Manufacturing & Distribution Advisor: Deducting Travel …
Owners, managers and salespeople often incur travel and entertainment expenses. Manufacturers and distributors need to understand how to legitimately claim these deductions and properly substantiate them to ward off unwanted IRS attention. Travel Expenses Your company can deduct ordinary and necessary expenses that owners, employees and other business associates …
Actived: 5 days ago
COVID-19 relief available to some nonresident aliens
(5 days ago) Restricted travel. The COVID-19 crisis has significantly limited the ability of many individuals to leave the United States. Regardless of whether they’re infected with the virus, many people have become severely restricted in their movements because of: …
COVID-19: An update from Elliott Davis Elliott Davis
(2 days ago) As a precautionary measure, Elliott Davis will transition to a remote work environment immediately. Additionally, the Firm is restricting non-essential travel and will communicate with customers via virtual platforms to enable us all to do our part in preventing the spread of COVID-19.
Tax Alert: The IRS provides guidance on meal and
(1 days ago) Travel meal expenses. Although the TCJA didn’t explicitly change the rules for travel expenses, the proposed regs are intended to provide comprehensive rules for food and beverage expenses. As a result, they apply the general rules for meal expenses to travel meals.
BRAINTRUST Elliott Davis
(9 days ago) To help liven the long hours of space travel, Duke played a mix of country music that his friend, Texas disc jockey Bill Bailey, put together for the trip with instructions not to listen to the tapes until the crew was in space. “So we plug one of these in and hear, ‘Hey, Charlie, this is Porter Wagoner and Dolly Parton.
Ryan Loveless Elliott Davis
(7 days ago) Industries: Healthcare, Travel and Tourism, Retail, Manufacturing and Distribution | Specializations: Business Strategy, Mergers and Acquisitions, Transformation, Strategic Planning, Process Improvement, Growth Strategy Professional Overview As the leader of the Management Consulting Services (MCS) practice, Ryan works with clients to answer their most challenging questions. By helping company
Reimbursement Arrangements for Employees Elliott Davis
(6 days ago) Reimbursement Arrangements for Employees. As a result of changes in the treatment of employee business expenses in the Tax Cuts and Jobs Act of 2017 (“TCJA”), some employers may wish to revisit their policies on reimbursement to employees for those expenses. An employer may currently be using what is called a “nonaccountable” plan.
Government Accounting Advisor: Defining Public Officials
(6 days ago) spousal travel; various other items; Governmental entities should consider performing a benefits review which specifically addresses the board members total cash and non-cash compensation packages. Written policies should be in place for the following reasons: To ensure that there are no gaps in the public’s understanding.
Fringe Benefits for Contractors Elliott Davis
(7 days ago) Fringe Benefits for Contractors. Construction. February 5, 2015. Contractors often provide fringe benefits to attract and retain top talent and reward key employees and owners. From time to time, our clients request guidance on fringe benefits that may provide tax benefits and/or incentives for owners and employees of closely held businesses
GENERAL REPORTING REQUIREMENTS FOR FORMS 1099
(3 days ago) • Compensation (wages, travel auto allowance, bonuses and prizes) to employees o Note: This information is reported on Form W2. Did you receive payments for mortgage interest in the amount of $600 or more (Form 1098)? The Internal Revenue Service (IRS) suggests that you request the recipient complete Form W9 (US
Make the most of the Employee Retention Credit Elliott Davis
(Just Now) The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the credit worth as […]
(7 days ago) ward inventory valuations and running personal travel and entertainment expenses through the company. Moreover, public company financial statements tend to be more reliable, because they’re under the scrutiny of the SEC, market analysts and investors. If you’re lucky, closely held companies will submit audited or reviewed financial statements.
Maximize Incident Response Effectiveness: Internal Operations
(Just Now) Let travel planning fall to the bottom of the list: Review whether a business trip is necessary and/or implement teleconferencing capabilities. Make it a point to clarify any revised travel protocols and limitations. De-prioritize the creation/modification of procedures to clean, sanitize, and/or decontaminate the facility.
