Tricky Tax Angles to Fringe Benefits
Competition for top-notch workers can be fierce, and your business may currently be understaffed due to a number of factors. A proven way to help attract and retain the cream of the crop is to expand or enhance your company’s fringe benefits package. In fact, a...
Should You Extend Your 2022 Tax Return?
In a statement posted to its website on February 3, 2023, the IRS asked certain taxpayers to temporarily hold off on filing their 2022 returns until it could issue guidance on how to treat special tax refunds and payments made by approximately 20 states in 2022. The...
8 Reasons to Outsource Your Accounting
Many companies and organizations have found it difficult to hire the right accounting expertise at the right price in today’s tight labor market. Some organizations struggle to find qualified team members, or they cannot afford to pay the salary of someone who has the...
New Election for Pass-Through Entities Can Help Owners Bypass State and Local Tax Deduction Cap
A new election available to pass-through entities can help partners, members, and shareholders (collectively “owners”) reduce their federal taxes owed. In the spring of 2022, the Virginia General Assembly passed House Bill 1121 and Senate Bill 692, allowing certain...
Don’t Fall for Invoice Fraud Schemes
According to a recent survey by software company Medius and researcher Censuswide, middle-market businesses lose an average of almost $300,000 annually to invoice fraud. Invoice fraud can be challenging to spot — and even more difficult to recover from — but your...
Financial Benchmarking for Success
A comprehensive benchmarking study can provide a healthy view of your business. By comparing your business’s financial performance to competitors — or even itself over time — benchmarking can help identify trends, value drivers, and potential risks. A comprehensive...
Optimizing Business Losses
Whether you are operating a new company that has not yet earned a profit or a mature business that has been squeezed by today’s volatile economy, business losses can happen. While no one likes to lose money, the federal tax code helps soften the blow by allowing...
Taking Stock of Your Inventory Accounting Method
How inventory is accounted for can have a significant impact on your tax bill if your business involves the production, purchase, or sale of products. In some cases — particularly during periods of high inflation and stable inventory levels — adopting the last-in,...
IRS Releases Standard Mileage Rates for 2023
Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes for 2023. However, the standard mileage rates for medical and moving expense...
Minimizing Your Risk of Cyber Breach
Given the impact that breaches can have and the level of sophistication shown by hackers in recent breaches, it is not a matter of if a breach will occur, but when and how it will occur. Cyber data — including financial data, sensitive customer information and...