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The tax treatment of intangible assets
Intangible assets, such as patents, trademarks, copyrights and goodwill, play a crucial role in today’s businesses. The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Here are some answers to frequently asked...
Read moreBusinesses need to stay on top of their BYOD policies
In one way or another, most small to midsize businesses have addressed employees using personal devices for work. In 2022, online career platform Zippia reported that 83% of companies surveyed had a bring your own device (BYOD) policy “of some...
Read moreDrive down your business taxes with local transportation cost deductions
Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. Let’s start by defining “local transportation.” It...
Read moreTax-Saving Moves to Make Before the Year Ends
Now that the holiday season is here, it's important to get year-end tax planning out of the way before relaxing with your loved ones. Tax policies change every year, and your income may look very different next year. It’s crucial...
Read moreESOPs can help business owners with succession planning
Devising and executing the right succession plan is challenging for most business owners. In worst-case scenarios, succession planning is left to chance until the last minute. Chaos, or at least much confusion and uncertainty, often follows. The most foolproof way...
Read moreBeneficial Ownership Information Reporting: Key Requirements and Deadlines
The Corporate Transparency (CTA) was a landmark piece of legislation to lessen the presence of "dark money" in our daily lives, as many organizations frequently hide their true ownership and intents behind shell companies. Unlike publicly-traded companies that are required...
Read moreSelf-employment tax: A refresher on how it works
If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. SE tax basics The maximum...
Read more3 types of retirement plans for growing businesses
When start-ups launch, their focus is often on tightly controlling expenses. Most need to establish a brand and some semblance of stability before funding anything other than essential operating activities. For companies that make it past that tenuous initial stage,...
Read moreThe amount you and your employees can save for retirement is going up slightly in 2025
How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified...
Read moreMarketing your B2B company via the right channels
For business-to-business (B2B) companies, effective marketing begins with credible and attention-grabbing messaging. But you’ve also got to choose the right channels. Believe it or not, some “old school” approaches remain viable. And of course, your B2B digital marketing game must...
Read moreThe Importance of Accurate Record-Keeping for Tax Preparation
Accurate record-keeping plays a critical role in small business tax planning and preparation. Inaccurate records can lead to missed deductions, inaccurate tax return filings, missed deadlines, IRS penalties, and unnecessary stress during tax time. Additionally, the results of poor record-keeping...
Read moreSmall Business Year-End Accounting Checklist: Be Ready for 2025
Year-end financial preparation is essential to wrapping up your bookkeeping and accounting tasks before the end of the calendar year and the close of the fiscal year. Step 1: Reconcile Your Accounts Sound small business accounting requires the routine reconciliation...
Read more2024 Tax Season Prep: A Small Business Survival Guide
When small business owners are busy overseeing day-to-day operations and focusing on the core functions of their businesses, they have little time left to think about taxes. Unfortunately, fiscal years tend to fly by when you're having fun (running a...
Read moreAdvantages of keeping your business separate from its real estate
Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. With long-term tax, liability and estate planning advantages, separating real estate ownership from the...
Read moreWorking capital management is critical to business success
Success in business is often measured in profitability — and that’s hard to argue with. However, liquidity is critical to reaching the point where a company can consistently turn a profit. Even if you pile up sales to the sky, your...
Read moreIllinois Bookkeeping Checklist: Stay Tax Compliant
Illinois, the fifth-largest economy in the U.S., offers a strategic location for entering the Midwest market. However, to succeed, businesses must follow a comprehensive Illinois bookkeeping checklist to navigate the state's complex tax regulations and stay compliant. This guide provides...
Read moreHelp ensure your partnership or LLC complies with tax law
When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your...
Read moreWhich leadership skills are essential to strategic planning?
To help ensure continued stability and profitability, businesses need to engage in some form of strategic planning. A recent survey by insurance giant Travelers drives home this point. In its 2024 CFO Study: A Travelers Special Report, the insurer surveyed 610...
Read moreThe Benefits of Professional QuickBooks Support for Small Businesses
QuickBooks is one of the digital building blocks for small businesses across America. With millions of users, ranging from solopreneurs to enterprises with hundreds of locations, QuickBooks for small businesses is one of the most popular financial programs of all...
Read moreHow to Improve Cash Flow Management with Effective Bookkeeping
Running a business comes with many challenges. Increasing revenue or finding ways to cut costs are important goals in a successful small business, but cash flow management is an aspect that can get overlooked. If the timing of your cash...
Read moreUnderstanding Wisconsin’s Tax Regulations: A Guide for Small Businesses
Thinking about starting a new business in Wisconsin, or expanding your operations to the Badger State? Wisconsin's unique geographic location offers prime opportunities for new customers throughout the Midwest, with proximity to Canada and major metros like Chicago and Minneapolis....
Read moreTop Accounting Tips for Illinois’ Construction Industry
All businesses require accounting systems tailored to their industries and other attributes, and the construction industry is no exception. Financial management for construction companies requires extra steps in compliance, accounting standards, tax laws, and more. Here are our expert accounting...
Read moreClosing a business involves a number of tax responsibilities
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of...
Read moreStrategic planning for businesses needs to include innovation
When the leadership teams of many companies engage in strategic planning, they may be inclined to play it safe. And that’s understandable; sticking to strengths and slow, measured growth are often safe pathways to success. But substantial growth — and,...
Read moreIf your business has co-owners, you probably need a buy-sell agreement
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Transform your business ownership...
Read moreHow to Prepare for a Business Audit: Accounting Best Practices
The term "tax audit" usually refers to a government examination of specific items, divisions, or years when errors or fraud are suspected. On the other hand, a business audit involves an unbiased assessment by a third-party auditor of an organization's...
Read moreVroom vroom: What businesses should know about sales velocity
Owning and running a company tends to test one’s patience. You wait for strategies to play out. You wait for materials, supplies or equipment to arrive. You wait for key positions to be filled. But, when it comes to sales,...
Read moreBe aware of the tax consequences of selling business property
If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land...
Read moreThe Top Bookkeeping and Accounting Trends for 2024
Business leaders and accounting professionals have found themselves in a completely new world as the future of accounting technology dawns over the past few years. Innovative technologies such as artificial intelligence (AI), machine learning, and blockchain are being widely adopted...
Read more2024 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...
Read moreBusinesses have options for technology leadership positions
To say that technology continues to affect how businesses operate and interact with customers and prospects would be an understatement. According to the Business Software Market Size report issued by market researchers Mordor Intelligence, the global market size for commercial...
Read moreHiring your child to work at your business this summer
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are...
Read moreHow family businesses can solve the compensation puzzle
Every type of company needs to devise a philosophy, strategy and various policies regarding compensation. Family businesses, however, face additional challenges — largely because they employ both family and nonfamily staff. If your company is family-owned, you’ve probably encountered some puzzling...
Read moreFiguring corporate estimated tax
The next quarterly estimated tax payment deadline is June 17 for individuals and businesses, so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated tax...
Read more4 ways businesses can better control cash flow
From the minute they open their doors, business owners are urged to keep a close eye on cash flow. And for good reason — even companies with booming sales can get into serious trouble if they lack the liquidity to...
Read moreInflation enhances the 2025 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These amounts are adjusted each year, based on inflation, and the adjustments are announced earlier in the year than other inflation-adjusted amounts, which allows employers...
Read moreWhy businesses may want to integrate ESG into strategic planning
When business owners and their leadership teams meet to discuss strategic planning, the primary question on the table is usually something along the lines of, “How can we safely grow our company to reach the next level of success?” That’s certainly...
Read moreCould conversational marketing speak to your business?
Businesses have long been advised to engage in active dialogues with their customers and prospects. The problem was, historically, these interactions tended to take a long time. Maybe you sent out a customer survey and waited weeks or months to...
Read moreThe tax advantages of including debt in a C corporation capital structure
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than corporate equity....
