IRS Increases Mileage Rates Reimbursements for Second Half of 2022

2022 Business mileage reimbursement

The Internal Revenue Service will raise the optional standard mileage rate for the final six months of 2022 to help offset the rise in gas prices nationwide. The new rates to calculate the deductible costs of operating an automobile for business and certain other purposes become effective July 1, 2022, and will remain in place…

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Informed Project Forecasting Can Take the Sting Out of Inflation

Record levels of inflation are weighing on the construction industry when contractors are already feeling the squeeze from labor and supply shortages. According to Associated General Contractors analysis, contractors are seeing staggering increases in construction inflation. The Producer Price Index for inputs to new non-residential construction — a weighted average of the goods and services…

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It’s Time to Re-examine the Pros, Cons of Cryptoassets

From Super Bowl commercials to teenage NFT millionaires — and even Elon Musk’s support of the dog meme-inspired currency Dogecoin — cryptoassets have been making a play for mainstream acceptance. By the end of 2021, the global cryptocurrency market was worth more than $3 trillion, up from $14 billion just five years earlier. About 16%…

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Navigating the IRS Backlog

The start of a new tax filing season often brings with it longer hold times with the IRS, as taxpayers and their tax preparers inundate phone lines with questions and concerns. But the 2022 filing season promises to be particularly challenging. The IRS continues to work through a backlog of millions of paper-filed returns and…

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3 Ways to Protect Your Business from Fraud and Scams

Business owners spend a lot of time and effort ensuring their operations run smoothly, from delivering quality goods and services to providing accurate financial statements and tax returns. Yet one scammer going after your company can bring it all down, harming your reputation and your revenue. One of the best ways to protect your business…

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How to shore up your financial reporting to get ready for IIJA-funded jobs

Since the passage of the $1.2 trillion federal Infrastructure Investment and Jobs Act (IIJA) in November 2021, construction companies have been scrambling to prepare for a tidal wave of IIJA work. But what will companies need to know about financial reporting when jobs are let under the new legislation? The IIJA includes several provisions for…

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KPIs to Keep Your Business Profitable

Many businesses develop a list of key performance indicators (KPIs) to track profitability and spot issues before they become full-blown problems. Monitoring KPIs is essential because they allow you to keep tabs on what’s happening at the moment and be proactive in running your business, unlike annual financial statements that show you what happened in…

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How “Build Back Better” tax changes could affect attorneys

The proposed Build Back Better Act could increase federal revenues by roughly $1.7 trillion to fund social investments, including health care, education, and childcare over the next decade. To pay for these programs, the Build Back Better plan proposes various tax adjustments, several of which could directly affect law firms, attorneys, and their clients. Understanding…

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Closing security gaps can help construction firms fend off cybercriminals

Modern construction companies have come to depend more on digital resources to get projects built. But a risk of cyberattacks comes with these technological advances. Even though the construction industry traditionally has relied more on brick and mortar than networks and data, it’s no less vulnerable to hackers than other business sectors. In fact, construction…

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