COVID-19: Implications to Financial Reporting During
(7 days ago) COVID-19: Implications to Financial Reporting During Uncertain Times. In March 2020, COVID-19 was officially declared a global pandemic with many countries implementing restrictions on travel, quarantines, and forcing closures of certain businesses. At the time, no one knew how long the pandemic would last or whether the economic impacts would
Elliott Davis Launches BRAINTRUST Magazine Elliott Davis
(2 days ago) Elliott Davis, a leading business solutions firm with nine offices across the Southeast, announces the launch of BRAINTRUST magazine, a custom publication that will be published two times annually by Elliott Davis. The magazine, which is being direct-mailed to current and potential clients, highlights a wide range of subjects and addresses many of the business […]
Upcoming Changes to the Schedule K-1 will Impact
(7 days ago) The Internal Revenue Service (IRS) has made a series of changes to the partnership Schedule K-1 (K-1) for the 2019 tax year, which will result in significantly enhanced disclosures by partnerships, including limited liability companies (LLC) since they are generally regarded as partnerships by the IRS. While the IRS has delayed some of the changes […]
BRAINTRUST Elliott Davis
(8 days ago) The Marriott Hotels Group breach of late 2018 impacted far fewer people (500 million), but hackers were able to attain names, addresses, credit card numbers, and phones numbers and, in some cases, passport numbers, travel locations, and arrival and departure dates.
The Importance of Pandemic Response Planning Elliott Davis
(7 days ago) The actions taken by governments in China, Japan, South Korea, and Italy are demonstrating the need for organizations to consider the impact to their workforce in the event their employees are forbidden to travel, schools and universities are closed, and/or a significant number of employees are sick and unable to work.
(8 days ago) • Reduced tourism from reductions of nonessential travel and leisure activities . Entities should carefully consider their unique circumstances and risk exposures and evaluate the pandemic’s impact on their financial reporting as well. Specifically, financial reporting and related financial statement disclosures need to convey all material
Manufacturing & Distribution Advisor: Four IRS hot buttons
(5 days ago) 2. Travel expenses. Private business owners sometimes push the envelope when it comes to combining business and personal travel expenses. But the IRS has strict rules on what qualifies as deductible business travel expenses. For instance, suppose you attended the International Manufacturing Technology Show in Chicago last September.
Higher Education Accounting Advisor: Does
(1 days ago) In 2013, the IRS released their report regarding the results of their Compliance Project. The study found that 90% of the colleges and universities examined had underreported their unrelated business income. As a result, the IRS is focusing closely on this nonprofit sector to ensure institutions make identifying unrelated business activities and proper accounting for […]
Identifying Potential Problem Loans Elliott Davis
(5 days ago) • Travel and hospitality – airlines and hotels • Tourism and entertainment • Manufacturing • Oil and gas • Restaurants • Commercial real estate • Retail • Dental practices. What other sectors can we anticipate will be impacted by COVID-19? • Non-profits • Churches • Office space after the crisis passes. Scope and Coverage
Business Resilience: Response Management Elliott Davis
(8 days ago) Business owners and company management teams are faced with navigating today’s response, but must also position for success tomorrow. Every crisis creates both unexpected problems and unprecedented opportunities. Businesses must learn from the COVID-19 crisis, react quickly to emerging trends, and invest in renewed success and growth. Learn more about response management by reviewing these […]
CARES Act: What are the Financial Benefits for Nonprofits
(9 days ago) The operation of its business is fully or partially suspended during the calendar quarter resulting from government mandates limiting commerce, travel, or group meetings due to COVID-19; or; The gross receipts for the first quarter of 2020 are 50% less than the first quarter in 2019.
Importance of Pandemic Response Planning Elliott Davis
(6 days ago) The actions taken by governments in China, Japan, South Korea, and Italy are demonstrating the need for organizations to consider the impact to their workforce in the event their employees are forbidden to travel, schools and universities are closed, and/or a significant number …
Quarterly Accounting and Reporting Update
(3 days ago) • Reduced tourism from reductions of nonessential travel and leisure activities Entities should carefully consider their unique circumstances and risk exposures and evaluate the pandemic’s impact on their financial reporting as well. Specifically, financial reporting and related financial statement disclosures
Real Estate Advisor: Tax Court considers house flipper’s
(3 days ago) During that time, he worked full-time in an executive position requiring long hours and extensive travel. Nonetheless, the taxpayer claimed to run a real estate business in which he planned to make money by flipping houses: that is, buying a house with the intent to fix it up and sell it at a profit.
Where’s the Beef
(6 days ago) accommodations during company travel and mobile phones, which they were allowed to use without restrictions. In addition, the company threw excessively expensive holiday parties for its employees. The valuation analyst adjusted these expenses to more normal levels, based on what typical companies may spend in these areas.
Government Accounting News: OMB Finalizes Federal Award
(2 days ago) • Travel costs (Subpart E, Section 200.474) • Carefully read the audit requirements. (Subpart F) • Check the crosswalk, “Audit Requirements Comparison Chart.” Effective Dates. The Uniform Guidance has several different effective dates (early implementation is not allowed)-
Healthcare Advisor: Top Transaction Issues Commonly
(2 days ago) In some of the smaller deals, there can be seller discretionary costs, including running all your travel, family and business, through the company. This could include cell phone contracts and expenses for family members on the payroll. If these expenses are not legitimate business expenses, these discretionary costs can be added up and eliminated.
