In today's competitive job market, offering meaningful benefits can set your company apart and help attract and retain top talent. Pennsylvania's new Employer Tax Credit for 529 Contributions provides an excellent opportunity for businesses to support their employees' educational savings while receiving a 25% state tax credit in return.

Running a closely held business is challenging. Owners usually prioritize core business operations — such as managing employees, serving customers and bringing in new sales — over tedious bookkeeping tasks. Plus, the accounting rules can be overwhelming.

Have you been named as executor of your parent's estate? What does this job entail? Acting as an executor of an estate can involve a great deal of work, depending on the amount and nature of the assets. Here's what you should know.

Properly prepared financial statements provide a wealth of information about your company. But the operative words there are "properly prepared." Classifying information accurately isn't always easy — especially as the business grows and its financial transactions become more complex.

As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This year, the sense of urgency is higher for many because of some critical factors.

President-Elect Donald Trump will return to the White House in 2025 — a year that already was expected to see significant activity on the federal tax front. A projected unified GOP Congress is poised to help him notch early legislative tax victories. (Republicans have won back a majority in the U.S. Senate and are projected to retain a majority in the U.S. House of Representatives.) The most obvious legislative win will likely be the extension and expansion of Trump's signature 2017 tax legislation, the Tax Cuts and Jobs Act (TCJA).

Audit season is just around the corner for calendar-year entities. Understanding the types of source documents your audit team might request can minimize disruptions during audit fieldwork and maximize your audit's effectiveness. Here are some common sources of "substantive evidence" that auditors gather to help them form an opinion regarding your financial statements.

As the year winds down, the clock begins ticking for tax season—and 1099 filing is a key priority. For businesses that work with independent contractors, ensuring timely and accurate filing of Form 1099-NEC is crucial. Missing deadlines can lead to costly penalties and strained contractor relationships.

As we look ahead to 2025, changes are on the horizon that may affect your business's payroll planning. The Social Security Administration has announced that the wage base for calculating Social Security tax will increase to $176,100 in 2025, up from $168,600 in 2024. This means wages and self-employment income above this threshold will no longer be subject to the Social Security tax. If your business employs high earners, it's essential to budget for the additional payroll costs resulting from this change.