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.

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:

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:

Brace Your Business for Disaster Scams

Natural disasters can strike at any moment, bringing costly damages to homeowners and businesses. Be aware, disasters create opportunities for fraud and scammers to try and take advantage.

Doing Business Abroad: Illegal Payoffs Can Take a Toll

How to avoid bribery and corruption in International Business. Illegal payoff can lead to significant financial, legal, and reputation costs for you and your business.

Applying for Private Business Loans with Confidence

Whether you are starting a business or expanding your current business, you may need financing to meet your needs. However, getting a loan is not always easy, here are some tips when applying:

A Valuation Metric Just for Small Businesses

Thinking of buying or selling a small business? A trusted and experienced valuation advisor can help you navigate the process of determining the health and value of the business.

Four Steps to Maintaining High Cash Balances During Busy Season

When construction firms are focused on completing quality projects, it is easy to lose focus on bookkeeping efforts. Here are four steps to follow to maintain high cash balances during busy periods.

Crunch the Numbers Before Signing a Lease

It is important as a business or a business owner to do some calculations before deciding to sign into an agreement to buy or to lease office space, facilities, equipment, vehicles, etc.

Time to Check Your Beneficiary Designations

It is important to review and update your beneficiary designation to avoid major financial situations and be sure funds go to the beneficiaries you have named.

How Will Inflation Affect Your 2023 Tax Bill?

How will surging inflation rates this year impact your tax bill in 2023?

PA Corporate Tax Rate Reductions Enacted

Governor Tom Wolf signed legislation that reduces corporate tax rate in Pennsylvania

Time to Review Related-Party Loans

With interest rates rising, now is the time to re-evaluate related-party loans to avoid tax repercussions. Lean more here:

Self-Employed Business Owners: What’s the Right Retirement Plan for You?

Are you a self-employed business owner thinking about retirement? There are options to keep in mind that allow you to contribute lucrative amounts to your retirement plan for the future.

Scam Reminder: Fraudsters Impersonate Department Of Revenue In Letters Targeting Pennsylvania Businesses

PA Dept of Revenue warns business owners of new scam where fraudsters send phony letter to trick them into sharing accounting records.

SEPs vs. SIMPLE IRAs: Smart Retirement Plan Options for the Newly Self-Employed

Are you self-employed? There are 2 main retirement plans for tax advantages-Simplified Employee Pensions (SEPs) and SIMPLE IRAs. Which option is right for your business?

Profit from an Energy Audit

As energy prices continue to rise across the country, consider an energy audit for your business to support the environment and qualify for tax breaks.

Are You Owed Money From a Business That’s Filed for Bankruptcy?

Types of bankruptcy and what do if a business owes you money that has filed for bankruptcy.

Small Business Alert: Take Advantage of the WOTC for New Hires

Are you an employer trying to fill open positions at your business? There is a profitable federal tax credit available when hiring called the Work Opportunity Tax Credit (WOTC).
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