The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden signed into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the budget reconciliation process and is expected to pay for itself and decrease the budget deficit. […]
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 since they’ve had to account for employee travel expenses. So it might be time for […]
After the U.S. Supreme Court’s 2017 decision in South Dakota vs. Wayfair, many states quickly enacted laws resembling South Dakota’s to collect sales tax on remote purchases. While physical nexus remains the first consideration in whether businesses are legally bound to collect and remit sales taxes on online sales, most states have adopted “economic nexus” […]
The Internal Revenue Service will raise the optional standard mileage rate for the final six months of 2022 to help offset the rise in gas prices nationwide. The new rates to calculate the deductible costs of operating an automobile for business and certain other purposes become effective July 1, 2022, and will remain in place […]
Construction companies regularly pursue joint ventures to win larger contracts and manage bigger projects. In an economic downturn, they can be a useful option for companies that need additional resources and capital, want to share the risk, complement their workforce, or increase their bonding capacity. But accounting for a joint venture can be tricky, as […]