As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA), and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the accounts (in Notice 2024-22), and the U.S. Department of Labor (DOL) published some frequently asked questions to help employers, plan sponsors, participants, and others understand them.
Should Your Business Offer the New Emergency Savings Accounts to Employees?
Posted by Amber Cochran on Jan 23, 2024
Posted in Payroll, HR & Benefits
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 audit season begins for calendar-year entities, it’s important to review issues that may arise during fieldwork. One common issue is materiality. This concept is used to determine what’s important enough to be included in — and what can be omitted from — a financial statement. Here’s how materiality is determined and used during an external financial statement audit.
Posted in Audit & Assurance
Companies that work on customer-specific or long-term projects — such as homebuilders, contractors, custom manufacturers, and professional practices — generally track job costs to gauge the profitability of each project. In turn, this helps them bid on future projects.
Posted in Business Advisory
Tips for QuickBooks Users: 5 Mistakes to Avoid During Bank Reconciliation
Posted by Chris Earnest on Jan 04, 2024
Reconciling bank accounts is critical to ensuring the accuracy of your company’s accounting records. The primary purpose of a bank reconciliation is to confirm that the transactions recorded in your bank statement match those shown in your accounting records.
Posted in Accounting & Outsourcing
The Future of Accounting: How to Embrace Cutting-Edge Technology
Posted by Melissa Motley, CPA on Jan 03, 2024
Technology is transforming the accounting profession. When businesses moved from paper ledgers to spreadsheets, it improved the timeliness, accuracy, and integrity of accounting-related data. Likewise, cloud computing and the ability to remotely access real-time data have allowed accounting departments to be far more responsive to an increasingly distributed workforce.
Posted in Business Advisory
As year-end approaches, it’s time for some calendar-year businesses to perform physical inventory counts. This activity is more than a time-consuming chore; it’s an opportunity to improve your company’s operational efficiency. Here are some best practices as you prepare to count your inventory, as well as guidance on how to get more from these counts.
Posted in Audit & Assurance
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
Form I-9 has been modernized, allowing E-Verify employers to remotely examine I-9 documents. All U.S. employers must complete Form I-9 for everyone hired — citizens and noncitizens alike.
Posted in Payroll, HR & Benefits
Giving Gifts and Throwing Parties Can Help Show Gratitude and Provide Tax Breaks
Posted by Jessica L. Pagan, CPA on Dec 12, 2023
The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good time to review the tax rules associated with these expenses. Are they tax deductible by your business, and is the value taxable to the recipients?
Posted in Business Tax