Did your business buy the wrong software?

Confused businesswoman annoyed by online problem, spam email or fake internet news looking at laptop, female office worker feeling shocked about stuck computer, bewildered by scam message or virus

No one likes to make a mistake. This is especially true in business, where a wrong decision can cost money, time and resources. According to the results of a recent survey, one of the primary ways that many companies are committing costly foibles is buying the wrong software.

The FASB Issues ASU 2023-08 Standard on Crypto Assets

On December 13, 2023, the FASB issued ASU-2023-08 which requires crypto assets to be measured at fair value with changes recognized in net income and also establishes additional disclosure requirements for crypto assets.

Perform an operational review to see how well your business is running

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In the wide, wide world of mergers and acquisitions (M&A), most business buyers conduct thorough due diligence before closing their deals. This usually involves carefully investigating the target company’s financial, legal and operational positions.

It’s possible (but not easy) to claim a medical expense tax deduction

One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your tax return? It depends. Many expenses are tax deductible, but there are several requirements and limitations that make it difficult for many taxpayers to actually claim a deduction.

The standard business mileage rate will be going up slightly in 2024

Business woman on filling station, while filling your car

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).

Reinvigorating your company’s sales efforts heading into the new year

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Business owners, with the year just about over, you and your leadership team presumably have a pretty good idea of where you want your company to go in 2024. The question is: Can you get there?

Court awards and out-of-court settlements may (or may not) be taxed

Monetary awards and settlements are often provided for an array of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps by state governments. Hopefully, you’ll never need to know how payments for personal injuries are taxed. But here are the basic rules — just in case you or a loved one does receive an award or settlement and needs to understand them.

How businesses can get better at data capture

Capture word cloud, business concept

It would be hard to argue against the notion that almost every kind of business today is data-driven. Without the information you need to run your company — be it financial metrics, marketing demographics or productivity measures — you’d probably fall behind the competition, and fast.

The “nanny tax” must be paid for nannies and other household workers

You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations.

Is your business underestimating the value of older workers?

Smiling senior employee discussing email with african colleague at workplace, happy older worker talking to black coworker joking about online computer work, aged and young managers laugh in office

The job market remains relatively tight for businesses looking to fill open positions or simply add top talent when the fit is right. That means it’s still important for companies to continuously reassess where they’re looking for applicants and which job candidates they’re focusing on.