Small-business owners often find themselves in a dilemma: they want to grow their business to meet demand, but tight financial circumstances can make it difficult to expand. Or if they do have adequate resources, uncertain situations, such as the one created by the COVID-19 pandemic, can make expansion a risky proposition for a small business. Even if it may not seem like the time to expand, the opportunity may exist. There are several tax credits, grants, and incentives that can encourage growth. Read on to learn how small business incentives can help you create jobs, train staff, and even open a new location.

Risks abound in today’s uncertain marketplace. Nearly two-thirds of senior finance leaders said that the volume and complexity of corporate risks have changed “mostly” or “extensively” in the past five years, according to a new report published by the American Institute of Certified Public Accountants (AICPA) and North Carolina State University.

The penalty for underpaying your taxes is about to sting a bit more than in the past.

The IRS announced last week that the interest rates it charges for underpayments will rise for the last quarter of 2022 — Oct. 1 through Dec. 31.

The rates the agency pays for overpayments also will rise. (Yes, if you pay more in federal income taxes than you owed, the government owes you interest on the excess.)

For the first time in 44 years, Pennsylvania has updated the rules affecting tipped workers and salaried workers who have fluctuating work-week schedules. These changes went into effect on Aug. 5, 2022, and a summary of these regulations can be found below.

Summertime is the perfect time for a mid-year tax checkup. A tax checkup will help you avoid being surprised with a potentially large tax bill and may help uncover ways you can save throughout the rest of the year. Keep in mind that big tax breaks were enacted for the 2021 tax year, but most of those tax law changes expired at the end of 2021. As a result, the child tax credit and credit for other dependents, child and dependent care credit, Earned Income Tax Credit (EITC), and other popular tax breaks are different for the 2022 tax year than 2021.

As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they'll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year.

President Joe Biden signed two bills on Friday, August 5th, 2022, that give the federal government more time to catch and prosecute fraud related to two of the most popular COVID-19 small business relief programs — the Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loans (EIDL).

Oftentimes, businesses do not have the ability to hire a team of experts in their accounting department. Many company owners attempt to manage the company books themselves, but this could easily lead to inaccuracies and issues somewhere down the road.

The Senate passed the climate and tax legislation known as the Inflation Reduction Act of 2022 on Sunday. The bill includes an investment of about $370 billion to combat climate change and several major tax provisions, the Washington Post reported.