INSIGHTS
We See Things Differently
When we’re not addressing clients’ needs for business and financial advisory, assurance or tax matters, we’re researching, learning and thinking about related subjects. Check out some of our thinking on a broad variety of topics that may impact your organization. And if you’d like to learn more about any of these topics, we’re always happy to talk.
Should Your Business Be Worried About Quiet Quitting?
According to a recent survey conducted by Gallup, over half the U.S. workforce consists of quiet quitters.
How to Prepare for the Next Recession
Predictions for a recession have risen in the past few months. News of a recession often sparks fear among small business owners. However, those that prepare for a recession are more likely to survive.
It’s Time to Rethink If the Employee Retention Credit Is Right For Your Organization
Congress recently updated and expanded the guidelines for a COVID-relief measure called the Employee Retention Credit (ERC). If you follow the old guidelines for the ERC, you could accidentally disqualify your organization. You could still qualify even if your organization took a PPP loan or didn’t see a decline in revenue.
IRS to Raise Mileage Rate for Rest of 2022
In the wake of elevated gas prices, the IRS is increasing the optional standard mileage rate for the remaining months of 2022. These rates allow businesses and self-employed workers to calculate the deductible costs of using personal vehicles for business.
How to Ask a Board Member to Resign
When it comes to your organization, your board of directors is your backbone. Unfortunately, your board members also hold the power to let your organization crumble if they aren’t working as a unit. Here are a few tips to help ease tensions when asking a board member to resign.
How to Ask a Parent to Step Down from Leading the Family Business
There comes a time when the patriarch or matriarch of your family business is no longer the best fit to lead the organization. This can be a delicate topic, especially if your family member does not want to let go of their position. The path to successfully transitioning leadership starts with succession planning.
Preparing for the Sale of Your Growing Business
If you want to sell your business at the highest price possible, now it’s time to prepare, prepare, prepare. Here’s what you need to know to prepare your business for sale.
What to Do Before You Decide to Sell Your Small Business
In this fluctuating economy, you might be wondering if you should sell your business. Whether or not to go forward with the complex sale process depends on a few key factors.
The Current Cost Crisis for Small Businesses
Inflation rates and supply chain issues are rising at an unprecedented rate. Here’s what you need to know and a few ways to mitigate the ever-growing inflation rates and supply chain issues.
The Gas Rebate Act of 2022: Proposed Stimulus Checks
The average national gas price is $4.24 per gallon, a record-breaking high. A new bill called the Gas Rebate Act of 2022 would provide relief to Americans affected by the high gas prices if passed.
New K-2 and K-3 Relief for Pass-Through Entities
On February 16, 2022, the IRS announced new relief measures for qualifying businesses. Here’s what you need to know about K-2 and K-3 schedules, pass-through entities, and if your business qualifies for this exemption.
Can I Write Off My Home Office?
With remote work becoming part of the new normal, you might be wondering if you can write off your home office. If the following requirements are met, you might be able to receive compensation.
The New Lease Accounting Standard: How it May Affect Your Business
Initially introduced in 2016, the new lease accounting standard is now effective for all non-public entities for fiscal years beginning after December 15, 2021. Here’s what you need to know.
Pass-Through Businesses in Maryland Electing to be Taxed at an Entity Level
Maryland Businesses can elect to be taxed at an entity level. Here are the details on who it is available to, what the benefits are, and how to start the process.
New Year’s Resolutions: Don’t Forget to Set Them for Your Business
One of the best ways to set your business up for success in the new year is to create a list of resolutions and an action plan to achieve them. Here are some of the most common categories that you’ll want to build your business’s new year’s resolutions for 2022 around.
Staying Ahead of the Great Resignation & Retirement: How Business Leaders Can Prepare for the Future
The number of open positions is climbing, and the unemployment numbers are plummeting. Why? Because of two phenomena: the Great Resignation and Great Retirement. Here are a few of the questions leaders should consider when planning for their organization’s future:
Working Remotely From “Out of State” Can Be Taxing
During the COVID-19 pandemic, it’s been fairly common for people to work remotely from another state — across state lines from the employer’s place of business or even across the nation. Employees that fit that situation may need to file tax returns in both states, potentially triggering additional state taxes.
5 Tax Planning Tips for Retirees
There’s a common misconception that, after retirement, tax bills shrink, tax returns become simpler and tax planning is a thing of the past. That may be true for some, but many people find that the combination of Social Security, pensions and withdrawals from retirement accounts increases their income in retirement and may even push them into a higher tax bracket. This article provides five tax-planning tips for retirees.
