Blog
Business Mileage Rate Increase
The IRS issued the optional standard mileage rates for calculating the deductible costs of operating a car for 2023.
The Tax Treatment of Cryptocurrency
The IRS treats cryptocurrency as property, not money, and taxes it like a stock. Taxpayers must disclose gains and losses on investments in digital assets.
Leadership Diversity Can Improve Financial Outcomes
Board and executive diversity continue to be a top priority for many corporate directors and investors as diversity, equity, and inclusion (DEI) initiatives have been linked to improved company performance. Source: FM (Financial Management)
Individual Charitable Deductions
Charitable contributions are a great way to give back not only to your community, but to yourself around tax time! The IRS allows taxpayers to itemize charitable contributions in order to write them off–in most cases, you’re allowed to write off up to 60% of your...
Who Meets The Filing Threshold?
The IRS doesn’t require every citizen to file come tax time. It depends on your age, filing status, income level, and the source of your income. You can refer to the below table to see if you meet the requirements for filing a tax return. Filing Status Age As Of The...
Estate & Gift Tax Rates
Gift tax is a consideration that those making large donations to an individual must consider. The IRS considers a gift anything that is a transfer to an individual, directly or indirectly, where full consideration (measured in money or money’s worth) is not received...
Qualified Business Income Deduction
Tax time can be a stressful one for business owners. Luckily, since the 2018 tax year, small business owners and self-employed taxpayers have been able to take advantage of the qualified business income deduction (QBI) to deduct up to 20% of their qualified business...
Financial Audit
Financial audits guarantee that a business’ finances are accurate and that their reports and operations are fully functioning according to plan. They also verify that the information being collected contains no errors that could potentially cause problems both in the...
Corporate Financial Checklist
LRSCPA is a well-rounded CPA firm that offers corporate accounting services to New Jersey small and medium-sized businesses. To make sure your business isn’t falling behind, we’ve put together a comprehensive corporate financial checklist for your business to adhere...
What Is Annualized Rate of Return?
Annualized Rate of Return is a metric used to compare the profitability of different investments over different time frames. It gives you one number to directly compare to another number that shows how profitable an investment is over a given 12 month period. This...