International Tax Considerations in Higher Education
(4 days ago) •Any amounts paid for living or travel expenses are taxable to the student Stipend •Making restoration for out- of-pocket expenses by an individual for business or other purposes •Only nontaxable if it falls within an accountable plan and is for an employee Reimbursement •An award for a student to further education
Closely Held Business Advisor: Preparing to Sell Your
(3 days ago) The due diligence process will require weeks of data gathering, meetings and possibly travel. Many closely held business owners are running day-to-day operations also, so make sure you have help during this process so as not to disrupt business. Conclusion.
IRS Compliance Issues: Spotlight on Fringe Benefits
(1 days ago) •Spousal Travel - Employer-provided spouse or dependent travel is generally taxable income to the employee - The expense will qualify as a working condition fringe benefit only if the employer: • Can adequately demonstrate that spouse’s presence on the business trip …
Utilizing State Credits and Incentives: Popular Credits
(2 days ago) Companies establishing a new facility or expanding an existing facility can take advantage of the many tax credits states offer as incentives to increase investment in their state. These credits provide a variety of ways to potentially eliminate an organization’s entire state income tax liability. States also offer numerous sales tax exemptions and property tax […]
Integration Management: Extract the Full Potential of Your
(3 days ago) Leveraging higher indirect procurement spend (e.g. freight, marketing, travel) Consolidating back-office operations and rightsizing SG&A; Consolidating and negotiating IT spend; Footprint/capacity optimization and capacity rationalization; Sample revenue-increasing opportunities: Cross-marketing new products and customers
Virginia Government Finance Officers’ Association Training
(6 days ago) •Spousal Travel - Employer-provided spouse or dependent travel is generally taxable income to the employee - The expense will qualify as a working condition fringe benefit only if the employer: • Can adequately demonstrate that spouse’s presence on the business trip has a bona fide business purposes and
(8 days ago) • Reduced tourism from reductions of nonessential travel and leisure activities Entities should carefully consider their unique circumstances and risk exposures and evaluate the pandemic’s impact on their financial reporting as well. Specifically, financial reporting and related financial statement disclosures
(2 days ago) • Reduced tourism from reductions of nonessential travel and leisure activities . Entities should carefully consider their unique circumstances and risk exposures and evaluate the pandemic’s impact on their financial reporting as well. Specifically, financial reporting and related financial statement disclosures need to convey all material
CARES Act: Construction Industry Cautiously Drives Forward
(7 days ago) The operation of its business is fully or partially suspended during the calendar quarter resulting from government mandates limiting commerce, travel, or group meetings due to COVID-19; or The gross receipts for the first quarter of 2020 are 50% less than the first quarter in 2019.
In this Issue: Welcome to the Fall Issue of Financial Check-Up
(Just Now) personal travel expenses. 4. Pay all operating expenses for your business automobile through your practice and deduct the actual cost of operation, rather than the $0.55 cents per mile rate. The auto expenses which should be paid through the practice include gas, …
QuickTips for QuickBooks: Why You Should Be Using Mobile
(9 days ago) In days gone by, running a company was a 40 hour per week proposition. You might have taken work home some evenings or gone into the office on weekends. Those days are over, thanks to the internet and mobile technology. This fundamental change in the way we do …
Maximize Incident Response Effectiveness Elliott Davis
(Just Now) In light of the recent COVID-19 pandemic, the operational and technology experts at Elliott Davis have created a body of simple, easy to understand, practical guidance for mid-market company leadership teams to maximize incident response effectiveness while minimizing operational risk and disruption. We are receiving questions and seeing requests for management team support, …
Manufacturing & Distribution Advisor: What You Need to
(7 days ago) Reported earnings may need to be adjusted for a variety of items, such as accelerated depreciation rates, market-rate rents, and discretionary spending, such as below-market owners’ compensation or nonessential travel expenses.
Manufacturing & Distribution Advisor: What’s the value of
(5 days ago) Reported earnings may need to be adjusted for a variety of items, such as accelerated depreciation rates, market-rate rents, and discretionary spending, such as below-market owners’ compensation or nonessential travel expenses.
Community Banking Advisor: Taking a Savvy Spin on Due
(7 days ago) Every lender wants to know whether borrowers are making money. But a profitability analysis shouldn’t stop at the top and bottom of the income statement. It’s useful to look at individual line items, such as returns, rent, payroll, owners compensation, travel and entertainment, interest and depreciation expense.