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How Inflation and Supply Chain Disruptions Can Increase Your Business’ Tax Bill

Withum

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.

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Will Congress Say Bah Humbug To Small Businesses?

Withum

Small business owners have been suffering in recent years with various federal tax laws impeding their ability to operate and grow. Congressional leaders went home this week for winter recess so there is no way for a tax extender bill to be passed in 2023, but there remains a glimmer of hope for action in early 2024.

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Where the Republican Presidential Hopefuls Stand on Taxes, Other Economic Issues

CPA Practice

Since his win in 2016, Trump has moved the GOP toward his views on a tougher trade policy with China as they have embraced his accomplishments such as the 2017 tax cuts. Trump tax cuts Trump signed the 2017 tax cuts into law and frequently cites it on the 2024 campaign trail as one of his signature achievements.

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Friday Footnotes: EY Pulls Out of Winston-Salem; Clients Exposed in Data Breach; Deloitte Olympians | 7.14.23

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. The Office Ernst & Young out of Triad market after closing Winston-Salem office [ Triad Business Journal ] The Triad now has offices for only two of the Big Four global accounting firms.

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The Rundown | 2023 Mid-Year Report

Cherry Bekaert

The Financial Accounting Standards Board (FASB) has issued only two new Accounting Standard Updates (ASUs) and the Government Accounting Standards Board (GASB) has not issued any new GASB Statements in 2023. Standard setters have been relatively inactive this year.

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U.S. Supreme Court: State Law Regulating PBMs Is Not Preempted by ERISA

ThomsonReuters

Pharmaceutical Care Mgmt. It explained that a state law has an impermissible connection with ERISA plans if it governs a central matter of plan administration or interferes with nationally uniform plan administration. Rutledge v. 2020 WL 7250098 (U.S. Available at [link]. Contributing Editors: EBIA Staff. The post U.S.

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Adventures in Research and Investigations

Withum

Back in 2006, I answered a job posting in the local newspaper for a research position at a forensic accounting firm. We started seeing higher demand for research, which continues to grow, especially as the accounting world expands. Years ago, we were retained to value interests in citrus groves for estate tax purposes.