G&S Accountancy

After emerging from the global pandemic, the logistics industry is facing new challenges. The year 2022 couldn’t outperform 2019 for the logistics companies and trucking industry. As a result, there is a big fall in freight demand in December 2022. Currently, the Outbound Tender Volume Index (OTVI) and Contract Load Accepted Volumes (CLAV) have decreased. On an average, the OTVI fell by 2.7% on a week-over-week w/w basis and 27.6% on a y/y basis. And CLAV has witnessed a dip of 2.7% w/w and 14.8% y/y. In December 2022, Ocean Imports also faced of the highest contraction in its history. In addition, shippers are giving fewer contracts to carriers, which is affecting the truckload volume negatively. At the time of the Lunar New Year, the absence of an increase in domestic manufacturing will further deteriorate truck volumes into 2023. What are the Current Issues Related to the Logistics Industry? Disruption in the global supply chain and port congestions are the current issues for the ...

Take Advantage of Refundable and Non-Refundable Tax Credits Do you fall under the category of low or moderate income? Then, you can benefit from the "tax credits" offered by the Federal and State Governments. You can also save a significant sum of money and get great benefits as an individual, family, or organization. Because by leveraging tax credits in the USA, you can get refunds when filing your taxes. You can also get tax preparation Fontana services for the same.     To make things easier, we’ve compiled this comprehensive guide to tax credits for individuals in the USA. What are Tax Credits for Individuals? A tax credit is the amount of money that taxpayers can subtract from the tax they owe. As a result, it decreases your tax amount and may also increase your tax refund. To learn more, let's discuss the different types of tax credits you may be eligible for. Types of Tax Credits for Individuals Here are six types of credits you must know and other necessary i...

After years of declining funding, the Internal Revenue Service (IRS) has finally received a major boost in its budget. The Inflation Reduction Act allocates an additional $80 billion to the agency over the next decade. This latest reckless tax and spending spree is almost six times the IRS’s annual budget of around $13 billion. Find out accounting and tax preparer rancho Cucamonga to learn about more this.   How will IRS Use the $80 Billion Funding As the IRS is aiming to collect more in taxes, 4% of the total funding is reserved to help taxpayers and 57% to audit taxpayers. Corporate and high-net-worth tax dodgers are the main target of the agency. The remaining amount is meant for technology, operations, a direct free e-file system, hiring additional phone representatives, and more, among other things. The new IRS funding will be earmarked as follows: ● $3 billion for taxpayer services ● $45 billion for enforcement ● $25 billion for operations support ● $4 billion for business ...