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Taxpayers may use the actual costs of operating their vehicle in calculating the deduction, instead of using the IRS standard rate. On Dec. 19, 2024, the IRS announced the 2024 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The 2025…

Global insured natural catastrophe losses are on track to reach $135 billion by the end of 2024—the fifth consecutive year that insured losses surpassed the $100-billion mark, according to the latest estimates from Swiss Re. The reinsurance giant attributed the 17% increase in insured natural catastrophe losses from $115 billion in 2023 to the devastating…

The Centers for Medicare and Medicaid Services (CMS) has issued a proposed rule that would allow Medicare Part D prescription drug plans to cover anti-obesity medications. Historically, drugs used for weight loss have been excluded from the definition of a covered Part D drug, regardless of their use for the treatment of individuals with obesity,…

A safe parking lot is an important but often overlooked part of a business’s risk management plan. A well-maintained lot helps prevent injuries, minimizes liabilities and contributes to a positive customer experience, strong reputation and improved employee morale. While safety efforts often focus on commercial buildings, it is equally important for business owners to ensure…

Online shopping has made it easier than ever to peruse the wares of various businesses and vendors from the comfort of your own home as you search for the perfect gifts this holiday season. However, conducting transactions over the internet always involves inherent risks, as cybercriminals may be lying in wait. As you check friends…

According to the U.S. Fire Administration, most home fires occur during the winter months. That’s because various heat sources and appliances in your home may be used more regularly during this time of year, and even slight malfunctions or misuses can ignite a devastating blaze. Consider the following steps to minimize your risk of winter…

Consumers have come to expect numerous options, instant shipping and fast delivery, making a smoothly operating supply chain essential. However, the nature of supply chains can lead to unexpected bottlenecks, delaying production or shipments and impacting an organization’s ability to meet customer demand. These delays can also disrupt cash flow and damage customer loyalty as…

Workplace celebrations can help create an enjoyable workplace, resulting in high morale and low turnover rates. These events can provide an excellent opportunity for employees to network and socialize with their co-workers in a fun environment. However, work-related parties and events present several safety and liability risks that business leaders need to address to ensure…

Many air travelers turn to TSA PreCheck for its quickness and ease. TSA PreCheck is a US airport screening program that allows you to get through airport security with fewer steps and without waiting in long lines. But cybercriminals take advantage of this tool to trick travelers. In this scam, you receive an email that…

Small businesses in all industries face the potential of lawsuits. These disputes can require substantial money, time and effort, and they can damage a company’s reputation, regardless of the case’s merits or outcome. Considering these ramifications, it is vital for business leaders to take steps to limit the probability of lawsuits being filed and to…