C-level executives today face crucial accounting and finance challenges, including the ongoing shortage of accounting professionals, the struggle to keep up with technology (including AI), and the generally inflationary cost environment. While it may be tempting to view the finance and accounting (F&A) function as an overhead expense to be managed, this approach severely underestimates the F&A function’s strategic impact on business operations. Outsourcing can play a critical role in optimizing the performance and cost of the F&A function, especially when its use is tailored to the company’s specific needs.
Murry Guy, CPA
Recent Posts
Will Outsourcing Your Accounting Impact Your Business Operations
Posted by Murry Guy, CPA on Aug 07, 2024
Posted in Accounting & Outsourcing
Consider Borrowing From Your Corporation But Structure the Deal Carefully
Posted by Murry Guy, CPA on Jul 17, 2024
If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. However, it’s important to avoid certain risks and charge an adequate interest rate.
Posted in Business Advisory
According to a Department of Labor release, a newly issued rule increases the salary threshold required to exempt a salaried bona fide executive, administrative, or professional employee from federal overtime pay requirements.
Posted in Business Advisory
Many businesses focus on selling more products and services to boost profitability. But sales volume alone doesn’t necessarily raise profits. In fact, pushing more sales through a bloated expense structure can result in lower net profits.
Posted in Business Advisory
Scrupulous Records and Legitimate Business Expenses Are The Key to Less Painful IRS Audits
Posted by Murry Guy, CPA on Apr 11, 2024
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS.
Posted in Business Advisory
Managing accounts receivable can be challenging, especially in an uncertain economy. To keep your company financially fit, it’s a good idea to occasionally revisit your billing and collections processes to ensure they’re as efficient and effective as possible. Consider these helpful tips.
Posted in Business Advisory
New Independent Contractor Rules: Do They Affect Your Employees?
Posted by Murry Guy, CPA on Feb 23, 2024
The Department of Labor's final rule for employee or independent contractor classification under the Fair Labor Standards Act rescinds the 2021 Independent Contractor Rule, replacing it with guidance on analysis that's more consistent with the FLSA as interpreted by longstanding judicial precedent and was scheduled to take effect March 11, 2024.
Posted in Business Advisory
U.S. House Passes Bipartisan Tax Bill to Provide Business Tax Breaks, Extend Child Tax Credit Enhancements
The U.S. House of Representatives on January 31 passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) by a vote of 357 to 70. The $78 billion bipartisan bill, crafted by Senate Finance Committee Chair Ron Wyden (D-Ore.) and House Ways and Means Committee Chair Jason Smith (R-Mo.), would revive or extend certain business tax incentives and enhance the child tax credit.
Posted in Business Tax
The Standard Business Mileage Rate Will Be Going Up in 2024
Posted by Murry Guy, CPA on Jan 17, 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup, or panel truck will be 67 cents (up from 65.5 cents for 2023).
Posted in Business Tax
As 2023 draws to a close, employers should review whether they have properly included the value of common fringe benefits in their employees’ and (if applicable) 2% S corporation shareholders’ taxable wages. This is especially true for 2023 and beyond, as many employers continue to deal with remote or hybrid workforces.
Posted in Business Tax