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Murry Guy, CPA

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4 Cost-Cutting Areas to Help Your Business Boost Profits

Posted by Murry Guy, CPA on May 09, 2024

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.

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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.

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Posted in Business Advisory

How to Minimize Billing Bottlenecks

Posted by Murry Guy, CPA on Mar 18, 2024

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.

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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.

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Posted in Business Advisory

U.S. House Passes Bipartisan Tax Bill

Posted by Murry Guy, CPA on Feb 15, 2024

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. 

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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).

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Posted in Business Tax

2023 Year-End Reminders Regarding Common Fringe Benefits

Posted by Murry Guy, CPA on Dec 14, 2023

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.

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Posted in Business Tax

New Per Diem Business Travel Rates Kicked In on October 1

Posted by Murry Guy, CPA on Nov 02, 2023

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice 2023-68, the IRS announced the fiscal 2024 special “per diem” rates that became effective October 1, 2023. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals, and incidentals when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.)

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Posted in Business Advisory

How to Withdraw an Employee Retention Credit (ERC) Claim

Posted by Murry Guy, CPA on Oct 24, 2023

Machen McChesney would like to bring to your attention a recent announcement from the Internal Revenue Service (IRS) regarding the Employee Retention Credit (ERC) and a special withdrawal process introduced to address concerns about ineligible claims and protect small businesses from scams. This announcement is part of a broader effort by the IRS to safeguard small businesses and organizations from the barrage of suspect ERC advertising. This announcement could be helpful if you or someone you know might be affected by improper filing ERC via suspicious 3rd parties.

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Posted in Business Advisory

What Types of Expenses Can't Be Written off by Your Business?

Posted by Murry Guy, CPA on Oct 04, 2023

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section 162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”

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Posted in Business Tax

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