Read moreBusinesses must face the reality of cyberattacks and continue fighting back
With each passing year, as networked technology becomes more and more integral to how companies do business, a simple yet grim reality comes further into focus: The cyberattacks will continue. In fact, many experts are now urging business owners and...
Read moreGrowing Your Business with a New Partner: Here Are Some Tax Considerations
There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new business partner will acquire a one-third interest...
Read more8 Key Features of a Customer Dispute Resolution Process for Businesses
No matter how carefully and congenially you run your business, customer disputes will likely happen from time to time. Some of the complaints may be people looking to negotiate a discount, “game the system” or even outright defraud you. But others...
Read moreWhen Businesses May Want To Take A Contrary Approach with Income and Deductions
Businesses usually want to delay taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? One reason might be tax law changes that...
Read moreHealth Care Self-Insurance and Stop-Loss Coverage: What Business Owners Need To Know
For businesses, cost-effective employer provided health benefits is an ongoing battle. In the broadest sense, you have two options: fully insured or self-funded. A fully insured plan is simply one you buy from an insurer. Doing so limits your financial...
Read moreScrupulous Records & Legitimate Business Expenses Are The Key To Less Painful IRS Audits
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record tax deductible expenses to claim all the deductions to which you’re entitled. And...
Read moreA General Look At Generative AI For Businesses
If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives. One widely cited example is ChatGPT, an AI “chatbot” that can engage in...
Read more3 Common Forms of Insurance Fraud (and How Businesses Can Fight Back)
Businesses of all shapes and sizes are well-advised to buy various forms of insurance to manage operational risks. But insurance itself is far from risk-free. You might overpay for a policy that you don’t really need. Or you could invest...
Read moreUpdate on IRS Efforts to Combat Questionable Employee Retention Tax Credit Claims
The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the...
Read moreSeeing The Big Picture With An Enterprise Risk Management Program
There’s no way around it — owning and operating a business comes with risk. On the one hand, operating under excessive levels of risk will likely impair the value of a business, consume much of its working capital and could...
Read moreTax-Favored Qualified Small Business Corporation Status Could Help You Thrive
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-Free Treatment for Eligible Stock Gains QSBCs are the same as garden-variety C corporations for tax and legal purposes — except QSBC shareholders are...
Read moreAccount-Based Marketing Can Help Companies Rejoice In ROI
When it comes to marketing, business owners and their leadership teams often assume that they should “cast a wide net.” But should you? If your company is looking to drive business-to-business (B2B) sales, a generalized approach to marketing could leave...
Read moreThe Standard Business Mileage Rate Will Be Going Up Slightly in 2024
The optional standard business mileage rate for 2024 will be going up by 1.5 cents per mile. This deduction is used to calculate the cost of operating an automobile for business. The IRS recently announced that the cents-per-mile rate for...
Read moreReinvigorating Your Company’s Sales Efforts Heading Into The New Year
Business owners, the year is just about over. You and your leadership team presumably have a pretty good idea of where you want your company to go in 2024. The question is: Can you get there? When it comes to...
Read moreGiving Gifts & Throwing Parties Can Help Show Gratitude and Provide Tax Breaks
The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good time to review the tax rules associated with...
Read moreHow Businesses Can Get Better At Data Capture
It would be hard to argue against the notion that almost every kind of business today is data-driven. Without the information you need to run your company — be it financial metrics, marketing demographics or productivity measures — you’d probably...
Read moreA Company Car Is A Valuable Perk But Don’t Forget About Taxes
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees...
Read moreIs Your Business Underestimating The Value of Older Workers?
The job market remains relatively tight for businesses. This includes businesses looking to fill open positions or simply add top talent when the fit is right. That means it’s still important for companies to continuously reassess where they’re looking for...
Read moreThere still may be time to reduce your small business 2023 tax bill
In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time Deductions & Income Does...
Read moreSmaller Companies: Explore Pooled Employer Plans for Retirement Benefits
Most businesses today need to offer a competitive employee benefits package. Failing to do so could mean falling behind in the competition to hire and retain talent in today’s tight job market. When it comes to retirement plans for employees,...
Read moreA Cost Segregation Study May Cut Taxes and Boost Cash Flow
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing...
Read moreSome Businesses May Have An Easier Path To Financial Statements
There’s no getting around the fact that accurate financial statements are imperative for every business. Publicly held companies are required to not only issue them, but also have them audited by an independent CPA. Audited financial statements provide the highest...
Read moreChoosing A Business Entity: Which Way To Go?
Are you planning to start a business or thinking about changing your business entity? If yes, then you need to determine what will work best for you. Should you operate as a C corporation or a pass-through entity such as...
Read moreIs Your Business Subject To The New BOI Reporting Rules?
The Corporate Transparency Act (CTA) was signed into law to fight crimes commonly associated with illegal business activities. A couple examples include terrorist financing and money laundering. If your business can be defined as a “reporting company” under the CTA,...
Read moreNew Per Diem Business Travel Rates Kicked In On October 1
Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In...
Read moreBusinesses: Know Who Your Privileged Users Are … and Aren’t
Given the pervasiveness of technology in the business world today, most companies are sitting on treasure troves of sensitive data that could be abducted, exploited, corrupted or destroyed. Of course, there’s the clear and present danger of external parties hacking...
Read moreThe Social Security Wage Base for Employees and Self-Employed People is Increasing in 2024
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basic...
Read moreWhat Businesses Can Expect from a DOL Benefits Plan Audit
All but the smallest businesses today are generally expected to offer employees “big picture” benefits. This includes health insurance and a retirement plan. Among the risks of doing so is that many popular plan types must comply with the Employee...
Read moreBusiness Automobiles: How the Tax Depreciation Rules Work
Do you use an automobile in your trade or business? If so, you may question how to determine business automobile depreciation tax deductions. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include...
Read moreValuations Can Help Business Owners Plan For The Future
If someone was to suggest that you should get a business valuation, you might wonder whether the person was subtly suggesting that you retire and sell the company. Seriously though, a valuation can serve many purposes other than preparing your...
Read moreWhat Types of Expenses Can’t be Written Off By Your Business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. There are also several non-deductible business expenses that many are not aware of. For...
Read moreCould Value-Based Sales Boost Your Company’s Bottom Line?
If your company sells products or services to other businesses, you’re probably familiar with the challenge of growing your sales numbers. At times, you might even struggle to maintain them. One way to put yourself in a better position to succeed...
Read more2023 Q4 Tax Calendar: Key Deadlines for Businesses & Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...
Read moreWhat Businesses Can Expect From A Green Lease
With events related to climate change continuing to rock the news cycle, many business owners are looking for ways to lessen their companies’ negative environmental impact. One move you may want to consider, quite literally, is relocating to a commercial...
Read moreUpdate on Depreciating Business Assets
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small...
Read moreCould Your Business Benefit From Interim Financial Reporting?
When many business owners see the term “financial reporting,” they immediately think of their year-end financial statements. And, indeed, properly prepared financial statements generated at least once a year are critical. But engaging in other types of financial reporting more frequently...
Read moreDivorcing Business Owners Should Pay Attention To The Tax Consequences
If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a divorcing business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and...
Read moreReviewing & Adjusting Your Marketing Strategy
As summer slips away and fall shuffles forth, business owners and their leadership teams might want to take a look at the overall marketing strategy they’ve pursued this year. How’s yours doing? It may not be entirely too late...
Read moreLook Carefully At Three Critical Factors Of Succession Planning
The day-to-day demands of running a business can make it difficult to think about the future. And by “future,” we’re not necessarily talking about how your tax liability will look at year-end or how you might grow the bottom line...
Read morePlanning Ahead for 2024: Should Your 401(k) Help Employees with Emergencies?
The SECURE 2.0 Act, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be...
Read moreReceive more than $10,000 in cash at your business? Here’s what you must do
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally requirements for currency transaction reports to the IRS — and not just on your tax return. The Requirements Each person who, in the course of...
