Tag: IRS

Latest Posts From Tag: IRS

Nonprofit

Nonprofit Audit Compliance: What You Need to Know

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

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Nonprofit

The Latest Rules on Charitable Donations

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

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Nonprofit

Everything You Need to Know About Tax-Exempt Status

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

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Personal Taxes

Is Your Withholding Correct?

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

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Construction

What Taxes Do Businesses Have To Pay?

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

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Construction

IRS Changes Mileage Rates for New Year

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

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Small Business

Know the Rules on Business Travel

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

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Personal Taxes

IRS Announces 401(k) and IRA Limits for New Year

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

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Small Business

IRS Tools and Resources To Help Small Businesses

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

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