President Joe Biden signed the budget reconciliation bill H.R. 5376 into law Tuesday, August 16, 2022. Better known as the Inflation Reduction Act, the bill includes a number of tax provisions that may affect your business.
You have a great concept for a business, but before you move on to developing your buy-sell agreement, do you know what the best structure or entity type is for you? The entity type is crucial to the success of a business and can have drastic legal and tax consequences for a company. As a business owner, it is your responsibility to understand the structure of the business you are creating and your personal stake within the company.
As a business owner, once you decide to offer a retirement plan for your employees, you become a plan sponsor with fiduciary duties. It is vital to understand the responsibilities that come along with the establishment of a retirement plan and who you may share this responsibility with. Individuals that assume fiduciary duties carry the weight of the interests of all employees participating in the retirement plan.
Expanding your donor pool is a great way to develop new funding sources for your nonprofit. Before you decide to widen your reach, you will want to make sure you are compliant with every state’s fundraising regulations where you plan on fundraising. Often, this will mean filing a charitable solicitation registration (CSR).