Read more5 Tips For More Easily Obtaining Cyberinsurance
Every business should dedicate time and resources to cybersecurity. Hackers are out there, in many cases far across the globe, and they’re on the prowl for vulnerable companies. These criminals typically strike at random — doing damage to not only...
Read moreA Tax-Smart Way To Develop & Sell Appreciated Land
Let’s say you own highly appreciated land that’s now ripe for real estate development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario,...
Read moreConsider Adverse Media Screening To Vet Vendors, Customers & Others
Whether you know it or not, if your business has ever applied for a commercial loan, you’ve likely been subject to “adverse media screening.” Under this commonly used practice, a prospective borrower is “screened against” various media sources to determine...
Read moreCorporate Officers or Shareholders: How Should You Treat Expenses Paid Personally?
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken....
Read moreUse An S Corporation To Mitigate Federal Employment Tax Bills
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is now at the painfully high rate of 15.3% on the first $160,200 of...
Read moreStrong Billing Processes Are Critical To Healthy Cash Flow
Once a business is up and running, one fundamental aspect of operations that’s easy to take for granted is billing. Often, a system of various processes is put in place and leadership might consider occasional billing mistakes to be part...
Read moreStarting A Business? How Expenses Will Be Treated On Your Tax Return
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau...
Read moreSolo Business Owner? There’s a 401(k) for that
If you own a successful small business with no employees, you might be ready to set up a self-employed retirement plan. Now a 401(k) might seem way out of your reach — only bigger companies can manage one of those,...
Read moreThe Trust Fund Recovery Penalty: Who can it be personally assessed against?
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The IRS Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld...
Read moreCultivate Connections With A Well-Used CRM System
Has your business invested in customer relationship management CRM software? Many companies have. In fact, according to research cited by career-resource website Zippia, 91% of businesses with 10 or more employees use it. Essentially, CRM software enables you to gather,...
Read more2023 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key deadlines affecting businesses and other employers during for 2023 Q3 taxes. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re...
Read moreHiring Family Members Can Offer Tax Advantages (But Be Careful)
Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal summer job opportunities, companies may have a much...
Read moreDOs and DON’Ts When Deducting Business Meal and Vehicle Expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet...
Read moreAvoid Succession Drama with a Buy-Sell Agreement
Recently, the critically acclaimed television show “Succession” aired its final episode. If the series accomplished anything, it was depicting the chaos and uncertainty that can take place if a long-time business owner fails to establish a clearly written and communicated...
Read moreThe IRS Has Just Announced 2024 Amounts for Health Savings Accounts
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA Fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An...
Read moreIs It Time For A Targeted Marketing Campaign?
If you’ve been in business a while, you might assume that you know exactly who your customers are. But, as the saying goes, “life comes at you fast.” Customer desires, preferences and demographics can all shift before you know it. One way...
Read moreIf You’re Hiring Independent Contractors, Make Sure They’re Properly Handled
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the...
Read moreAddressing Pay Equity At Your Business
Businesses today are under greater pressure to fully understand and thoroughly respond to the issue of pay equity. And neither of these two broad undertakings is particularly easy. First, fully understanding what pay equity is and whether and how it...
Read moreUse The Tax Code To Make Business Losses Less Painful
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying...
Read more6 Tried-and-True Strategies for Improving Collections
Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to debt collection. They generally take payments right at a point-of-sale terminal and customers go on their merry ways. (These enterprises face many other...
Read moreEducation Benefits Help Attract, Retain & Motivate Your Employees
One popular fringe benefit is an education assistance program that allows employees to continue learning. Employees can also earn a degree with financial assistance from their employers under this program. One way to attract, retain and motivate employees is to...
Read moreBusinesses, Be Prepared To Champion The Advantages Of An HSA
With concerns about inflation in the news for months now, most business owners are keeping a close eye on costs. It can be difficult to control costs related to mission-critical functions such as overhead and materials. However, you might find...
Read more4 Ways Corporate Business Owners Can Help Ensure Their Compensation Is “Reasonable”
If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corp salary vs dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but...
Read moreStrengthen Strategic Planning With Competitive Intelligence
Business owners and their leadership teams are rightly urged to engage in regular strategic business planning to move their companies, thoughtfully and consciously, in a positive direction. However, no matter how sound a set of strategic objectives might be, it’s...
Read moreThe Tax Advantages Of Hiring Your Child This Summer
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes...
Read moreIt’s Happening: Using Social Media For Customer Service
Everyone is on social media these days, including businesses and their customers. This creates a natural — or shall we say virtual — nexus for companies to field questions, comments and complaints from buyers or those interested in their products...
Read moreHow Businesses Can Use Stress Testing To Improve Risk Management
If you’ve been following the news lately, you’ve surely heard or read about the sudden rise in concern about the banking industry. Although the story is still unfolding, an important lesson for business owners is already clear: You’ve got to...
Read moreChoosing An Entity For Your Business? How About An S Corporation?
Are you starting a business with some partners and wondering what type of business entity to form? If yes, an S corporation may be the best business structure for your new venture. Here are some of the reasons why. One...
Read moreACA Penalties Will Rise In 2024
Recently, the IRS announced 2024 indexing adjustments to the applicable dollar amount used to calculate employer shared responsibility Affordable Care Act penalties. Although next year might seem a long way off, it’s best to get an early start on determining whether...
Read more2023 Q2 Tax Calendar: Key Deadlines For Businesses & Employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact...
Read moreSection 174 Updates: Time To Review The R&E Strategy Of Your Business
It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few years. One provision...
Read moreKeep An Eye Out For Executive Fraud
Occupational fraud can be defined as crimes committed by employees against the organizations that they work for. Perhaps its most dangerous variation is executive fraud — that is, wrongdoings by those in the C-Suite. Senior-level execs are in a prime...
Read moreBuying A New Business Vehicle? A Heavy SUV Is A Tax-Smart Choice
If you’re buying or replacing a vehicle that you’ll use in your business, you'll want to know about the heavy SUV tax deduction. This vehicle style may provide a more generous tax break this year than you’d get from a...
Read moreInfluencer Marketing Could Help Your Business (Or Not)
Most companies today have some sort of social media strategy as part of their efforts for their online presence. If you’ve spent any time online as a business owner, you’d probably agree that building a following and getting meaningful reactions...
Read moreKey Tax Issues In M&A Transactions
There was a dramatic decrease in recent Mergers and Acquisitions activity last year. This is due to rising interest rates and a slowing economy. The total value of M&A transactions in North America in 2022 was down 41.4% from 2021,...
Read moreHow Might the Internet of Things Affect Your Business?
Once upon a time, there was the Internet. Relatively speaking, it was easy to understand. The Internet was (and is) a network on which any computer on the planet can communicate with other like-connected computers, enabling users to correspond and...
Read moreHave Employees Who Receive Tips? Here Are The Tax Implications
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Here are some key things to know regarding taxes on cash tips. Tip Definition Tips are optional payments...
Read moreLook to a SWOT Analysis To Make Better HR Decisions
Many business owners spend most of their time developing strategic plans, overseeing day-to-day operations and, of course, putting out fires. Yet an underlying source of both opportunity and trouble can be human resources (HR). Think about it: The performance of your...
Read moreMany Tax Limits Affecting Businesses Have Increased For 2023
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, tax limits for 2023 have increased more than usual. Here are some that may be important to you and your business. Social Security Tax...
Read more3 Ways Your Business Can Uncover Cost Cuts
Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cutting measures for business. Meaning, clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at...
Read moreHow The New SECURE 2.0 Law May Affect Your Business
If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE Act 2.0) was recently signed into...
Read moreGetting Into Data Analytics Without Breaking The Bank
Most business owners would probably agree that, in today’s world, data rules. But finding, organizing and deriving meaning from the terabytes upon terabytes of information out there isn’t easy. How can your company harness the power of data without throwing dollars...
