2023 Updates to Meals and Entertainment Tax Deductions
The rules for deducting meal and entertainment expenses are different in 2023. Browse an overview of common deductible expenses in this article.
FTC Issues Consumer Alert on Franchising Myths for Potential Investors
The FTC recently issued a consumer alert on the five most troubling myths about investing in a new franchise. Potential franchise investors should consider these myths when evaluating potential investments.
Updated UBTI Expense Allocation Method for Social Clubs and Tax-Exempt Organizations
Final IRS regulations will require most social clubs and tax-exempt organizations to rework their unrelated business taxable income worksheets to avoid using an outdated expense allocation method.
IRS releases rules for tax-exempt entities to monetize IRA credits
Tax-exempt entities may monetize credits under the Inflation Reduction Act under these rules that the IRS released.
Top Ten Issues in Real Estate: 2023
Real estate owners and operators are facing many recurring challenges in 2023, like labor shortages and supply chain disruptions, while they also grapple with new issues like ESG reporting requirements, energy resiliency, and more.
Recovering Your Indirect Costs Depends on Your Budgets
By Neena Shukla, CPA, CFE, CGMA, FCPA, CTP | If you have a responsible estimating system, you would typically anticipate recovering all of your direct costs. However, to ensure recovery of your Company’s indirect costs, requires a good budgeting process and established internal controls.
Top Issues for Construction Contractors in 2023
Some of the top issues facing construction contractors in 2023 are the economy, supply chain, higher costs, and labor. Opportunities include hiring women and minorities, sustainable building, construction technology, and more.
Alternative Cost Method Updates for Real Estate Developers
Real estate developers can now use a more streamlined approach to capture estimated common improvement costs using the alternative cost accounting method as outlined in new IRS guidance released in January 2023.
New guidance from IRS on correction of errors in qualified retirement plans
The IRS released Notice 2023-43 to provide interim guidance on plan correction changes under SECURE 2.0 until Rev. Proc. 2021-30 (EPCRS) is updated.
Analyzing Indirect Rate Changes – Base or Expense?
Budget variances, the difference between planned billing rates and planned forward pricing rates and actual performance, favorable and unfavorable, will happen. When they do, it is critical to profitability to understand what is causing the variance so it can be considered in your budgeting process going forward or operationally corrected.