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Accounting News & Insight

Stay informed with insightful articles that delve into new accounting standards, legislative changes, tax updates, and significant financial trends shaping the industry. Our dedicated team curates timely and relevant content designed to empower professionals and businesses alike with the knowledge they need to navigate the complexities of accounting today. Explore our articles to keep your finger on the pulse of both national and international accounting affairs.

2024 Depreciation Limits for Business Vehicles

Also keep in mind that, if a vehicle is used for both business and personal purposes, depreciation must be allocated between deductible business use and nondeductible personal use.

Avoid Misinformation About Tax-Favored Health Accounts

Nonmedical nutrition, wellness and exercise expenses that aren’t explicitly related to a medical diagnosis or treatment aren’t reimbursable under these plans. But that hasn’t stopped certain bad actors from offering to provide a “doctor’s note” (for a price) that they claim would authorize health reimbursement plans to accept ineligible expenses,

Tax records: What can you toss and what should you keep?

Despite the three-year guideline, many tax advisors recommend retaining copies of your finished tax returns indefinitely to prove that you filed. Even if you don’t keep returns indefinitely, at least keep them for six years after the returns are due or filed, whichever is later.

Use the Tax Code to Make Business Losses Less Painful

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.

Tax Credit for Hiring Long-Term Unemployed Workers

Tax Credit for Hiring Long-Term Unemployed Workers

With many businesses facing a tight job market, employers should know about a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment. If your business is hiring right now, the Work Opportunity Tax Credit (WOTC) may help.

Reminder: Deferred Payroll Taxes Due in December

Reminder: Deferred Payroll Taxes Due in December

If you’re a household employer or self-employed and chose to defer paying some Social Security taxes under the CARES Act the deferred Social Security taxes are due by December 31, 2021 and December 31, 2022. If you also deferred the employee share of Social Security taxes the balance is included in the installment amount due by December 31, 2021.