Insights
Four Construction WIP Errors to Avoid
Written by: Kristin Moody, CPA, CFE An accurate Work-In-Process (WIP) schedule is essential for contractors to effectively manage projects, make informed decisions, maintain financial stability, and meet contractual obligations. It provides a comprehensive view of project performance and enables better control over costs, revenues, and overall financial health. Because it is a crucial tool for…
Read More
Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting…
Read More
Changes to TDR Accounting and Disclosures for CECL Adopters
Written By: Kelly Shafer, CPA In March of 2022, the Financial Accounting Standards Board (FASB) issued a follow-up standard to ASU 2016-13 – Measurement of Credit Losses on Financial Instruments (CECL) to address recommendations from a post-implementation review of CECL. This new standard, ASU 2022-02 – Troubled Debt Restructurings and Vintage Disclosures, introduces concepts deemed…
Read More
The IRS has just announced 2024 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered…
Read More
If you’re hiring independent contractors, make sure they’re properly handled
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether…
Read More
Being a gig worker comes with tax consequences
In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have become gig workers and writers in Hollywood who recently went on…
Read More
4 tax challenges you may encounter if you’re retiring soon
Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. These are the minimum amounts you must withdraw from your retirement…
Read More
Crypto Tax Advisor
Written By: Ryan Mink, CPA There was a recent article posted on Forbes that I want to recap here because I believe the author, Dr. Sean Stein Smith, did a great job summarizing some key considerations when looking for a professional to help with tax preparation and planning for digital assets. Fresh out of tax season,…
Read More
Use the tax code to make business losses less painful
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a deduction The net operating loss (NOL) deduction addresses the tax inequities that can…
Read More
Education benefits help attract, retain and motivate your employees
One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits so that team members can improve their skills and gain additional knowledge. An employee can…
Read MoreSUBSCRIBE TO OUR NEWSLETTER
Receive timely news and updates from our newsletter.