Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals and incidentals, some employers opt to pay fixed travel per diems. These amounts are based on IRS-approved rates that vary by locality. Here's what you'll need to know to determine if this simplified approach is right for your business.
In the News
Tuesday, October 4, 2022
Tuesday, October 4, 2022
Most people already understand the tax rules for individual charitable donations, including generous deductions that may be available to itemizers when they give cash or property to charity. But your business may also reap tax rewards for helping out a qualified charitable organization.
Tuesday, September 27, 2022
It's important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer's last known address is the one that appears on the tax return you filed most recently — unless the IRS is otherwise notified.
Tuesday, September 27, 2022
It's no secret that the number of not-for-profit organizations is growing while the number of grant dollars is shrinking. Shifting from competing for grant funds to cooperating with other organizations can create substantial value for not-for-profits and the people they serve.
Tuesday, September 27, 2022
When patients walk into a medical group's office, the first people they meet are the staff members. Studies have shown that with today's managed care, patients spend most of their time in a medical practice interacting with non-physicians, from front desk staff to nurses.
Tuesday, September 27, 2022
Construction site theft is an expensive, growing concern. Costs rise as contractors lose building materials, tools and equipment and liability insurance premiums rise. Often those losses are passed on to customers.
Tuesday, September 27, 2022
There's no doubt about it: Business has gone international. New electronic and logistical technologies have narrowed distance and time, and trade agreements have opened markets. And manufacturers are in a good position to venture into the business of exporting.
Tuesday, September 27, 2022
Inflation is up 8.3% year over year, according to the latest data from the U.S. Bureau of Labor Statistics. Many factors — including supply chain disruptions, multi-trillion-dollar government spending packages, the war in Ukraine and economic fallout from the COVID-19 pandemic — have contributed to higher prices at the gas pumps, on the grocery shelves and elsewhere, as compared to the same time last year.
Tuesday, September 27, 2022
Two things in life are certain: death and taxes. While you can't live forever, there are still some ways to collect tax-free income. Here's a list of common federal-income-tax-free opportunities for individuals.
Tuesday, September 6, 2022
As your not-for-profit strives to use its resources as effectively as possible, you might at some point consider outsourcing the functions that fall under your accounting and financial umbrella. But wait: You'll first need to weigh the possible benefits and pitfalls.
