In this issue of Business & Tax Insights, you’ll get an update on business expense deductions, QBI deductions, information on claiming a parent as a dependent on your taxes, and the latest on Employee Retention Credits. We also have details on our new ESG Summit coming up in April, when we will bring together expert advice to address the growing need for Environmental, Social, and Governance initiatives. Read on for all this and more.
The 2024 tax season is underway! If you are a new client, please contact us no later than March 10 for individual returns. If you would like us to help filing your business taxes, you will need to file for an extension, but we may be able to help you with that too.
Ryan Ham, CPA, Partner and Director, Tax
Dos and Don’ts for Business Expense Deductions
Knowing which expenses you can deduct from your business income can be tricky. We review expenses that are generally deductible and which ones aren't – taking a closer look at categories of expenses, including travel, entertainment, meals, client gifts, and vehicle expenses.
If you provide at least half of the cost of supporting a parent, you may be entitled to various tax breaks. Here are four breaks to consider if your parent qualifies as your dependent for federal income tax purposes.
Qualified Business Income (QBI) Deduction: Use It or Lose It
Certain "pass-through" businesses are eligible for a special deduction of up to 20% of qualified business income (QBI). However, this tax break is scheduled to expire after 2025, unless Congress extends it.
Greenhouse Gas Emissions: Defining Scopes 1, 2, and 3
Many organizations are actively working to diminish their greenhouse gas emissions. When tracking and reporting progress, the terms ‘Scopes 1, 2, and 3 emissions’ are frequently used. But what do these designations mean?
Podcast: What's the Latest on Employee Retention Credits (ERC)
The IRS was so overwhelmed with ERC claims that they stopped processing new claims in September last year. GRF Partner Sue Chon provides a status update of the program and the latest guidance as of January.
ESG Summit: Strategies for Developing, Measuring, and Communicating ESG Initiatives
April 24, 2024 | 12:00 PM - 3:00 PM | Online General Admission: $100 | Register before April 15 and save 50%! Use discount code ESG50.
This half-day virtual summit features ESG trailblazers, industry experts, and leaders from early-adopter organizations who will share the critical aspects of ESG initiatives. Our event is designed to offer valuable advice on right-sizing ESG initiatives for your organization; developing effective measurement, monitoring commitments; and developing strategic approaches to communication.
Headquartered in the Washington, D.C. metropolitan region, GRF CPAs & Advisors (GRF) is a full-service professional services firm providing clients with accounting, tax, and advisory solutions. For more than 40 years, the firm has supported the financial and operational success of for-profit and tax-exempt organizations locally, nationally, and around the world.
For more about GRF CPAs & Advisors, visit our website at www.grfcpa.com.
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