There’s no way to sugarcoat this: Small and midsize businesses should be scared to death about the consequences of the Inflation Reduction Act. Unless they provide goods and services to the green energy industry, the law’s unforeseen consequences could increase their operating expenses in two ways. Here’s what to expect — and how to prepare.

If you could not complete your 2021 tax return by April 18, 2022, and are now on extension, that extension expires on October 17, 2022. Failure to file before the extension period runs out can subject you to late-filing penalties.

Your CPA offers a wide menu of services. One flexible offering, known as an “agreed-upon procedures” engagement, provides limited assurance on a specific aspect of an organization’s financial or nonfinancial information.

When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked federal tax break for qualifying small businesses.

If you’ve been in business for a while, you’ve probably considered many different employee benefits. One option that might have crossed your desk is an employee stock ownership plan (ESOP).

In 2018, the Supreme Court ruled that the Professional and Amateur Sports Protection Act was unconstitutional, which caused a ripple effect resulting in each state being able to decide whether to allow sports wagering, significantly impacting businesses and entities that rely on the act of wagering. Since the ruling, over $125 billion has been legally wagered on sports, as thirty U.S. states plus Washington, D.C., now offer some form of legalized sports betting, according to data from the American Gaming Association.

Not-for-profits that rely on a single income source, or only a few, are vulnerable to economic shocks. The COVID-19 pandemic has made this particularly clear. Most organizations have had to scramble to make up for lost revenue when at least some of their usual support dried up in 2020 — and has been slow to return. If you’ve had a hard time staying afloat over the past couple of years, you may need to diversify your nonprofit’s income stream.

When you take withdrawals from your traditional IRA, you probably know they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with the money.

While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020 tax and information returns. The relief covers many of the most commonly filed forms.