The Internal Revenue Services (IRS) recently released an increase in the optional standard mileage rates for the final six months of 2022. These rates are used to calculate the deductible cost of operating an automobile for business, charitable, medical, or moving purposes. The term “automobile” includes any car, van, pickup, or panel truck. As of …..
New regulations regarding financial reporting for American businesses operating both domestically and overseas will soon go into effect. In 2021, Congress passed the Corporate Transparency Act (CTA), which is a piece of legislation aimed at monitoring potential money laundering and other illicit activities. Businesses subject to the CTA will be required to provide information to …..
This article explains that the Biden Administration has proposed a federal gas tax holiday in order to help US citizens with the current gasoline prices. Unfortunately, Patrick De Haan, head of petroleum analysis at GasBuddy, said “if a gas tax holiday coincides with rising wholesale fuel prices, consumers won’t see much of an impact at …..
This article explains some tax-avoiding strategies that the IRS will be flagging down. Some strategies include “concealing assets in offshore accounts and improper reporting of digital assets, non-filing of income tax returns by high-income individuals, abusive syndicated conservation easements, and abusive micro captive insurance arrangements.” The article proceeds to categorize other sources of taxable income, …..
This article explains the significant benefits that startups in 2022 receive when using R&D tax credits. For companies to qualify for R&D tax credits, their ideas must be a new or improved business component for a permitted purpose, include activities technological in nature, have elimination of uncertainty, and use the process of experimentation. The amount …..
This article explains the best money-saving methods for travelers hitting the road this summer. All 50 US states have hit the $4 per gallon mark, and the national average is currently at $4.59. According to AAA spokesperson Andrew Gross, “gas prices are now $1.56 more than a year ago and $1.05 more than they were …..
This article explains how hiring family members can have their strengths and weaknesses. It is much easier to hire a family member rather than a stranger because each person can usually be reliable and dependent on the other. However, in order to keep a happy family, there are several guidelines that can keep the business …..
This article discusses how running a small business can be a difficult task, especially when managing your most important asset, the employees. However, by following tips such as upgrading your onboarding checklist software, rewarding employees for their experience, running effective remote meetings, and inspiring through positivity, this task can be made easier. Every small business …..
This article discusses how many start-up businesses eventually fail, but by utilizing the eight strategies outlined in this link, you will give your start-up business the best chance possible at succeeding and even flourishing. For example, spending the necessary time developing a marketing strategy is essential to engaging your target audience. Additionally, strategies such as …..
In this article, a survey was conducted by Oracle NetSuite to get insights from numerous executives about the importance of each role and their communications skills. The survey “polled small and midsize company leadership in four categories: CFOs, nonfinance executives (other members of the C-suite), finance managers, and nonfinance managers.” The survey showed that the …..
This article explains how shoplifters are stealing thousands of dollars from big and small retailers, and how the smaller retailers are handling the situation. Derek Friedman, a small business owner, says that since 2019 shoplifting has been a big financial issue with losses totaling over $200,000. Friedman also said he does not turn in all …..
This link offers a comprehensive breakdown of the small business industry as it stands in 2022. For example, graphs displaying emerging trends, the effect of the pandemic, and hiring numbers are all included. Small businesses are often viewed as the lifeline of America, and these numbers back up that conclusion. No matter the current state …..
According to research by Family Enterprise Foundation, younger generation owners are the most committed to preserving the family business. A survey found that “97 percent of next-generation respondents consider it important to sustain the family business, while only 74 percent of senior-generation respondents feel the same.” The importance placed on direct family leadership of the …..
FASB Issues ASU 2021-09, Leases (Topic 842): Discount Rate for Lessees That Are Not Public Business Entities On Nov. 11, 2021, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2021‑09 entitled, “Leases (Topic 842): Discount Rate for Lessees That Are Not Public Business Entities.” This ASU covers all lessees who are not …..
This article discusses a variety of trends that small businesses should either be focusing on or not as we continue along in 2022. For example, this link lists shipping status, waiting for the new normal, and the meta-verse as overrated trends that your small business should not be too worried about. On the other hand, …..
By LaShaun King When considering how they should position their institutions over the long term, leaders of higher education institutions are accustomed to a familiar refrain. The recurring questions they hear are: What trends are evident in enrollment and retention rates over time? How tuition‑dependent is the institution? What is the institution’s tuition discount rate, …..
This article explains the importance of keeping your estate plan up to date, especially since people are living longer and need more options in their documented life. Three sections in your estate plan that should be examined several times include digital assets, guardianship designations, and appropriate names in the documents. Adding an addendum in legal …..
This article discusses how fraud is one of the most concerning topics for start-ups and small businesses alike due to the highly digitalized world that we live in today. It is so prevalent that “organizations report losing 5 percent of their annual revenue to fraud.” For a small business, that could be detrimental. However, utilizing …..
By LaShaun King When considering how they should position their institutions over the long term, leaders of higher education institutions are accustomed to a familiar refrain. The recurring questions they hear are: What trends are evident in enrollment and retention rates over time? How tuition‑dependent is the institution? What is the institution’s tuition discount rate, …..
This article explains the challenges that businesses face when dealing with remote workers. Mobility managers may face numerous tasks, including understanding complex and evolving rules for tax, immigration, and other legal purposes. Mobility managers also will need to communicate risks and information requirements to business units and their mobile employees. Risks that occur when a …..
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