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Gentle Readers,
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This is likely my shortest missive of all time. Don’t dismay: if I survive the April tax deadline (and I always do), I’ll be back with long and windy articles with breathtaking insights and commentary. However, today my message is short and sweet.

You must return the signed Form 8879 before your tax preparer can file your return!! 
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Alyssa Hodges, CPA •
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After your business taxes are done and any adjusting journal entries have been provided by your accountant, a best-practice is to officially close the books. QuickBooks makes this easy by having a closing date feature which can either warn you or require a password before prior-year data is changed.

To enable a closing date:
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Mallory Vincent, CPA •

With the possibilities of compiled, reviewed, and audited financial statements, it can be difficult to determine the level of CPA audit and assurance services that are the best fit for your Organization and your role in the process. External financial statements could be mandatory due to a state, bank, and/or funding source requirement. For example, the state of New Hampshire sets audit requirements for Non-Profit Organizations (NPOs) – the audit threshold for NH Charitable Organizations (effective August 6, 2022) is gross annual revenues of $2 million or higher. Just over the border in Massachusetts, NPOs with gross revenues of $500,000 or more are required to have an audit.  Additional requirements may be applicable depending on the type of industry in which your Organization operates, its location, and its specific activities. 
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Mallory Vincent, CPA and Colby Ryan • 

If you have purchased a new “clean vehicle” after April 18, 2023, you may qualify for a credit of up to $7,500. To qualify for the credit, your Adjusted Gross Income (AGI) must be below certain limits, which are determined by your filing status (the limits are $300,000 for married filing jointly, $225,000 for head of household, and $150,000 for all other filing statuses). You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in one of the two years, you can claim the credit.
 

The Internal Revenue Service issued the 2025 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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Beginning on Jan. 1, 2025, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
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