Is an S Corporation Election Right for Your Business?
An S corporation is a tax election that changes how your business’s profits are treated. Instead of paying self-employment tax on your net income, you pay yourself a salary through payroll and take the remaining profit as distributions. While the salary is subject to payroll taxes, the distributions are not subject to Social Security and… View Article Read Entire Article
Newsflash: Enhancements to the Paid Family and Medical Leave Tax Credit
Here’s an overview of the employer credit for Paid Family and Medical Leave, including the recent changes. What is the employer credit for PFML? Employers who meet the requirements can claim a general business tax credit from 12.5% to 25% of wages paid to qualifying employees for up to 12 weeks of family and medical… View Article Read Entire Article
What to Know About Payroll: Have a Look for National Payroll Week
National Payroll Week runs this year from September 7-11. As PayrollOrg has said, it’s a chance to celebrate America’s employees and the payroll professionals who pay them. A long history There are a lot of fun facts about payroll we bet you didn’t know. Here are a few of them: The concept of payroll goes… View Article Read Entire Article
Is a Donor-Advised Fund Right for You?
Donor-advised funds are a popular way to support eligible nonprofits while benefiting from charitable tax deductions. With a DAF, you can generally claim a deduction when you contribute to it and recommend grants to charities over time, often in a later tax year. This flexibility has contributed to the growth of DAFs in recent years…. View Article Read Entire Article
IRS Makes Rare Midyear Change to Mileage Rates
In Announcement 2026-11, the IRS has announced that starting July 1, 2026, the revised standard mileage rates are: (1) Business: 76 cents per mile (up from 72.5 cents per mile) (2) Medical and moving: 23.5 cents per mile (up from 20.5 cents per mile) The mileage rate that applies to the deduction for charitable contributions… View Article Read Entire Article
Understanding the Difference Between Employees and Contractors
Many employers hope for a single factor or an easy checklist to help them decide whether a worker is an employee or an independent contractor. The reality is more complicated. At the federal level, the IRS evaluates whether the business has the right to direct and control how the worker performs services, even if that… View Article Read Entire Article
Nonprofit Organizations: The Various Flavors
When you apply at the IRS to become eligible as a nonprofit that doesn’t need to pay taxes, there are several important aspects to keep in mind. Although most types of nonprofits are not necessarily required to pay taxes, there are many exceptions, and it ultimately depends on the specific circumstances involved and on your… View Article Read Entire Article
Understanding the Tax Consequences of Canceled Debt
When you borrow money and are legally obligated to repay it, you have a debt. If a creditor later forgives that debt or agrees to accept less than the full amount owed, the unpaid balance is generally regarded as canceled debt. Cancellation can occur for various reasons, such as when a creditor formally forgives a… View Article Read Entire Article
Never Mind April 15: It’s Tax Time Now!
It’s halfway through the year, and the IRS advises it's a great time for taxpayers to do a quick check to make sure they’re on a smooth track to next filing season. Read their tips here.
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