Many companies have resumed some level of business-related travel and entertainment (T&E) activities or plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping
If you are claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records
A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow also must be strong. But this is not always the case. Taking
As year end approaches, it is a good idea for calendar-year entities to review the guidelines for recognizing revenue and expenses. There are specific rules regarding accounting cutoffs under U.S.
As teachers head back for a new school year, they often pay for various expenses for which they do not receive reimbursement. Fortunately, they may be able to deduct them
Have staffers complained because their expense reimbursements are taxed? An accountable plan can address the issue. Here is how accountable plans work and how they benefit employers and employees. Be
The Tax Cuts and Jobs Act (TCJA) of 2017 generally disallowed all deductions for business entertainment, amusement, and recreation. However, the TCJA did not specifically turn thumbs up or down
Accurate overhead allocations are essential to understanding financial performance and making informed pricing decisions. Here is guidance on how to estimate overhead rates to allocate these indirect costs to your
When teachers are setting up their classrooms for the new school year, it is common for them to pay for a portion of their classroom supplies out of pocket. A
One of the most common ways that crooked employees defraud their employers is by cheating on or padding expense reimbursement reports. Fortunately, you can stop this type of fraud with
