If you operate a business, or you’re starting a new one, you’ll need to keep records of your income and expenses. Specifically, you should carefully record your expenses to claim all the tax deductions to which you’re entitled. You’ll also want to make sure that you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS.
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due to being laid off. Whatever the reason, if you’ve recently started a new business, or you’re contemplating starting one, there are tax implications you should be aware of.
Wise debt management is a key component of healthy and effective financial planning. Today, most people carry some amount of debt to finance a degree or buy a home or car. Other debts may be incurred out of necessity or as part of an investment plan. Whatever your reasons for taking on debt, you should understand the different types of debt and their risks. This knowledge will help you manage debt wisely as part of your overall financial plan.
In Part 1 of this three-part blog series, we introduced benchmarking and chose four staffing companies from clients in the employment services industry to demonstrate the financial metrics that we used for benchmark analysis. In part 2, we will take a look at the key findings from this analysis.
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business.
"Benchmarking" is the process of measuring the products, services, processes, and financial performance of one company against those of similar companies that are known to be leaders in one or more aspects of their operations. Benchmarking provides necessary insights to help you understand your company’s position and performance within the industry and even across industries, and further helps you identify specific areas, systems, or processes in which your company can improve.
The pandemic has changed the work landscape dramatically, and for many companies—as many as 70% according to a recent study—the massive transition to remote and hybrid work is here to stay. Remote work has many benefits for both employees and employers, but these benefits come with some major compliance requirements. With remote work policies varying from state to state, navigating key issues like tax compliance, workers compensation, payroll compliance, and insurance coverage can be complicated—especially when employees are working remotely in different states than the company’s headquarters location.
We’ve all seen the stories about bitcoin over the past few years—the triumphs and the pitfalls. For many investors, this cryptocurrency has raised a lot of questions and a lot of curiosity. Is bitcoin just a “scam” that will end in a meltdown? Or does it have the potential to revolutionize financial markets as we know them?
If you’re one of the many who are curious about bitcoin, read on for some of what you should know about the emerging world of cryptocurrency.
Calendar year-end private companies, small public companies, and non-profits will have to account for leases differently in the new year, thanks to a new lease accounting standard implemented by the Financial Accounting Standards Board (FASB).
