Business 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 signed 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.…

Read More

I Bonds Can Help You Tackle Inflation, But You Must Know the Rules

With inflation rates reaching historical highs and driving up the cost of doing business, business owners are seeking out creative ways to fight inflation. The Series I Savings Bond is one tool that’s been getting some buzz.   Also known as I Bonds, these low-risk savings products depend on higher inflation to produce better returns. The…

Read More

How tax incentives can help construction firms offset inflation

Inflation rates are rising rapidly, and so are the anxiety levels of business owners.   For construction businesses, inflationary pressures are compounding the existing challenges of labor shortages, supply chain disruptions, and material cost increases. That means having to squeeze every last drop out of their budget.  Taking advantage of tax incentives can help construction companies…

Read More

Are You Up to Date on Travel Deductions as Business Travel Returns?

Business travel is back.   COVID restrictions have eased, and in-person conferences are back on the calendar. And as more people return to offices, companies are warming to sending their employees on work trips.  For many businesses, it’s been a minute since they’ve had to account for employee travel expenses. So it might be time for…

Read More

Don’t Overlook Cyber Insurance to Protect Cloud-Based Accounting

Technology has long made accounting easier, from the first adding machines to electronic spreadsheets to today’s cloud computing ecosystem. While recent advancements have allowed business owners and their accountants to collaborate efficiently from any location, they also created a growing cybersecurity risk that cyber insurance can help manage.  Cyberattacks Threaten All Organizations  According to a…

Read More

What to Do If You’re the Subject of a Sales Tax Audit (and 4 Steps to Avoid One)

After the U.S. Supreme Court’s 2017 decision in South Dakota vs. Wayfair, many states quickly enacted laws resembling South Dakota’s to collect sales tax on remote purchases.  While physical nexus remains the first consideration in whether businesses are legally bound to collect and remit sales taxes on online sales, most states have adopted “economic nexus”…

Read More

IRS Increases Mileage Rates Reimbursements for Second Half of 2022

2022 Business mileage reimbursement

The Internal Revenue Service will raise the optional standard mileage rate for the final six months of 2022 to help offset the rise in gas prices nationwide. The new rates to calculate the deductible costs of operating an automobile for business and certain other purposes become effective July 1, 2022, and will remain in place…

Read More

Informed Project Forecasting Can Take the Sting Out of Inflation

Record levels of inflation are weighing on the construction industry when contractors are already feeling the squeeze from labor and supply shortages. According to Associated General Contractors analysis, contractors are seeing staggering increases in construction inflation. The Producer Price Index for inputs to new non-residential construction — a weighted average of the goods and services…

Read More

It’s Time to Re-examine the Pros, Cons of Cryptoassets

From Super Bowl commercials to teenage NFT millionaires — and even Elon Musk’s support of the dog meme-inspired currency Dogecoin — cryptoassets have been making a play for mainstream acceptance. By the end of 2021, the global cryptocurrency market was worth more than $3 trillion, up from $14 billion just five years earlier. About 16%…

Read More