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Individual Tax Audits: What to do if you’re selected for an audit

  IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and [...]

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Business website costs: How to handle them for tax purposes

  The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that [...]

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What to do when the audit ends

  Financial audits conducted by outside experts are among the most effective tools for revealing risks in not-for-profits. They help assure donors and other stakeholders about your stability [...]

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The tax rules for deducting the computer software costs of your business

  Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the [...]

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5 key points about bonus depreciation

  Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed [...]

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Private foundations need strong conflict-of-interest policies

  Does your private foundation have a detailed conflict-of-interest policy? If it doesn’t — and if it doesn’t follow the policy closely — you could face IRS attention that results in [...]

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Employers have questions and concerns about deferring employees’ Social Security taxes

  The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The [...]

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2020 Q4 tax calendar: Key deadlines for businesses and other employers

  Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be [...]

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Financial dashboards can steer your nonprofit toward financial success

  Not-for-profits increasingly are adopting a corporate world tool: financial dashboards. A dashboard is a summary of an organization’s progress toward a specific goal over time — or a [...]

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How nonprofits should classify their workers for tax purposes

  Employees or independent contractors? It’s not only for-profit companies that struggle with the question of how to classify workers for federal tax purposes. Not-for-profit organizations [...]