MLR

Resources

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients.
This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

Year-end planning for 2018 takes place against the backdrop of a new tax law — the Tax Cuts and Jobs Act (TCJA) — that was passed last December and that made major changes to the tax rules for individuals and businesses. For businesses, the corporate tax rate is cut to 21%, the corporate AMT is eliminated, there are new limits on business interest deductions and the deduction of pass-through business losses, significantly liberalized expensing and depreciation rules, and there is a new deduction for non-corporate taxpayers with qualified business income from pass-through entities.  Also, in the foreground is the possibility of new tax legislation being passed before or after year-end.

Year-end planning for 2018 takes place against the backdrop of a new tax law — the Tax Cuts and Jobs Act (TCJA) — that was passed last December and that made major changes to the tax rules for individuals and businesses. For individuals, there are new, lower income tax rates, an increased standard deduction, new limitations on certain itemized deductions and the elimination of personal exemptions, a significantly increased exemption for the alternative minimum tax (AMT) and the estate tax, and many other changes. Also, in the foreground is the possibility of new tax legislation being passed before or after year-end.

Categories:

Maxwell Locke & Ritter and our affiliate, ML&R Wealth Management, is excited to announce that Michelle Hardeman, Brandon Lamb and Vanessa McElwrath have been promoted to Partner.

Maintaining accurate records for employee per diem travel expenses can be a struggle. At this point in time, employees are not permitted to claim unreimbursed tax expenses on their personal tax returns, so employers should think about creating appropriate reimbursement plans for employees who incur expenses associated with business travel.

In addition to understanding the amount of money that can be reimbursed, it’s also critical that employers learn about claiming business expenses on taxes using this new, streamlined approach.

Categories:

Simple initiatives can make a big difference in how efficiently a nonprofit operates and delivers its programs and services. This article offers three ideas: 1) Monitor measures that matter; 2) orient your organization toward outcomes; and 3) engage entrepreneurial experts.

Categories:

If a partner decides to leave a medical practice, it’s important to have a tax allocation approach in place and ready to be implemented. In nearly all cases, there are three different methods you can use. Of course, before making any concrete decisions about the best method for your situation, it’s always wise to speak with a certified accountant so you can be sure you’re making the right choice.

Categories:

It’s common for companies to hit a point during growth where it is difficult without outside assistance. Private equity investment can be a wonderful option for business owners who want to retain some control of their business while also reaping the benefits of an outside investment.

The right private investor can be an incredibly valuable addition to your team — beyond just providing much-needed capital. As long as you consider the details beforehand so you can protect your own best interests, you may find that an investor is the key to your company’s long-term expansion and overall success.

Your commercial property tax bill may be higher than it should be. A little bit of scrutiny can go a long way in reducing your expenses. While rising property taxes may be occurring simply because your local government needs more funding for communal needs like roads or schools, there are some steps you can take to ensure that you’re paying the lowest possible rate.

Maintaining accurate records helps you manage the day-to-day operations of a business and makes it possible to prove that your organization is in compliance with various laws and regulations. Keeping good records also helps when hiring business tax services or when seeking business tax advice.

Maybe you’re starting out and wondering to yourself, “how does a buy-sell agreement work”? If, however, you’re a business owner, you’ve probably established a buy-sell agreement in case you or a partner part ways with the company, whether voluntarily or involuntarily. Either way, it’s important to remember that just drafting an agreement and putting it in storage isn’t enough. From time to time, you may need to review the agreement and make revisions as needed.