Read moreEmployers Should Be Wary Of ERC Claims That Are Too Good To Be True
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. As of 2023, the credit is no longer available. However, eligible employers that haven’t yet...
Read moreUnused PTO A Problem? Consider A Contribution Arrangement
A new year has arrived. For many businesses, this means employees’ paid time off (PTO) arrangements have reset, per PTO accrual policy. And at companies with “use it or lose it” policies, workers have likely left a few or perhaps...
Read moreThe Standard Business Mileage Rate Is Going Up In 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. There...
Read moreLook Forward To Next Year By Revisiting Your Business Plan
Businesses of all stripes are about to embark upon a new calendar year. Whether you’ve done a lot of strategic planning or just a little, a good way to double-check your business objectives and expectations is by updating a business...
Read more2023 Q1 Tax Calendar: Key Deadlines For Businesses & Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have...
Read moreInbound vs. Outbound: Balancing Your Company’s Sales Strategies
It might sound like the lingo of air traffic controllers: Inbound vs. Outbound. But businesses of all types must grapple with these concepts and the associated challenges when developing sales strategies. Inbound sales originate when someone contacts your company to...
Read moreDo You Qualify For The QBI deduction? And Can You Do Anything By Year-End To Help Qualify?
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction is: Available to owners...
Read moreDoes Your Family Business’s Succession Plan Include Estate Planning Strategies?
Family-owned businesses face distinctive challenges when it comes to succession planning or business inheritance. For example, it’s important to address the distinction between ownership succession and management succession. When a non-family business is sold to a third party, ownership...
Read moreIntangible Assets: How Must The Costs Incurred Be Capitalized?
These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? When buying business assets, in order for it to qualify as an intangible, IRS regulations require the capitalization...
Read moreChoosing A Retirement Plan For Your Small Business
Most growing small businesses reach a point where the owner looks around at the leadership team and says, “It’s time. We need to offer a retirement plan for employees.” Often, this happens when the company is financially stable enough to...
Read moreIs Your Business Closing? Here Are Your Final Tax Responsibilities
Closing a business tax implications is something everything business owner should be aware of and prepared for. Businesses shut down for many reasons. Some of the reasons that businesses permanently close their doors: An owner retirement. A lease expiration. Staffing...
Read moreLike Every Business, A Start-Up Needs A Sensible Budget
An impressive 432,834 new business applications for tax identification numbers were submitted during October 2022, according to the U.S. Census Bureau. Indeed, despite the relatively higher costs of doing business these days, plenty of Americans are still starting a new...
Read moreComputer Software Costs: How Does Your Business Deduct Them?
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations,...
Read moreHow Should Your Marketing Strategy Change Next Year?
The current calendar year is winding down and a fresh 12 months lies ahead. That makes now a good time to think about marketing trends for 2023. Take the time to assess on how you should present yourself to customers...
Read more2023 limits for businesses that have HSAs — or want to establish them
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers...
Read moreReinforce Your Cybersecurity Defenses Regularly
If you’ve been in business for any amount of time, you probably don’t need anyone to tell you about the importance of company cybersecurity. However, unlike the lock to a physical door, which generally lasts a good long time, measures...
Read moreInflation Means You & Your Employees Can Save More for Retirement in 2023
How much can you and your employees contribute to your 401(k)s next year, or other retirement plans? In Notice 2022-55, the IRS recently announced cost of living adjustments that apply to the dollar limitations for pensions, as well as other...
Read moreSupplementing Your Company’s Health Care Plan With An EBHRA
Is your business ready to take its health care benefits to the next level? One way to do so is to supplement group health coverage with an Excepted Benefit Health Reimbursement Arrangement (EBHRA). Here are some pertinent details. Rules To...
Read moreEmployers: In 2023, the Social Security Wage Base Is Going Up
The Social Security Administration recently announced that the Social Security wage base tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basics About Social...
Read moreManageable Growth Should Be a Strategic Planning Focus
When a company’s leadership engages in a strategic planning meeting, growing the business is typically at the top of the agenda. This is as it should be: ambition is part and parcel of being a successful business owner. What’s more,...
Read moreProviding Fringe Benefits To Employees With No Tax Strings Attached
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of nontaxable fringe...
Read moreM&A on the way? Consider a QOE report
Whether you’re considering selling your business or acquiring another one, due diligence is a must. In many mergers and acquisitions (M&A), prospective buyers obtain a quality of earnings report (QOE) to evaluate the accuracy and sustainability of the seller’s reported...
Read moreWhat Local Transportation Expenses Can Your Business Deduct?
You and your small business are likely to incur a variety of local transportation expenses each year. There are various tax implications for these costs. First, what is “local transportation?” It refers to travel in which you aren’t away from...
Read moreShine A Light On Sales Prospects To Brighten The Days Ahead
When it comes to sales, most businesses labor under two major mandates: Keep selling to existing customers. Find new ones (sales prospects). To accomplish the former, your sales staff probably gets some help from the marketing and customer service departments....
Read moreWorried About An IRS Audit? Prepare In Advance
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report , but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation...
Read moreFormalizing Your Business’s BYOD Policy
When the pandemic hit about two and a half years ago, thousands of employees suddenly found themselves working from home. In many cases, this meant turning to personal devices to access their work email, handle documents and perform other tasks....
Read moreWork Opportunity Tax Credit Provides Help To Employers
In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face...
Read moreHow To Handle Evidence In A Fraud Investigation At Your Business
Every business owner should establish strong policies, procedures and internal controls to prevent fraud. But don’t stop there. Also be prepared to act if indications arise that, despite your best efforts, wrongdoing has taken place at your company. How you...
Read more2022 Q4 Tax Calendar: Key Deadlines for Businesses & Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...
Read moreSeparating Your Business From Its Real Estate
Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the...
Read moreSometimes Businesses Need To Show Customers Tough Love
“We love our customers!” Many businesses proclaim this at the bottom of their invoices, in their marketing materials and even on the very walls of their physical locations. Obviously, every company needs a solid customer or client base to survive....
Read moreYear-End Tax Planning Ideas For Your Small Business
Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end tax planning approach of deferring income and accelerating deductions...
Read moreMake Marketing Better With A Brand Audit
Mention the word “audit” to a business owner and you’ll probably get an anxious look. But not all audits are of the tax, financial statement or retirement plan variety. Besides an IRS audit, you can audit many areas of your...
Read moreInflation Reduction Act Provisions of Interest to Small Businesses
The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media coverage about the law’s impact on large corporations. For example,...
Read moreEvaluating An ESOP From A Succession Planning Perspective
If you’ve been in business for a while, you’ve probably considered many different employee benefits. One option that might have crossed your desk are employee stock options via employee stock ownership plan (ESOP). Strictly defined, an ESOP is considered a retirement...
Read moreWhy An LLC Might Be The Best Choice Of Entity For Your Business
The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity. This is because its structure can resemble a corporation for owner liability purposes and...
Read moreIs It Time For Your Business To Fully Digitize Its Accounts Receivable?
Electronic payments and in-app purchases are becoming so much the norm. As such, many midsize to large companies have grown accustomed to digitalizing accounts receivable. But there are some smaller businesses that continue to soldier on with only partially automated...
Read moreProvide Employee Parking? Here’s What The IRS Wants To Know
Many offices, plants and other business facilities are once again filled with real, live people. And those hard-working employees need somewhere to park. If your company provides employee parking fringe benefit, the IRS may take an interest in the arrangement....
Read moreHow To Treat Business Website Costs For Tax Purposes
These days, most businesses have websites. But surprisingly, the IRS isn't issuing any formal guidance deducting website costs. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as...
Read more6 Steps To Easing Employees’ Fears About Business Innovation
Business owners often find the greatest obstacle to innovation isn’t the change itself, but employees’ resistance to it. Their hesitation or outright defiance towards business innovation is frequently driven by fear. Some workers might worry about how the innovation will...
