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Will the Standard Business Mileage Rate Go Up in 2022? Yes!

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile.

How to Account for Change Orders

When customers make last-minute changes to contracts, it can be frustrating, and the accounting rules for reporting change orders can be complex.

2022 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are a few key tax-related deadlines for businesses during Q1 of 2022.

Digitizing the Accounts Receivable Process

While digitalization continues to take hold of the business world, the billing and collections functions at many organizations remain largely paper based.

Providing a Company Car? Here’s How Taxes Are Handled

The use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars.

Rolling Forecasts Provide Flexibility in Uncertain Times

As businesses head into 2022, they face unprecedented challenges. In response, many are using so-called “rolling” forecasts to help guide decision-making.
taxes

How are Court Awards and Out-of-Court Settlements Taxed?

If you’re going to receive a personal injury or discrimination settlement or award, you want the best tax result possible. Here are the basic rules of when amounts are tax free or taxable.
business travel

The Tax Implications of Owning a Corporate Aircraft

Ever wonder how much of a tax break you’d get if you bought a private plane for your business? Here are the basic rules.

Coming Soon: New Accounting Rule on Government Assistance Disclosures

Local governments often provide tax breaks and other financial incentives to lure businesses to town. How much detail are businesses required to disclose about these transactions?

Insights

Advantages of keeping your business separate from its real estate

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It may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t always advisable. Here’s a look at the issues. Continue Reading Advantages of keeping your business separate from its real estate

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Cutoffs: When to report revenue and expenses

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Does your company follow the cutoff rules? Loose interpretation of the accounting rules can lead to errors and unexpected audit adjustments. Here’s how to get it right. Continue Reading Cutoffs: When to report revenue and expenses

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Help ensure your partnership or LLC complies with tax law

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Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership (or LLC operating) agreement. Here are the details. Continue Reading Help ensure your partnership or LLC complies with tax law

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