Earlier this year, BDO released our 2024 Manufacturing CFO Outlook Survey, which identified key manufacturing trends for the year ahead. To benchmark how these trends are evolving, we polled over 100 manufacturing professionals during our webinar, “Reshaping Manufacturing Resilience: The…
The Top 12 Tax Scams to Avoid According to the IRS
Fraud. Scam. Phishing. Regardless of what you call these illicit activities, it’s important to protect yourself against the bad players that take advantage of weaknesses for their gain. Not only is it inconvenient, but there’s often a financial cost when…
2023 Mileage Rates for Business Reimbursements
The IRS recently released the 2023 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase yearly to account for rising fuel and vehicle and maintenance costs…
The Latest on Lease Accounting: How to Adhere to ASC 842
Written by: Leah Belanger, CPA, MSA The new standard for lease accounting from the Financial Accounting Standards Board (FASB) took effect for private companies with fiscal years beginning after December 15, 2021. While the standard has been in place for about six…
Are You Up to Date on Travel Deductions as Business Travel Returns?
Business travel is back. COVID restrictions have eased, and in-person conferences are back on the calendar. And as more people return to offices, companies are warming to sending their employees on work trips. For many businesses, it’s been a minute…
3 Ways to Protect Your Business from Fraud and Scams
Business owners spend a lot of time and effort ensuring their operations run smoothly, from delivering quality goods and services to providing accurate financial statements and tax returns. Yet one scammer going after your company can bring it all down,…
Build Back Better May Be Stuck, but How Could It Impact Business Owners?
Build Back Better is one of two pieces of legislation that form the centerpiece of President Biden’s domestic agenda. The first piece — the Infrastructure Investment and Jobs Act — was signed into law in November 2021. Build Back Better (BBB) focuses…
2022 mileage rates for business reimbursements
The IRS recently released the 2022 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase every year to account for rising fuel and vehicle and maintenance…
Don’t overlook the Employee Retention Credit
Note: We are closely monitoring H.R. 3684, known as the Infrastructure Investment and Jobs Act. The Senate has approved the infrastructure bill and now goes to the House of Representatives for consideration as of the publication. The infrastructure bill would…
Seven tax strategies that save small businesses money
Taxes are a constant for any business. They come due every year, whether you have a profitable year or are in times of economic downturn. Planning for your taxes is an important business function, as it allows you to make…