Insights: Audit and Review Services
Vehicle expenses: Can individual taxpayers deduct them?
It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately, under current law, you may not be able to deduct as much as you could years ago. For years prior to 2018, miles driven for business, moving, medical and charitable purposes were potentially…
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Checking in on Your Accounts Payable Processes
Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes tend to get taken for granted. Following are some tips and best practices for improving your company’s approach. Be strategic Too often, businesses take a…
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Tighten Up Billing and Collections to Mitigate Economic Uncertainties
While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns in China and…
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There Still May Be Time to Cut Your Tax Bill With an IRA
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax…
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Good financial records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep financial records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure…
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Do you want to go into business for yourself?
Many people who launch small businesses start as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction is…
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Cost management: A budget’s best friend
If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward. As part of this effort, you’ll answer questions such as: Are we operating…
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The chances of an IRS audit are low, but business owners should be prepared
Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates are historically low. There’s no…
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3 Ways Technology can Enhance Your Internal Audit
The concept of the Internal Audit (IA) has been around for centuries and can take many forms, depending on the business. While most businesses utilize the IA function as merely a compliance task – checking the box or to comply with the standards of Sarbanes Oxley or some other regulatory agency- many businesses overlook the…
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Unclaimed Property Update
Businesses in West Virginia are subject to the unclaimed property laws and are required to file annually if they have any applicable property to report. They must also remit the unclaimed property to the Office of the WV Treasurer. However, if you have no unclaimed property, you do not have to file a report. Reports…
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