IRS orders immediate stop to new Employee Retention Credit processing



We’ve warned our clients over the past few months to be aware of aggressive marketing tactics from vendors promoting the Employee Retention Tax Credit (ERC). Due to the increased risk to businesses and the tax system, the IRS has now announced an immediate moratorium on processing any new ERC claims, at least through the end of 2023.

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Update on Depreciating Business Assets

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know.

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Plan Now For Year-end Gifts With The Gift Tax Annual Exclusion

With the holidays just around the corner, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000. Learn more in this article.



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How a Budget Can Contribute to Your Success

The humble business budget sometimes gets a bad rap. Creating one is time-consuming and sometimes even contentious. Yet a solid annual budget is a must-have for every company. This article advises pushing through "budget hesitation" and explains how a budget can help forecast revenue and recognize expenses. A sidebar looks at an important adjunct to the budget: monthly cash flow projections.



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