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Category: Insights

The beginning of the year is a great time to establish a document retention policy if you don’t already have one in place. While there are specific documents that business owners are required to retain, including tax, legal and personnel records, rules vary for other types of documents. Bel Read More

At the end of 2022, Congress passed the Consolidated Appropriations Act of 2023 spending bill that included the SECURE 2.0 Act of 2022. The updated SECURE (Setting Up Every Community for Retirement) Act includes many provisions to the initial legislation, enacted in 2020. With changes affec Read More

The IRS has issued the standard mileage rates for 2023. While the business use standard mileage rate is up 3 cents from the 2022 mid-year increase, the standard mileage rates for charitable, medical or moving purposes for qualified members of the Armed Forces remain consistent with last year Read More

The U.S. Small Business Administration (SBA) is reminding borrowers that the COVID-19 Economic Injury Disaster Loan (EIDL) deferment period ends 30 months after the date of disbursement. If you received an EIDL loan, you must take the necessary steps to begin loan repayment or enroll in an al Read More

Many businesses in the professional service sector are working to minimize their tax liabilities in the final few weeks of 2022. Here are techniques to consider to further those saving efforts: BONUS PLANNING: Consider giving owner-employees a year-end bonus that includes additional withholdi Read More

2023 is right around the corner. While the end of year is often a busy time with the holidays, there are several year-end accounting items that should be completed to ensure your business is properly prepared for the upcoming year. Here are 5 accounting and financial initiatives to focus on b Read More

Since 2006, the Financial Accounting Standards Board has been working on a new lease accounting standard intended to close the loophole of off-balance operating leases and to define what should and should not be included in lease accounting. One of the most significant changes to U.S. General Read More

The IRS recently announced updated guidance for the Work Opportunity Tax Credit (WOTC), which now requires employers applying for the program to submit a pre-screening and certification request document to their state workforce agency to be considered for the tax credit. The WOTC is intended Read More

5/4/2023 UPDATE: With the passing of the 2023-2024 New York State budget, eligible taxpayers will now be able to apply for the COVID-19 Capital Costs Tax Credit Program through September 30, 2023. 10/18/2022: Small businesses in New York State may be eligible to apply for tax credits to help Read More

Implementing a monthly close process for your accounting department can help you gain a better understanding of the financial health of your business while allowing you to mitigate risks and plan for the future. Visibility into the financial results of prior months gives you a better pulse on Read More