On August 16, 2022, President Biden signed into law the Inflation Reduction Act (“IRA”) of 2022. While there has been skepticism about the legislation’s ability to reduce inflation, there is little-to-no doubt that the financial incentives included in the bill provide the most significant resources in U.S. history for businesses to make climate-friendly investments.
On August 12, 2022, the House passed the Inflation Reduction Act of 2022, and President Biden signed the bill on August 16, 2022. The expectation is a reduction of the deficit by $300 billion with various revenue raisers and spending on climate, clean energy and healthcare.
The Financial Accounting Standards Board issued new lease guidance to provide greater transparency and disclosure around companies’ lease portfolios, and the new standard significantly changes the accounting for certain leases compared to the old standard. There are many technical details that companies need to work through, and the post below provides a high-level overview of the key issues and steps to consider for your business.
As I have gotten older, like most people, I have gained a few pounds. Looking to become healthier, I eagerly read Younger Next Year by Chris Crowley. While reading this book, I learned a lot and since then have changed my diet, exercise regularly and have lost 18 pounds (and counting!).
The trend of U.S. workers leaving their jobs and employers struggling with high levels of employee turnover continues to gain momentum. Another 4.5 million U.S. workers quit their jobs in November alone, according to data from the U.S. Bureau of Labor Statistics. Meanwhile, the number of job openings in the United States remains elevated at 10.6 million, as companies across sectors and industries continue to have a hard time recruiting and retaining employees.
Compelling cultures have a common ingredient. Trust. It characterizes who they are and what they do. This single ingredient propels them to be bigger, better, faster, and stronger. They win more opportunities, deal with less distractions, and enjoy more of what Jim Collins calls “luck events.” Trust was once considered a “soft” part of business. Now, it is a necessary component of sustainable growth.
The IRS issued the 2022 optional standard mileage rates which are used to calculate the deductible costs of operating an automobile for business purposes, charitable purposes, medical purposes or moving purposes.
“Your morning routine generates a 10x return for good or for bad. Make it good.”
- Todd Stocker (Becoming the Fulfilled Leader)
It's in the Brixey & Meyer DNA to give back to communities in which we serve. Every year we identify organizations that our team can partner with in order to fulfill our desires to give back. We closed all three offices and our team headed out to serve and spend time with one another. This year, our annual day of giving was spent in Cincinnati where we had stations set up benefiting multiple organizations.
This has obviously been anything but an ordinary year and it appears the Build Back Better Act will not be signed by December 31st. Any proposed legislation will most likely be effective beginning January 1, 2022. In 2021, Congress did pass the Infrastructure Investment and Jobs Act to spur the economy and help with our federal highways, highway safety programs, transit and other purposes. However, this bill had minimal income tax consequences.