Read moreHow To Keep Remote Sales On-Point
The pandemic has dramatically affected the way people interact and do business. Your company likely undertook various changes to adapt to the initial lockdowns and the ongoing public health guidance over the past two years. An interesting byproduct of the...
Read moreImportant Considerations When Engaging In A Like-Kind Exchange
A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a “like-kind” or Section 1031 exchange....
Read moreThe Tax Obligations If Your Business Closes Its Doors
Sadly, it has been all too common with businesses shutting down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities with closing a business....
Read moreHow Do Taxes Factor Into An M&A Transaction?
Mergers and acquisitions have been decreasing in 2022, according to various reports. However, there are still companies being bought and sold. Is your business is considering merging with or purchasing another business? If so, it’s important to understand taxing of...
Read moreIRS Extends Relief For Physical Presence Signature Requirement
Under IRS regulations regarding electronic consents and elections, if a signature must be witnessed by a retirement plan representative or notary public, it must be witnessed “in the physical presence” of the representative or notary — unless guidance has provided...
Read more2022 Q3 Tax Calendar: Key Deadlines for Businesses & Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...
Read moreWhen Hiring, Don’t Overlook Older Workers
Is your business hiring older workers? Many companies are. In fact, an employment report released by the U.S. Department of Labor earlier this month revealed that non-farm payrolls increased by 390,000 in May, and the unemployment rate held steady at...
Read moreChecking In On Your Accounts Payable Processes
Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes tend to get taken for granted. Following are some tips...
Read moreIs Your Corporation Eligible For The Dividends-Received Deduction?
There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or remove an extra level of tax on dividends received by a corporation. As a result, a corporation will...
Read moreSimple Ways To Make Strategic Planning A Reality
Every business wants to engage in a strategic plan that will better position the company to sell more to current customers. Perhaps a business aims to expand into new markets. Yet the term “strategic planning” is so broad. It's overwhelming...
Read moreDodge The Tumult With A Buy-Sell Agreement
A multiple ownership business generally benefit from a variety of viewpoints, diverse experience and strategic areas of specialization. However, there’s a major risk: the company can be facing turmoil if one of the owners decides to leave. A logical and...
Read morePartners May Have To Report More Income On Tax Returns Than They Receive In Cash
The inscreas in interest Are you a partner in a business? You may have come across a situation regarding partnership tax rules that’s puzzling. In a given year, you may be taxed on more partnership income than was distributed to...
Read more3 Summertime Marketing Ideas for 2022
You can’t stop it; you can only hope to use it to your best business advantage. That’s right, summer is on the way and, with it, a variety of seasonal marketing opportunities for small to midsize companies. Here are three...
Read moreSupply Chain Software Can Help Digitize The Dilemma
It’s a dilemma that’s been in the news and on business owners’ minds for a while now. The COVID-19 pandemic, along with other world events, have strained supply chains challenges both global and national. And, throwing gasoline on the fire,...
Read moreBusinesses: Prepare for the Lower 1099-K Filing Threshold
Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for...
Read moreCould Your Business Benefit From A PEO?
:Keeping up with employment regulations and health care benefits can be a struggle for many small to midsize businesses. One potential solution is engaging a professional employer organization (PEO). PEOs employ experts who understand the minutiae of many HR functions....
Read moreInflation Enhances the 2023 Amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in the increase of next year’s amounts more than they have been in recent years. HSA Basics Establishing an HSA...
Read moreTighten Up Billing & Collections To Mitigate Economic Uncertainties
While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. Additionally, global supply...
Read moreBusinesses May Receive Notices About Information Returns That Don’t Match IRS Records
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match agency's records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who...
Read moreNo Parking: Unused Compensation Reductions Can’t Go To Health FSA
Among the many lasting effects of the pandemic is that some businesses are allowing employees to continue working from home. This is even now that the most acute phases of the public health crisis seem to be over in some...
Read moreThe Tax Mechanics Involved In The Sale of Trade or Business Property
There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or depreciable property and is in use by your business. Additionally,...
Read moreBusinesses Looking For Outside Investors Need A Sturdy Pitch Deck
Is your business ready to seek funding from outside investors? Perhaps you’re a start-up that needs money to launch as robustly as possible. Or maybe your company has been operating for a while and you want to pivot in a...
Read moreTax Considerations When Adding A New Partner At Your Business
Adding a new partner in a business partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by...
Read moreOffering Summer Job Opportunities? Double-Check Child Labor Laws
Spring has sprung — and summer isn’t far off. Does your business typically hire minors for summer job opportunities? If so, now’s a good time to brush up on labor laws prior to hiring a child. In News Release No....
Read moreFully Deduct Business Meals This Year
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, you can fully deduct business meals at 100% (from the usual deduction of 50%)...
Read moreUndertaking A Pay Equity Audit At Your Business
Pay equity is both required by law and a sound business practice. However, providing equitable compensation to employees who perform the same or similar jobs, while accounting for differences in experience and tenure, isn’t easy. That’s why every company should...
Read more2022 Q2 Tax Calendar: Key Deadlines For Businesses & Other Employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact...
Read moreERISA and EAPs: What’s The Deal?
In recent years, more and more businesses have increased efforts to support the well-being of their employees. This means not only providing health care benefits, but also offering other initiatives designed to help workers cope with challenges such as substance...
Read moreEstablish A Tax-Favored Retirement Plan
Does your business have a retirement plan? If not, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed one option is to set up a...
Read more360-Degree Feedback Helps Business Owners See The Big Picture
Business owners are regularly urged to “see the big picture.” In many cases, this imperative applies to a pricing adjustment or some other organizational strategic planning idea. However, seeing the big picture also matters when it comes to managing the...
Read moreDoes Your Business Barter? Here Are Some Facts You Should Know
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has...
Read moreBusiness Owners, Lean Into Sales Staff Retention
Although there have been some positive signs for the U.S. economy thus far in 2022, many businesses are still reeling from last year’s “Great Resignation.” This trend of a historic number of workers voluntarily leaving their jobs, combined with the...
Read moreThe Election To Apply The Research Tax Credit Against Payroll Taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. In...
Read more5 Ways To Control Your Business Insurance Costs
Common sense dictates that every company, no matter how small, should carry various forms of business insurance. But that doesn’t mean you should pay unnecessarily high premiums just to retain the coverage you need. Here are five ways to better...
Read moreCan You Deduct The Costs Of A Spouse On A Business Trip?
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on a business trip. The rules for deducting a spouse’s travel costs are very restrictive....
Read moreShould Your Business Address Retirement Plan Leakage?
Under just about any circumstances, the word “leakage” has negative connotations. And so it follows that this indeed holds true for retirement planning as well. In this context, leakage refers to early, pre-retirement withdrawals from an account. Now, as a...
Read moreMaking Withdrawals From Your Closely Held Corporation That Aren’t Taxed As Dividends
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent...
Read morePrudent Technology Upgrades Call For Some Soul Searching
By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to operate will need to change slightly or even drastically for you to stay competitive. Strange as it may sound,...
Read moreImportant Tax Aspects Of Operating Your Business As A Sole Proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues and tax rules for sole proprietors to...
Read more2022 Deadlines for Reporting Health Care Coverage Information
Ever since the Affordable Care Act was signed into law, business owners have had to keep a close eye on how many employees they’ve had on the payroll. This is because a company with 50 or more full-time employees or...
Read moreKeeping Meticulous Records Is The Key To Tax Deductions & Painless IRS Audits
Are you operate a business, or considering starting a new one? If so, know that detailed business recordkeeping of your income and expenses in necessary. Specifically, you should carefully record your expenses in order to claim all of the tax...
Read moreEntrepreneurs and Taxes: How Expenses Are Claimed On Tax Returns
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a new business in the midst of a pandemic. For example,...
Read moreLet Your Financial Statements Guide You To Optimal Business Decisions
Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter how busy things get, don’t forget about easily accessible and highly informative resources that’s...
