Do you reward your philanthropic employees? Maybe you should. A Cone Research study found two-thirds of millennials will only work for organizations with strong corporate social responsibility (CSR) values, including a culture of giving back. There are many ways to incorporate giving into the workplace including traditional gift matching, volunteer work days, pro bono projects, among others. The IRS will even reward you with tax deductions if you follow certain rules. Here are a few

Did you know that Texas recently legalized the sale of medical marijuana? For now, it’s limited to certain low-THC cannabis oils for seizure patients only, but it could be a sign of changing times for the big business of cannabis in the Lone Star State. 

While you were cursing U.S. taxes, you may not have realized you’ve been sitting on a goldmine. The U.S. has been considered a top global tax haven for years and is now considered by some experts behind only Switzerland as an ideal place for foreigners to stash their money. And with U.S. tax reform in full swing, the European Union (EU) is considering adding the U.S.

to its official blacklist of tax havens.

When something as complex and nuanced as the U.S. tax code gets tweaked, one minor change can cause an avalanche of unintended headaches. One such tweak—supposedly meant to thwart farmers, manufacturers, and other businesses from swapping assets like trucks and machinery tax-free—now seems to be inadvertently hurting businesses like professional sports teams.

Lawsuit settlements just became more profitable…for the IRS. Under the new tax code

, most personal claims are now taxed at 100% with no deduction for legal fees. That’s right: In those cases, the plaintiff will be taxed on the fees paid to the attorney and so will the attorney who receives them!

If you’re a horse enthusiast, take note: The IRS may disagree with whether your affinity is a hobby or business, depending on what’s at stake. With a recent tax court win, a retired racehorse named Woody B. Tuff teaches us about the tax implications of what we do on our weekends.

Can you make a profit and save the world at the same time? Many startups and businesses aim to do just that and, now, there are business designations and corporate structures to fit their missions. Public Benefit Corporation (PBC) status and B Corp designations are both tailor-made for do-good for-profits, but that’s where the similarities end.

We’re in the thick of the 2017 income tax filing season. It’s the time of year we’re often inundated with questions and, with so much confusion about the current tax code, this year is certainly no exception. We’ve answered some of the most common income tax filing questions for the 2017 tax year below.

Who says the IRS isn’t forgiving? The agency hands out penalties quite liberally for late filing, overdue payments, and missing deposits, but did you know taxpayers facing their first penalty in at least three years may be able to have it forgiven? The policy is called First Time Penalty Abatement and, although it’s not well known, it’s been an option since 2001.

Section 179 deductions just got better. For tax year 2018, the Section 179 deduction limit for property has soared to $1 million and, for equipment purchases, the cap is now set at $2.5 million. It could be a big tax-saving opportunity for small businesses—one that could be worth hundreds of thousands of dollars.