On September 21, 2022, the Federal Reserve Open Market Committee raised the target for the Federal Funds Rate to between 3% and 3.25%. The Federal Reserve stated that, "inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and … [Read more...] about Federal Reserve Funds Rate Increase
General Business
Simple Internal Controls for Small Businesses
Internal controls are essential in any company but are even more critical in a small business environment. Without any controls or oversight, it is like leaving the door unlocked with the cash register drawer open hoping that no one will steal any money. Small business owners should consider the … [Read more...] about Simple Internal Controls for Small Businesses
Restaurant Meals Fully Deductible Again in 2022
The Consolidated Appropriations Act of 2021 made a temporary, but significant change to the deductibility of business meals provided by a restaurant. The Act increased the deduction from 50 percent to 100 percent for restaurant food and beverage expenses incurred in direct relation to business … [Read more...] about Restaurant Meals Fully Deductible Again in 2022
Research and Experimental Expenses: Major Changes in 2022
A provision of the Tax Cuts and Jobs Act (TCJA) took effect on January 1, 2022, requiring taxpayers to change the way they treat research and experimental (R&E) expenses. Taxpayers may no longer elect to currently deduct R&E expenses, but now must capitalize and amortize these expenditures … [Read more...] about Research and Experimental Expenses: Major Changes in 2022
Taxpayer Advocate Service – the “Taxpayer’s Voice” at the Internal Revenue Service (IRS)
It would be safe to say that no one wants to deal with the Internal Revenue Service regarding an unresolved tax issue. It can be quite daunting and, in some instances, lead to no results despite your best efforts. When such a situation exists, there may be another option available to resolve your … [Read more...] about Taxpayer Advocate Service – the “Taxpayer’s Voice” at the Internal Revenue Service (IRS)
Business Start-Up Resources
Are you looking for resources to help with the launch of a new small business? We can help! Below are a number of relevant links* that provide useful information to help get you started. Erie County The Erie County Clerk Office offers a very detailed Business Brochure to assist with starting … [Read more...] about Business Start-Up Resources