Read moreNumerous Tax Limits Affecting Businesses Have Increased For 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of some key tax breaks for small businesses. Social Security Tax The amount of an employee’s earnings...
Read more3 Specialized IT Leadership Positions For Growing Businesses
For many businesses, technology has changed from something they use to something they do. When a company reaches a point where IT strategy plays a central role in operations and productivity, ownership might want to create one or more leadership...
Read moreBusinesses With Employees Who Receive Tips May Be Eligible For A Tax Credit
Are you an employer with a business where tipping is customary for providing food and beverages? If so, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’...
Read moreBusiness Owners, Do You Need To Step Up Your Internal Communications Game?
They say we live in an on-demand world. Right now, many business owners are demanding one thing: more workers. Unfortunately, the labor market is somewhat less than forthcoming. In the so-called "Great Resignation" of 2021, droves of people voluntarily left...
Read moreDefer Tax With A Like-Kind Exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it....
Read moreReview Your Strategic Plan … And Look Ahead
Business owners, year end is officially here and it's time to start our business plan for 2022. It may even be over by the time you read this. (If so, Happy New Year!) In any case, the end of one...
Read moreWill The Standard Business Mileage Rate Go Up In 2022? Yes!
After two years of no increases, the optional standard 2022 mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 2.5 cents per mile. The IRS recently announced that the cents-per-mile...
Read moreThe Fundamentals Of A Solid Salesperson
As the year winds down, business owners have many calendar months to look back on to determine how successfully their products or services have sold. While reviewing the numbers, think about your people, too. To achieve success in 2022, you’ll...
Read more2022 Q1 Tax Calendar: Key Deadlines For Businesses & Other Employers
Here are some of the key 2022 Q1 tax deadlines affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all...
Read moreHelping Your Employees Make The Most Of Email
Once a revolutionary breakthrough in communications technology, email is now an afterthought for many people. However, this can cause problems for businesses: Filling up servers, messages getting lost, and employee productivity not reaching its full potential. Although doing so may...
Read moreProviding A Company Car? Here’s How Taxes Are Handled
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. A company car tax writeoff results in deductions for the employer as well as tax breaks for the owners and employees using...
Read moreCould An FLP Fit Into Your Succession Plan?
Among the biggest long-term concerns of many business owners is succession planning. How can owners smoothly and safely transfer ownership and control of the company to the next generation? From a tax perspective, the optimal time to start this process...
Read moreThe Tax Implications Of Owning A Corporate Aircraft
Is your business is successful and do you do a lot of business travel? If so, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic...
Read moreUse Change Management To Brighten Your Company’s Future
Businesses have had to grapple with unprecedented changes over the last couple years. Think of all the steps you’ve had to take to safeguard your employees from COVID-19, comply with government mandates and adjust to the economic impact to small...
Read moreSmall Businesses: There Still May Be Time To Cut Your 2021 Taxes
Don’t let the holiday rush keep you from considering some important steps to reduce 2021 taxes for your small business. You still have time to execute a few strategies. Purchase Assets Thinking about buying new or used equipment, machinery or...
Read moreIRS Announces Adjustments To Key Retirement Plan Limits
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and additional retirement plan limits. Here are some highlights: Elective Deferrals The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k),...
Read moreInfrastructure Law Sunsets Employee Retention Credit Early
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new infrastructure law has retroactively terminated it before it was scheduled to end. It now only applies through September 30, 2021 (rather...
Read more4 Red Flags Of An Unreliable Business Budget
Every company should prepare an annual business budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats. Whether you’ve already put together a...
Read moreBusinesses Can Show Appreciation — And Gain Tax Breaks!
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after...
Read moreCompetitive Intelligence Can Give Your Marketing Campaigns An Edge
It’s understandable and indeed critical to focus a marketing campaign on the strengths and distinctive benefits of the products or services in question. However, something that’s easy to overlook is how your business and its offerings differ from — and...
Read moreMany Factors Are Involved When Choosing A Business Entity
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you. Business structure types include a C corporation or a pass-through entity such as...
Read moreProtect Your Business With A Cybersecurity Assessment
Years ago, it may have seemed like only government agencies with top-secret intel or wealthy international banks had to worry about hackers. Nowadays, even the smallest small business could see its reputation ruined by a data breach, while larger companies...
Read moreWould You Like To Establish A Health Savings Account For Your Small Business?
With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored small business Health Savings Account (HSA). For eligible individuals, a small business HSA offers a tax-advantaged way...
Read moreWhat Business Owners Should Know About Stop Loss Insurance
When choosing health care benefits, many businesses opt for a self-insured (self-funded) plan rather than a fully insured one. Why? Among various reasons, self-insured plans tend to offer greater flexibility and potentially lower fixed costs. When implementing a self-insured plan,...
Read moreEmployers: The Social Security Wage Base Is Increasing in 2022
The Social Security Administration recently announced that the 2022 Social Security wage base for computing tax will increase to $147,000 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background Information...
Read moreGet Your Piece Of The Depreciation Pie Now With A Cost Segregation Study
If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing...
Read more4 Ways To Refine Your Cash Flow Forecasting
Run a business for any length of time and the importance of cash flow becomes abundantly clear. When payroll is due, bills are piling up and funds aren’t available, blood pressure tends to rise. For this reason, being able to...
Read moreNew Per Diem Business Travel Rates Became Effective On October 1
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these business travel rates to substantiate the...
Read moreRemind Your Sales Team About The Power Of Storytelling
Everyone loves a story. It’s why movies are still big business and many of us spend hours on the couch binge-watching our favorite television shows. What’s important to keep in mind, and to remind your sales team, is that effective...
Read more2021 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...
Read moreIs Your Business Tracking Website Metrics?
In today’s data-driven world, business owners are constantly urged to track everything. And for good reason! Having accurate, timely information displayed in an easy-to-understand format can allow you to spot trends, avoid risk and take advantage of opportunities. This includes...
Read moreM&A Transactions: Be Careful When Reporting To The IRS
Low interest rates and other factors have caused global mergers and acquisitions (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A...
Read moreEIDL Program Retooled for Still-Struggling Small Businesses
For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA)...
Read moreTax Depreciation Rules For Business Automobiles
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to business vehicles classified as passenger autos (which include many pickups and...
Read moreOpening A New Location Calls For Careful Planning
The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries have had to overcome seemingly insurmountable challenges, while others have seen remarkable growth opportunities arise. If your business is doing...
Read moreTax Breaks To Consider During National Small Business Week
The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, consider these three tax breaks for small businesses. 1. Claim Bonus Depreciation or a Section 179 Deduction for Asset...
Read moreThink Like A Lender Before Applying For A Business Loan
Owners applying for business loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful for many companies, though fraught with administrative challenges. As your business...
Read moreClaiming A Theft Loss Deduction If Your Business Is The Victim Of Embezzlement
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision...
Read more5 Questions To Ask About Your Marketing Efforts
For many small to midsize businesses, spending money on marketing calls for a leap of faith that the benefits will outweigh the costs. Much of the marketing planning process tends to focus on the initial expenses incurred rather than how...
Read moreWant To Find Out What IRS Auditors Know About Your Business Industry?
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are...
Read moreExpanding Succession Planning Beyond Ownership
Business owners are regularly urged to create and update their succession plans. And rightfully so! In the event of a transfer of ownership, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades...
Read moreGetting A Divorce? Be Aware Of Tax Implications If You Own A Business
When divorcing a small business owner, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets. Additionally, in many cases, your marital property will include all or part of it. Tax-Free Property Transfers You...
Read moreIRS Additional Guidance Addresses COBRA Assistance Under ARPA
A notice from the IRS (2021-46), was recently issued. This notice provides additional guidance on the COBRA insurance premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment...
Read morePossible Tax Consequences Of Guaranteeing A Loan To Your Corporation
What if you decide to, or are asked to, guarantee a loan to your corporation? Before guaranteeing a loan, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your...
