GASB Issues Statement No. 104 to Improve Capital Asset Disclosures

On September 24, 2024, the GASB issued Statement No. 104, Disclosure of Certain Capital Assets to provide users of state and local government financial statements with improved disclosures of information about certain types of capital assets.  It also establishes additional disclosure requirements for capital assets held for sale.

Businesses must stay on guard against invoice fraud

Close-up Of A Human Hand Looking At Fraud Blocks Through Magnifying Glass On Invoice

Fraud is a pernicious problem for companies of all shapes and sizes. One broad type of crime that seems to be thriving as of late is invoice fraud.

Is your home office a tax haven? Here are the rules for deductions

Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The numbers are even higher in certain occupational groups. About one in three people in management, professional and related occupations works from home.

Which leadership skills are essential to strategic planning?

Successful team. Handsome and cheerful mature business man in formal wear discussing something with his colleagues and smiling while working together in the office

To help ensure continued stability and profitability, businesses need to engage in some form of strategic planning. A recent survey by insurance giant Travelers drives home this point.

Understanding the $7,500 federal tax credit for buying an electric vehicle

Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, up from 5.9% in 2022. To incentivize the purchase of EVs, there’s a federal tax credit of up to $7,500 for eligible vehicles.

6 key elements of a business budget

Financial planning concept . Word of budget word on wooden cubes. Beautiful black background, wooden table. Business concept. Copy space.

Every business needs a budget, but not every budget looks the same. Some companies have intricately detailed ones, others rely on simple templates generated with off-the shelf software, and still others forego formal budgets in favor of a “fly by the seat of your pants” approach. (That last option isn’t recommended.)

6 tax-free income opportunities

Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal income tax implications:

Brand audits can help companies in a variety of ways

Handwritten Brand Audit report on the black piece of paper.

A strong brand can help boost revenue, while a weaker one may reduce sales opportunities and stifle growth.

Changes to Minimum Wage and Sick Time Leave in Michigan

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Due to a recent Supreme Court decision, significant changes to minimum wage and paid sick leave requirements will take effect in Michigan on February 21, 2025.

Are you liable for two additional taxes on your income?

Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Let’s take a look at these taxes and what they could mean for you.