Industries: General Business

Qualified Business Income (QBI) Deduction: Use It or Lose It

The qualified business income (QBI) deduction is available to eligible individuals through 2025. After that, it’s scheduled to disappear, unless Congress passes legislation to extend it. With 2024 underway, it’s now use-it-or-lose-it time for the write-off. Here’s what you need to know to cash in on the QBI deduction. The Basics The QBI deduction can…

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Dos and Don’ts for Business Expense Deductions

 As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is through business expense deductions, but not every such expense is deductible. Here’s what to know about the expenses that you can — and can’t —…

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New Corporate Transparency Act Reporting Rules: What You Need to Know

New reporting rules go into effect on January 1, 2024, under the Corporate Transparency Act. This law, enacted in 2021, will require many small businesses to provide new details about beneficial owners who control the company. Hefty civil and criminal penalties may apply for failure to comply. Here’s a brief overview of the requirements.

GRF CPAs & Advisors Supports International Fraud Awareness Week

GRF is once again promoting anti-fraud awareness as an official supporter of International Fraud Awareness Week, taking place November 12 – 18, 2023. Supporting organizations are spreading the word about identifying and preventing fraud, and GRF is sharing helpful tools and information, which can be accessed on the firm’s Fraud Awareness Tips and Resource Page….

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A Guide to Third Party Risk Management

Understanding and mitigating third party risk has become more important than ever, which makes now the perfect time for your organization to implement a third-party risk management program. This guide covers several aspects of third-party risk management, including steps for developing a program, tips for vetting new vendors, and the new risks presented by AI tools.

New Business Travel Per Diem Rates Effective October 1

Are you and your employees frustrated by the time-consuming task of documenting and reviewing travel expenses? The IRS offers simplified methods for reimbursing employees’ out-of-town lodging, meals and incidental expenses. Here’s what you’ll need to know to determine if this simplified approach is right for your business. High-Low Method Under the “high-low method,” the IRS…

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What’s the Proper Tax Treatment for Intangible Assets?

Intangible assets have become increasingly vital to the value of many companies. While their benefits may be obvious to business owners, their tax treatment often isn’t. Taxpayers may be surprised by the expansive IRS definition of “intangible asset” and the impact it can have on their tax bills.

Tax Considerations When Adding a New Partner

Learn the tax rules that may apply if you bring a new owner into a partnership, or into a limited liability company that’s treated as a partnership for tax purposes.

Tax Implications of the New Lease Accounting Rules

Private businesses implemented new lease accounting rules in 2022, resulting in a major shift in how leases are reported for “book” purposes. While the tax rules for leases haven’t changed, the new accounting rules can have notable implications for how the tax rules play out. New Accounting Rules The Financial Accounting Standards Board (FASB) issues…

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