Ludwig Business Consultants is honored to be a two-time recipient of the Philadelphia100® Forum’s Award for the fastest-growing, privately-held companies in Philadelphia! While the forum started the award as a means of bringing recognition to the region, it has grown into a nationally-recognized acknowledgement of excellence. Ludwig achieved ranking on the list in both 2021 …
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The BOI is Back–No, It’s Not!
Update as of 1/6/25:The Merit Panel of the Fifth Circuit Appeals Court has reinstated the injuction against the BOI. The Beneficial Ownership Interest reports are again on hold until further notice. The Department of Justice took the case to the US Supreme Court several days ago. While that case is pending, businesses are not required …
Increased Mileage Reimbursement Rates for 2025
Effective January 1, 2025, the IRS has increased the reimbursement rate for mileage deductions and reimbursements. According to the new rules, taxpayers will be able to claim: Please note that you must keep careful track of mileage for these purposes. We recommend a simple notebook, kept in the glove compartment of your vehicle, or using …
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BOI Scam Alert
From our Director of Taxation, Joseph Kim, CPA/MST: The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert on December 18, 2024, to raise awareness of fraud schemes abusing FinCEN’s name, insignia, and authorities. Please note that these fraud schemes include scams which exploit Beneficial Ownership Information (BOI) reporting. The scammers may convince …
Company Christmas Blessings
On Friday, December 13, 2024, Phyllis treated the Ludwig staff to a Christmas celebration, with a brunch at Santiago’s Family Restaurant in Horsham, PA. Between discussing our plans for the holidays and our gratitude for the wonderful people we know through our client base. New to our team this year are Erin McManus-Varallo (third from …
UPDATED: Beneficial Ownership Information (BOI): Do You Need to Act?
UPDATE (12/05/2024): Today, a federal court in Texas issued an injunction applying to taxpayers nationwide, where they state that small businesses affected by BOI reporting deadline of January 1, 2025, do not need to comply with the filing deadline. However, the AICPA recommends that CPAs assisting their clients with the BOI continue to gather the …
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CatholicU Connections Facilitate an Acquisition
The power of Catholic University and utilizing your connections… Phyllis Ludwig, a 1984 graduate of Catholic University, was recently involved in the sale of one of our long-term clients, NWL, to American Superconductor. After acting as NWL’s CFO for a number of years, she was well-acquainted with the situation. To her surprise, the director of …
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Summer Downtime: Use It to Your Tax Advantage
Downtime? Does that even exist anymore? Between our jobs and our side hustles, downtime has really changed over the years. Webster’s defines downtime as a time of inactivity between periods of work. Summertime is typically downtime; employees go on vacations, the office is more laid back, maybe there are fewer deadlines. It is crucial to …
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Forecasting: Financial not Weather
As many of us have found out in the last years, there is a lot of uncertainty in the world. This applies to business too. It is important to have a trusted firm to handle your financial forecasting. Someone who knows the most up to date technologies and is looking to see what is coming. …
14 Overlooked Tax Deductions for 2023
Hopefully, you’ve already gotten your information to your tax accountant. On the off-chance you haven’t, or if you’re planning on addressing your taxes yourself, here are a few of the less-common deductions you might wish to keep in mind. Please note that these are just general summaries, and you would be well-served to consult with …