Ellen Rusco

IRS Direct Pay: How to Setup

The SECURE 2.0 Act of 2022

The SECURE 2.0 Act of 2022 (Act) was signed into law on December 29, 2022, to increase retirement savings, improve retirement rules, and lower employer costs of setting up a retirement plan. Plan amendments required by the Act generally need not be made until the end of the first plan year beginning on or after January 1, 2025; however, plans must be operated in accordance with the effective date of each new provision.

IRS increases mileage rate for remainder of 2022

With rising gas prices, traveling for work is becoming more and more worrisome. Thankfully, the IRS has our backs. If you or your employees travel for work, check out this update from the IRS. For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year.

IMPORTANT CHANGES TO THE CHILD TAX CREDIT (JULY 2021)

Brickley DeLong would like to make our clients aware of recent changes that were made to the child tax credit, which will benefit many taxpayers. The changes made as part of the American Rescue Plan Act that was enacted in March 2021 include: The credit amount has increased for certain taxpayers; the credit is fully refundable; and some tax payers may receive a portion of the credit in monthly payments.

2017 – 06/28 – Why business owners should regularly upgrade their accounting software

Years ago, all a business owner needed was a big, leather-bound ledger on the desk. These days, regularly upgraded accounting software is a must. Why? As a system ages, bad data can build up and adversely affect financial reporting. Ever heard the term “garbage in, garbage out”? It’s true. In addition, by regularly upgrading your accounting software, you may be able to identify better ways to manage expenses and handle internal controls.

2017 – 06/21 – Seasonal business? Optimize your operating cycle

Cash flow fluctuations are intense for seasonal businesses. If your company defines itself as such, try to optimize your operating cycle. Look carefully at the beginning, middle and end of your cycle, identifying your strategic selling window. Try to stockpile cash received at cycle’s end, and then use those reserves to finance the next cycle.

It may be time for your company to create a strategic IT plan

Many companies take an ad hoc approach to technology. If you’re among them, it’s understandable; you probably had to automate some tasks before others, your tech needs have likely evolved over time, and technology itself is always changing. Unfortunately, all of your different hardware and software may not communicate so well. What’s worse, lack of integration can leave you more vulnerable to security risks.

THE ABCs OF P3s – An Introduction to Public-Private Partnership

The United States is facing consequences from decades of deferred maintenance and underinvestment in infrastructure. At the same time, available public fund levels for such projects are low and resistance to increased taxation is high.

What can a valuation expert do for your succession plan?

Most business owners spend a lifetime building their business. And when it comes to succession, they face the difficult decision of whether to sell, dissolve or transfer the business to family members (or a nonfamily successor). Many complicated issues are involved, including how to divvy up business interests, allocate value and tackle complex tax issues.

Don’t make hunches — crunch the numbers

Some business owners make major decisions by relying on gut instinct. But investments made on a “hunch” often fall short of management’s expectations. In the broadest sense, you’re really trying to answer a simple question: If my company buys a given asset, will the asset’s benefits be greater than its cost? The good news is that there are ways — using financial metrics — to obtain an answer.