Because of the soaring price of gasoline, the IRS has increased the standard mileage rate for qualified business driving for the second half of 2022 from 58.5 cents per mile to 62.5 cents per mile.
Is your company being transparent about contingent liabilities? In today’s uncertain conditions, reporting contingencies can be challenging. Here’s a refresher on the accounting rules for disclosing and estimating expected losses.
The year is almost half over. Is your business on track to meet its goals for 2022? Interim financial reporting can help gauge your progress.
If your not-for-profit hasn’t conducted an executive search since before the pandemic, anticipate an altered search landscape. For example, the job market now is tighter and, given the prevalence of working from home, candidates may not want to consider relocating. A search committee of board members should keep comprehensive, up-to-date job descriptions for executive positions and list the knowledge, skills, abilities and attitudes required. Also, the committee will want to discuss compensation to ensure your nonprofit’s offer is competitive with those of similar organizations. Contact us for more information.
Every business needs to regularly engage in productive strategic planning. But that’s easier said than done. Let’s take a step back and simplify.
Exploring financial statement footnotes can be a rewarding endeavor, especially in today’s uncertain marketplace. Comprehensive disclosures appear at the end of reviewed and audited financial statements. They can provide valuable insight into a company’s hidden risk factors.
If your business has more than one owner, a buy-sell agreement is strongly recommended. Here’s why and how they work.
Donors may automatically assume they can deduct the full amount of any charitable contribution. But what if your nonprofit provides goods or services in exchange for donations?
The Work Opportunity Tax Credit can lower your construction company’s tax bill dollar-for-dollar. Here’s a simple overview of how it works.
Costs are rising at levels we haven’t seen for decades. As you factor the effects of inflation into your financials, look beyond the income statement. Other aspects of your financial statements that might be hit by today’s high rate of inflation include inventory, acquired goodwill, investments, foreign currency transactions, long-term leases and variable-rate loans. These changes may have income tax consequences. And inflationary pressures can even lead to going concern issues. Contact us for help anticipating how inflation is likely to affect your company’s financials and brainstorming ways to manage inflationary risks.
The SECURE Act nixed the “stretch IRA” and replaced it with a new 10-year rule on inherited IRAs. However, subsequent IRS guidance has created confusion about when certain beneficiaries must begin taking distributions.
Should your nonprofit board designate unrestricted assets? Board-designated assets can provide a foundation and help ensure that funds are available when you need them. However, there are responsibilities involved.