Walter & Shuffain - Certified Public Accountants & Business Advisors

Are You Up to Date on Travel Deductions as Business Travel Returns?

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 a refresher on which expenses are tax-deductible, which aren’t, and what pandemic-related tax incentives are available. 

3 Ways to Protect Your Business from Fraud and Scams

Business owners spend a lot of time and effort ensuring their operations run smoothly. Yet one scammer going after your company can bring it all down, harming your reputation and your revenue. Here are three steps you can take to boost security at your business and keep scammers at bay.

Build Back Better May Be Stuck, but How Could It Impact Business Owners?

Build Back Better is one of two pieces of legislation that form the centerpiece of President Biden’s domestic agenda. The first piece — the Infrastructure Investment and Jobs Act — was signed into law in November 2021. 

2022 mileage rates for business reimbursements

The IRS recently released the 2022 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase every year to account for rising fuel and vehicle and maintenance costs and insurance rate increases.

Don’t overlook the Employee Retention Credit

The Employee Retention Credit (ERC) was introduced in 2020 to help businesses that have been affected by the COVID-19 pandemic. Since its release, it has been expanded and modified to help more businesses. Despite all of this, many businesses that are eligible for the credit haven’t filed for it. Did the pandemic impact your business? Don’t assume your business is ineligible. Keep reading to learn more.

Understanding Your Cash Flow and Financial Statements

As a business owner, it is important to be able to read and understand the accounting terms found in your financial statements. Once you understand the basics of financial statements, you can interpret what they mean to your organization’s financial health.

Developing a Disaster Preparedness Plan

Preparedness takes many forms, from creating a disaster plan, complete with supply kits and evacuation routes, to safeguarding your business with communication templates and IT backup. This article will explore the steps business owners can take both before and after a disaster strikes to protect their company, employees, clients, and the community.

Understanding business meal and entertainment deduction rules

There have been many changes to the business meals and expenses tax rules over the past few years. This article breaks it down to basics for you. Keep reading.

Creating Your Small Business Exit Strategy

Do you know what will happen to your business when you retire? By necessity, many busy small business owners spend all of their time thinking about the here and now, with little opportunity to focus on the future. But your company’s long-term survival -— and your own retirement security -— may depend on establishing a realistic and workable exit strategy.

Financial best practices to implement and pitfalls to avoid with your private foundation

Following the reopening of the IRS in July 2020, high-income earners and private foundations have been under the IRS’s lens in an effort to recover back taxes owed by these groups. Treasury Secretary Steven Mnuchin reported that the IRS would be looking to audit these groups back in March 2020, in an effort to recover taxes from high-income non-filers and interrupt self-dealing in private foundations.