In 2021, Congress passed the Corporate Transparency Act intending to fight and prevent money laundering, illegal financing activities, corruption, and tax fraud.

In mid-December, the IRS announced the new optional standard mileage starts that will be in effect starting January 1, 2024.  The rates are used to calculate the deductible costs of operating a vehicle for business, charitable, medical, or moving purposes.

At the end of December, President Biden signed the Consolidated Appropriations Act of 2023 into law. While the primary purpose of the legislation was to allocate federal funding for the coming year, it did contain several other parcels of legislation within. One of these was the Securing a Strong Retirement Act of 2021, more commonly referred to as the SECURE Act 2.0. The long-awaited legislation aimed at new retirement savings reform is based on many of the changes initially proposed both in the House and Senate. These include changes to plan design, modified RMD rules, matching student loan payments, and expanded eligibility for part-time employees.

Much of the attention around the recently announced American Jobs Plan (Plan) has focused on how the federal government intends to pay the massive $2.3T price tag. As outlined in the plan, corporate taxes would be increased to 28%, enforcement activities expanded, and several new taxes on large companies would also be implemented. This has shifted attention away from the legislation’s purpose: to upgrade, repair, and bolster the nation’s physical and digital infrastructure

On March 31, 2021, the Biden Administration released an overview of The American Jobs Plan (Plan), which broadly outlines a proposed $2T modernization investment in the nation’s transportation, environmental and digital infrastructure and spread over eight fiscal years. The Plan includes fixing highways, upgrading ports, airports, and other transit centers. It calls for the modernization of public buildings, including federal facilities, upgrades to water delivery infrastructure, and revitalization of American manufacturing and innovation.

Starting a new business is an exciting time where entrepreneurs transform their new or innovative ideas from drawing board to production and delivery. During these initial stages, a business owner has to manage multiple demands and priorities to get key people, processes, and structures into place. For new manufacturing companies, this might mean investment in facilities, machinery, workers, and an ordering system

Manufacturing companies are still looking for ways to solve the persistent worker shortages that have plagued the industry for years. While the origins of the deficit are not entirely clear, it’s believed baby boomer retirement coupled with a high number of young workers with a college education, has helped to fuel the issue.

Discover 15 signs that you might need to look for a new accountant – or at the very least review the quality of the service and advice they provide to your business.

Manufacturers are struggling with attracting and retaining labor, increasing raw material costs and changing economic conditions. The survey findings provide excellent insight into what industry companies may expect to experience in the coming months.