If you’re like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you haven’t received such a letter for a contribution? Can you still claim a deduction on your 2023 income tax return for the gift? It depends. […]

As part of an ongoing initiative to combat questionable Employee Retention Credit (ERC) claims, the IRS has launched a voluntary disclosure program. It allows eligible businesses to pay back money they received after filing ERC claims in error. The disclosure program runs through March 22, 2024, and requires only 80% of the claim received to […]

Now that we’re past the holidays and you’ve had January to catch up on the December work that didn’t get done, how’s your financial workflow? Are you caught up on bills and invoices? You may be, but your customers might not be. You can find out by creating an Open Invoices report (Reports | Customers & Receivables) […]

If eligible, you can elect to use Section 179 expensing or bonus depreciation to deduct a large portion of the cost (and in some cases the full cost) of eligible property in the year it’s placed in service. Alternatively, you may follow regular depreciation rules and spread deductions over several years or decades, depending on […]