Insights: Client Accounting Services
OSHA 300A Posting Period (Feb 1-Apr 30)
Employers that are covered by the Occupational Safety and Health Administration’s (OSHA’s) record-keeping rule must post a summary of 2022 work-related injuries and illnesses in a noticeable place from Feb. 1 to April 30. Many employers with more than 10 employees—except for those in certain low-risk industries—must keep a record of serious work-related injuries and…
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The standard business mileage rate is going up in 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car,…
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Like every business, a start-up needs a sensible budget
An impressive 432,834 new business applications for tax identification numbers were submitted during October 2022, according to the U.S. Census Bureau. Indeed, despite the relatively higher costs of doing business these days, plenty of start-ups are still launching. One thing that every new company needs, along with a business plan, is a sensible budget. And that…
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Are Essential Parts of Your Business Being Neglected? Consider Outsourcing
By: Steve Morgan CPA, MBA Whether you own a small business or lead a larger organization, understanding accounting and financial position can be confusing. Most businesses and organizations often have the appropriate staffing to deal with the complexities of specialty operations; however, critical tasks such as budgeting, resource planning, financial management, and long-term strategic financial…
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Tax Implications of the Inflation Reduction Act (IRA)
The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden sign into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the budget reconciliation process and is expected to pay for itself and decrease the budget deficit.…
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Is your withholding adequate? Here’s how to check
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. Receiving a tax refund essentially means you’re giving the…
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Inuit Announces Phishing Attacks for QuickBooks Customers
Tax software vendor Intuit has warned that QuickBooks customers are being targeted in ongoing phishing attacks impersonating the company. The phishing attacks are attempting to lure users with fake account suspension warnings. Today’s alert from Intuit comes after multiple users reported receiving phishing emails notifying them that their QuickBooks accounts were suspended following a failed…
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Three tax breaks for small businesses
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. But it’s not available to C corporations or…
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Vehicle expenses: Can individual taxpayers deduct them?
It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately, under current law, you may not be able to deduct as much as you could years ago. For years prior to 2018, miles driven for business, moving, medical and charitable purposes were potentially…
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Checking in on Your Accounts Payable Processes
Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes tend to get taken for granted. Following are some tips and best practices for improving your company’s approach. Be strategic Too often, businesses take a…
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