Industry News 

News, thought leadership, and innovative ideas for the future.

With the constant swirl of changes in the business world, government regulation, and complexities of operations, it’s hard to stay on top of what most impacts your organization. Walz Group strives to provide you with news and information that is timely and relevant to you.

Most Recent Industry News

The Life and Death of a $20 Bill

Have you ever wondered how a $20 bill is made and how long this thin piece of paper lasts for? Fun and interesting read click here:

Tricky Tax Angles to Fringe Benefits

Tax rules for fringe benefits can be intricate and complex. Check out this article as it goes over which fringe benefits are taxable, tax-exempt, and special rules to keep in mind:

LIFO vs. FIFO: Taking Stock of Your Inventory Accounting Method

This article explains common approaches such as last-in, first-out (LIFO), first-in, first-out (FIFO), and various considerations for a business choosing an inventory accounting method:

Satellite Locations or Consolidation: Review the Details

As a business owner there are several factors and decisions to keep in mind if you plan to expand or consolidate your business, warehouse, or workspace. To learn more, click here:

Are You Missing the Roth IRA Boat?

This article shows how Roth IRAs can be a valuable strategy for saving for retirement. Lean more here:

PA Announces New myPATH Online Services Portal

The Pennsylvania Department of Revenue has rolled out a new online portal called myPATH, click here to lean more:

Accounts Receivable Fraud: Lapping Up Profits

Any business can be a target for fraud through accounts receivable (A/R), impacting both the business and the customer. Check out this article to prevent “lapping” and tips to uncover fraud:

It’s Time for Businesses to Rethink Their Working Capital Practices

This article outlines how businesses can evaluate and improve working capital management in today’s uncertain market:

New Law Expands Deduction for Energy-Efficient Commercial Buildings

The recently passed Inflation Reduction Act (IRA) allows for significant deductions for owners and designers of energy efficient commercial buildings. Find out more here:

The IRS Has Announced Various Tax Benefit Increases for 2023

Due to rising inflation, the IRS has recently announced adjustments for the 2023 tax year. Check out the chart in this article that compares the tax amounts for 2022 and 2023:

Understanding IRS Audit Guidance

Audit Technique Guides (ATGs) help IRS examiners during an audit but are also beneficial to small business owners by adding insight into issues and accounting methods unique to specific industries.

New Business Travel Per Diem Rates Announced for 2023

If you or your employees travel for business, keeping up with records, receipts, and reimbursements can be a challenge. The new per diem rates for 2023 have been announced:

Cash In on Corporate Deductions for Charitable Donations

As a business, it is important to know the tax rules to follow for charitable giving in order to qualify and cash in on deductions.

Scrub Data to Make Clean Business Choices

Whether you are a big or small business, keeping data clean and up-to-date is not always an easy task to achieve. This article outlines some rules and ideas to consider when it comes to scrubbing data

Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions

Business owners must follow strict tax rules and keep detailed records to save on deducted vehicle expenses. Learn more here:

Are All of Your Business Insurance Bases Covered?

Are you in the construction, manufacturing, or professional services industry? It is important to have the right insurance to protect yourself. Here are some types and strategies to consider:

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