Insight Tag: Tax

As a not-for-profit leader, you're passionate about your mission. You're changing lives, improving communities, and making the world a better place. But here's a curveball you might not have seen coming - when it comes to taxes, your not-for-profit might have more in common with for-profit businesses than you think. 

As a business owner, expanding your operations into new states can be an exciting prospect. However, with growth comes new responsibilities, including the obligation to file taxes in those states. Unfortunately, not all businesses are aware of the potential pitfalls and risks associated with state and local taxes, leaving them vulnerable to scams and costly mistakes.

As of July 31, 2024, new subscribers can choose between QuickBooks Online (QBO) and QuickBooks Enterprise. Existing subscribers will still be able to renew their QuickBooks Desktop Pro and Premier subscriptions, but these options are no longer available to new subscribers. The biggest impact will be for new businesses or QuickBooks Desktop users without an active subscription. For several years, Intuit has poured its resources into enhancing QuickBooks Online, to make it more robust and user-friendly while adding new features. 

Ohio Tax is embarking on a significant transformation of its internal software and taxpayer portal. It promises to bring a more user-friendly and modern experience to taxpayers and practitioners alike. This new system is live as of early September.

As a responsible business owner, you know the significance of Employee Retention Credits (ERC) provided by the IRS to help businesses retain their workforce during challenging times. However, with the benefits of ERC comes the risk of scams and fraud targeting unsuspecting employers. Being vigilant and well-informed can shield your business from falling victim to fraudulent schemes. We will walk you through the signs of ERC scams and how to safeguard your business against potential threats.