By Lindsay Andrews, CPA [email protected] Many manufacturers utilize lean techniques to help improve manufacturing processes. In addition to the manufacturing process, the concepts of lean can extend to various other aspects of the business including accounting. There are five principles of lean and each one of these principles has applications to accounting departments.

By Tom Culleiton, CPA [email protected] A few days before Christmas, Congress approved a $1.7 trillion spending package which was signed by President Biden on December 29, 2022, making saving for retirement more accessible for many employees. The spending package contains a provision termed “SECURE 2.0” If that sounds familiar, it is because this

By Lora Ament, CPA, MBA Former Tax Director at Louis Plung Many state governments require entities organized under its laws to file an annual or biennial report confirming the existence of that entity. Instead, Pennsylvania has only required a decennial filing (once every ten years) to confirm the existence of any entity that

By Lora Ament, CPA, MBAFormer Tax Director at Louis Plung & Company With the close of 2022 fast approaching, businesses should evaluate several tax law changes that can impact the current year income tax liabilities and the final estimated tax payments. Phase Out of 100% Bonus Depreciation The Tax Cuts and Jobs Act (TCJA) increased

By Lora Ament, CPA, MBAFormer Tax Director at Louis Plung & Company Pennsylvania Businesses Will Need to Transition From e-TIDES to myPATH The Pennsylvania Department of Revenue is transitioning all business taxes, including employer withholding tax, sales tax, and corporation taxes into the Pennsylvania Tax Hub (PATH) system requiring business taxpayers to register their accounts

By Duke Griffith, Supervising Senior [email protected] On Friday October 21, 2022, the Internal Revenue Service (IRS) announced a record increase on the contribution limits for retirements plans for 2023. This largest ever increase on contribution limits is due to rising inflation rates in the United States. Inflation is up approximately 8.2% for the 12-month

By Lindsay Andrews, CPA [email protected] Implementation and Partnership with LeaseCrunch At Louis Plung, we have worked with a variety of companies that have already implemented the new leasing standard and are available to answer questions, review your leases, and assist with the accounting implementation to make the adoption of this accounting standard as

By Lora Ament, CPA, MBAFormer Tax Director at Louis Plung & Company A lesser-known provision of The Inflation Reduction Act of 2022 is to increase the payroll tax liability offset by research and development (R&D) tax credits for qualified small businesses. Such businesses are usually start-up companies with a history of operating losses. The maximum

By Lindsay Andrews, CPA [email protected] While employee benefit plan participants want to know that their retirement benefits are secure, plan sponsors have concerns about their fiduciary risks and responsibilities. Thanks to complex regulatory requirements and constantly changing legislation, the challenges of managing employee benefit plans can be complicated and time-consuming. That’s where an employee

By Lora Ament, CPA, MBAFormer Tax Director at Louis Plung & Company On Tuesday, August 16, 2022, President Biden signed The Inflation Reduction Act of 2022. The Act is a massive climate, health care and tax bill, and is a “scaled-down” successor to the Build Back Better Act, which, after being passed by the House