Read moreIs Your Business Underusing Its Accounting Software?
Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, and have yet to discover and tap into, stores of cerebral power. In truth, this is a myth...
Read moreLarge Cash Transactions With Your Business Must Be Reported To The IRS
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What Are The Requirements? Each person who, in the course of operating a trade or business, receives more...
Read moreDEI Programs Are Good For Business
Many businesses are spending more time and resources on supporting the well-being of their employees. This includes recognizing and addressing issues related to diversity, equity and inclusion (DEI). A thoughtfully designed DEI training program can do more than just head...
Read moreIs An LLC The Right Choice For Your Small Business?
Perhaps you operate your small business as a sole proprietorship and want to apply as an LLC (Limited Liability Company) to protect your assets. Or maybe you are launching a new business and want to know your options for setting...
Read moreThe Deductibility Of Corporate Expenses Covered By Officers Or Shareholders
Do you play a major role in a closely held corporation and sometimes spend money personally on corporate expenses? In general, you can’t deduct an expense you incur on behalf of your corporation even if it’s a legitimate business expense....
Read moreGet Serious About Your Strategic Planning Meetings
Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather and discuss strategy. Sometimes strategic planning is tacked on to a meeting about something else; other times it occurs...
Read moreStarting A New Business? How Start-Up Business Expenses Are Handled On Your Tax Return
Despite the COVID-19 pandemic, government officials are seeing a large increase in individuals starting new businesses. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number...
Read more5 Ways To Take Action On Accounts Receivable
No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and...
Read moreWho In A Small Business Can Be Hit With The IRS Trust Fund Recovery Penalty?
There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the IRS Trust Fund Recovery Penalty and it applies to the Social Security and income...
Read moreIRS Extends Administrative Relief for 401(k) Plans
As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief from a sometimes-inconvenient requirement related to...
Read moreCritical Path Method Can Propel IT Projects
Among the only certainties of business technology is that it will continue changing. One consequence of this is a regular need for companies to undertake IT projects such as developing custom software or upgrading network infrastructure. Much like a physical...
Read moreEligible Businesses: Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020,...
Read moreAre Your Company’s Job Descriptions Pulling Their Weight?
At many businesses, job descriptions have it easy. They were “hired” (that is, written) many years ago. They haven’t had to change or do anything, really, besides get copied and pasted into a want ad occasionally. They’re not really good...
Read moreTraveling For Business Again? What Can You Deduct?
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These...
Read moreDon’t Assume Your Profitable Company Has Strong Cash Flow
Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners...
Read more2021 Q3 Tax Calendar: Key Deadlines for Businesses & Other Employers
Here are some key tax-related deadlines for businesses and other employers during the third quarter of 2021. AUGUST 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due. File a...
Read morePondering The Possibility Of A Work Retreat
As vaccination levels rise and major United States population centers fully reopen, business owners may find themselves pondering an intriguing thought: Should we have a company work retreat this year? Although there are still health risks to consider, your employees...
Read moreRecordkeeping DOs & DON’Ts for Business Meal and Vehicle Expenses
If you’re claiming deductions for business vehicle or meals expenses, expect the IRS to closely review them. It’s important to comply with the strict tax law substantiation requirements for these items. DO keep detailed, accurate records. For each expense, record...
Read moreThe Long & Short of Succession Planning
For many business owners, succession planning may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so...
Read moreHiring Your Minor Children This Summer? Reap Tax & Non-Tax Benefits
If you’re a business owner and are hiring children for summer employment, you can obtain tax breaks and other non-tax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money....
Read moreAre You Ready For The Return Of Trade Shows & Other Events?
It’s happening. With vaccination rates rising and the more severe effects of the pandemic trending downward, several industries have announced in-person trade shows for later this year. Meanwhile, over the summer, businesses will likely see marketing opportunities in other events...
Read moreThe IRS Has Announced 2022 Amounts for Health Savings Accounts
A notice from the IRS was recently released with guidance providing the Health Savings Accounts 2022 amounts, including the inflation-adjusted amounts. Fundamentals of Health Savings Accounts (HSAs) An HSA is a trust created or organized exclusively for the purpose of...
Read moreGetting Max Value Out Of Your CRM Software
The days of the Rolodex are long gone. To connect with customers and sales prospecting, many businesses now rely on customer relationship management (CRM) software. These CRM software solutions give users easy access to comprehensive information. This includes detailed notes...
Read moreAn S Corporation Could Cut Your Self-Employment Tax
If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way for self employment tax savings by conducting business...
Read moreLook At Your Employee Handbook With Fresh Eyes
For businesses, so much has changed over the past year or so. The COVID-19 pandemic hit suddenly and companies were forced to react quickly — sending many employees home to work remotely and making myriad other tweaks and revisions to...
Read moreHelp Ensure the IRS Doesn’t Reclassify Independent Contractors As Employees
Many businesses use the independent contractor classification to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a...
Read moreThe Restaurant Revitalization Fund Is Now Live
The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it...
Read moreProviding Education Assistance To Employees? Follow These Rules
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for education assistance under a...
Read moreClaiming The Business Energy Credit for Using Alternative Energy
Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy...
Read moreEnsure Competitive Intelligence Efforts Are Helpful, Not Harmful
With so many employees working remotely these days, engaging in competitive intelligence has never been easier. The Internet as a whole, and social media specifically, create a data-rich environment in which you can uncover a wide variety of information on...
Read moreKnow the Ins & Outs of “Reasonable Compensation” for a Corporate Business Owner
Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not...
Read moreChanges To Premium Tax Credit Could Increase Penalty Risk For Some Businesses
The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit, and...
Read moreSimple Retirement Savings Options For Your Small Business
Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension”...
Read moreProviding Optimal IT Support for Remote Employees
If you were to ask your IT staff about how tech support for remote employees is going, they might say something along the lines of, “Fantastic! Never better!” However, if you asked remote workers the same question, their response could...
Read moreEIDL Loans, Restaurant Grants Offer Relief To Struggling Small Businesses
The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law specifically targets to offer relief for small businesses in many...
Read moreIs An S Corporation The Best Choice Of Entity For Your Business?
Are you thinking about launching a business with some partners and wondering what type of business entity to form? An S corporation may be the most suitable form of business for your new venture. Here’s an explanation of the reasons...
Read moreNew COVID-19 Relief Law Extends Employee Retention Credit
Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERTC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: there is now a employee...
Read moreBusiness Highlights In The New American Rescue Plan Act
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. This new law is best known for the provisions providing relief to individuals. In addition, the ARPA also provides several tax breaks and financial benefits for...
Read moreLaunching a Small Business? Here Are Some Tax Considerations
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules for sole proprietors and small...
Read more5 Ways To Streamline & Energize Your Sales Process
The U.S. economy is still a far cry from where it was before the COVID-19 pandemic hit about a year ago. Nonetheless, as vaccination efforts continue to ramp up, many experts expect stronger jobs growth and more robust economic activity...
Read moreWork Opportunity Tax Credit Extended Through 2025
Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit...
Read moreShould Your Business Add Roth Contributions To Its 401(k)?
If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether 401k Roth contributions would make sense for your company and its employees. Key Differences 410k Roth...
Read moreIf You Run A Business From Home, You Could Qualify For Home Office Deductions
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income....
Read moreBuilding Customers’ Trust In Your Website
The events of the past year have taught business owners many important lessons. One of them is that, when a crisis hits, customers turn on their computers and look to their phones. According to one analysis of U.S. Department of...
Read moreMany Tax Amounts Affecting Businesses Have Increased for 2021
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased with the tax changes for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for...
Read moreThe Many Uses Of A SWOT Analysis
Using a strengths, weaknesses, opportunities and threats (SWOT) analysis to frame an important business decision is a long-standing recommended practice. But don’t overlook other, broader uses that could serve your company well. Performance Factors A SWOT analysis starts by spotlighting...
