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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.

 

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.

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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.

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.

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.

In the context of mergers and acquisitions, potential investors get a level of assurance when the investment target is audited.  However, relying solely on the target’s audited financial statements when making an investment decision could be shortsighted.

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.

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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.

Builder’s risk insurance ensures that the insurance company will cover any equipment, materials, or property, damaged during construction, but there is a limit to this. For example, the loss must be clearly specified and included under what the insurance company considers to be “covered property”.

If you are selling your business, you may be eligible for an earnout provision. Read about earnout purchases and the related due diligence assessment.