel-powered
Workers who are considered employees do not have to pay their own taxes during the year. Instead, employers withhold income tax from their employees’ paychecks and pay it to the IRS on behalf of the employee. Now, if not enough
Are you working on this year’s tax return or planning for the future? Either way, you should know the rules on business travel tax deductions. According to the IRS, whether someone travels for work once a year or once a
The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. That’s just the beginning: The IRS also has issued technical guidance regarding all
The small business pages on IRS.gov serve as comprehensive guides for people looking to navigate the entire life cycle of their business as well as their business-related tax obligations. If you are starting a business and need assistance figuring out