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.

 

Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals and incidentals, some employers opt to pay fixed travel per diems. These amounts are based on IRS-approved rates that vary from locality to locality. Here’s what you’ll need to know to determine if this simplified approach is right for your business.

It’s common for owners of closely held businesses to transfer money into and out of the company. But it’s critical to make such transfers properly. If you don’t, you might hear from the IRS.

If you have acquired, constructed or substantially improved a building this year, or even in previous years, the tax benefits of a cost segregation study might be of interest to you. It may allow you to accelerate depreciation deductions, reduce your current taxes and boost cash flow.

We have been named the 2019 “#1 Best Mid-sized Accounting Firm to Work for” by Accounting Today. Each year, the publication works with Best Companies Group to create their Best Accounting Firms to Work for list, identifying 100 firms that have excelled in creating quality workplaces for employees. Maxwell Locke & Ritter has been named to the prestigious list of employers consecutively since 2013, but 2019 marks the first time the firm has topped the list of mid-sized firms.

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Is your nonprofit thinking about merging or otherwise restructuring? You’re not alone. Whether to firm up their financial footing, pursue broader goals or change locations, organizations across the country are mulling restructuring. The good news for such nonprofits is that the IRS has made the process easier for some.

Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks. These add-ons enable employers to cast a wider net in the job market, helping them attract and retain top-quality workers. Unfortunately, tax breaks for some fringe benefits were eliminated or suspended by the Tax Cuts and Jobs Act (TCJA). However, some other fringe benefits are still deductible by employers and tax-free to employees. Here are 14 popular benefits that remain on the books after the TCJA.

In merger and acquisition negotiations, taxes are an important consideration. Do you fully understand the tax consequences of purchasing the assets of a business? The rules are especially confusing if you operate the new entity as a so-called “pass-through” business. Here’s what you should know to help you comply with the rules and potentially lower taxes.

The Tax Cuts and Jobs Act imposes a new limitation on deductions for business interest expense. The IRS recently issued guidance in the form of proposed regulations. Here’s what you need to know.

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This short article provides five tips to help nonprofits gather more, and more meaningful, feedback from their clients. Suggestions include “take full advantage of social media,” “don’t neglect the off-liners” and “show your appreciation.”

Despite its name, the Tax Cuts and Jobs Act didn’t cut all types of taxes. It left several taxes unchanged, including the 3.8% tax on net investment income (NII) of high-income taxpayers. This brief article defines the NII tax and urges you to explore strategies for reducing it if you must pay it.