Read moreThe 2021 Cents-Per-Mile Rate for Business Miles Decreases Again
This year, the optional standard mileage rate has decreased by one-and-one-half cents. Is is now 56 cents per mile. This rate is used to calculate the deductible costs of operating an automobile for business. As a result, you might claim...
Read moreView Your Financial Statements Through The Right Lens
Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand it. You’re likely also aware of how insightful properly prepared financial statements can be. This is especially true when they follow Generally Accepted Accounting...
Read moreThe New Form 1099-NEC & The Revised 1099-MISC Are Due To Recipients Soon
The new 1099-NEC form is for business taxpayers that pay or receive certain types of non-employee compensation. This form must be furnished to most recipients by February 1, 2021. After sending the forms to recipients, taxpayers must file the forms...
Read moreGetting More For Your Marketing Dollars in 2021
A new year has arrived and, with it, a fresh 12 months of opportunities to communicate with customers and prospects. Like every year, 2021 brings distinctive marketing trends to the table. The COVID-19 pandemic and resulting economic challenges continue to...
Read moreBlockchain Beckons Businesses … Still
The term and concept known as “blockchain” is hardly new. This technology surfaced more than a decade ago. Bitcoin, the relatively well-known form of cryptocurrency, has gotten much more attention than blockchain itself. Blockchain is the platform on which Bitcoin...
Read moreCan Your Business Benefit from the Enhanced Employee Retention Tax Credit?
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law. Background on...
Read moreNeed Another PPP Loan For Your Small Business? Here Are The New Rules
Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA) is the opportunity to take...
Read morePPP Loan Updates + New Law Doubling Business Meal Deductions
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021...
Read moreRing in the New Year with a Renewed Focus on Profitability
Some might say the end of one calendar year and the beginning of another is a formality. The linear nature of time doesn’t change, merely the numbers we use to mark it. Others, however, would say that a fresh 12...
Read moreThe Right Entity Choice: Should You Convert From a C to an S Corporation?
The best choice of business entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. S corporations are know to provide provide...
Read moreThe Balanced Scorecard Approach To Strategic Planning
In the early 1990s, the Balanced Scorecard approach to strategic business planning was developed to enable business owners to better organize and visualize their objectives. With 2021 shaping up to be a year of both daunting challenges and potentially remarkable...
Read more2021 Q1 Tax calendar: Key Deadlines for Businesses & Other Employers
Here are some of the key deadlines for the Q1 taxes 2021 affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re...
Read moreRightsizing Your Sales Force
With a difficult year almost over, and another one on the horizon, now may be a good time to assess your sales team structure. Maybe the economic changes triggered by the COVID-19 pandemic led you to downsize earlier in the...
Read moreDrive More Savings To Your Business With The Heavy SUV Tax Break
Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A Cap on Deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other...
Read moreShould You Add A Technology Executive To Your Staff?
The COVID-19 pandemic and resulting economic impact to small businesses have hurt many. However, for others, the jarring challenges this year have created opportunities and accelerated changes that were probably going to occur all along. One particular area of speedy...
Read moreQBI Deduction Basics & Year-End Tax Tips
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI Deduction Is available to owners...
Read moreFamily Business Owners Must Weave Together Succession & Estate Planning
It’s been estimated that there are roughly 5 million family owned businesses in the United States. Annually, these companies make substantial contributions to both employment figures and the gross domestic product. Do you run a family owned business? If so,...
Read moreSmall Businesses: Cash In On Depreciation Tax Savings
We are approaching the end of the year. Now is a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax savings...
Read moreLessons of 2020: Change Management
The year 2020 has taught businesses many lessons. The sudden onset of the COVID-19 pandemic followed by drastic changes to the economy have forced companies to alter the size of their workforces, restructure work environments and revise sales models —...
Read moreThe Importance of S Corporation Basis and Distribution Elections
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit...
Read morePutting The Finishing Touches On Next Year’s Budget
By now, some businesses have completed their 2021 spending plan while others are still crunching numbers and scrutinizing line items. As you put the finishing touches on your company’s budgeting plan for next year, be sure to cover the finer...
Read moreHealth Savings Account For Your Small Business
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored small business Health Savings Account (HSA). Or perhaps...
Read moreHit The Target With Your Email Marketing
Online retail sales have been booming during the COVID-19 pandemic. This trend has been driven not only by the buying public’s increased inclination to minimize visits to brick-and-mortar stores, but also by the effectiveness of many retailers’ virtual marketing efforts....
Read moreDo You Want To Withdraw Cash From Your Closely Held Corporation At A Low Tax Cost?
.Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient. Dividends are still...
Read moreShould You Go Phishing With Your Employees?
Every business owner is aware of the threat posed by cybercriminals. If a hacker were to gain access to the sensitive data about your business, customers or employees, the damage to your reputation and profitability could be severe. You’re also...
Read moreTax Responsibilities If Your Business Is Closing Amid The Pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. Is your business permanently closing due to this unfortunate situation? We’re here to assist you in any way we can, including taking care of the various tax obligations that...
Read moreNow More Than Ever, Carefully Track Payroll Records
The subject of tracking payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off and furloughed. In some cases,...
Read moreNew Business? It’s A Good Time To Start A Retirement Plan
.If you recently starting a new business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified new business retirement plans that are eligible for these tax advantages: A...
Read moreInventory Management Is Especially Important This Year
rAs the year-end approaches, many businesses will be not only be generating their fourth quarter financial statements, but also looking back on the entire year’s financials. And what a year it’s been. The COVID-19 pandemic and resulting economic fallout have...
Read moreThe 2021 “Social Security Wage Base” Is Increasing
UPDATE: we have posted the updated 2022 social security wage base. If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. There has been a recent announcement from the Social...
Read moreUnderstanding the Passive Activity Loss Rules
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by...
Read moreReviewing Your Disaster Plan In A Tumultuous Year
It’s been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business owner (ready or not) to execute his or her business disaster response plan. So, how did yours do? Although it may...
Read moreThe Easiest Way To Survive An IRS Audit Is To Get Ready In Advance
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. However, as long as as you are properly preparing for an IRS audit, all should...
Read moreReinforce Protection Of Your Company’s Mobile Devices
Whether it’s a smart phone, tablet or laptop, mobile devices have become the constant companions of today’s employees and remote sellers. And this relationship has only been further cemented by the COVID-19 pandemic, which has thousands working from home or...
Read moreIRS Announces Per Diem Rates For Business Travel
In Notice 2020-71, the IRS recently announced special business travel per diem rates. These special rates can substantiate the amount of expenses a business incurs for travel away from home on or after October 1, 2020. Employers using these rates...
Read moreBusiness Website Costs: How To Handle Them For Tax Purposes
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when business website costs are deductible. Fortunately, established rules that generally apply allowing for website cost tax deductible, and IRS guidance that applies...
Read moreWeighing the Risks vs. Rewards of a Mezzanine Loan
To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of companies affected by COVID-19 has lowered many of their revenues. However, this pandemic...
Read more2020 Q4 Tax Calendar: Key Deadlines for Businesses & Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...
Read morePrioritize Customer Service Now More Than Ever
You’d be hard-pressed to find a business that doesn’t value its customers, but tough times put many things into perspective. As companies have adjusted to operating during the COVID-19 pandemic and the resulting economic fallout, customer service improvement strategies has...
Read moreEmployers Have Questions & Concerns About Deferring Employees’ Social Security Taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. This includes deferring employee social security taxes. The three-page guidance in Notice...
Read moreESOPs Offer Businesses A Variety Of Potential Benefits
Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings...
Read more5 Key Points About Bonus Depreciation
1. Bonus Depreciation Phase Out from 2023 through 2027 Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property...
Read moreHelping Employees Understand Their Health Care Accounts
Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings Account...
Read moreCARES Act Made Changes To Excess Business Losses
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses on filing amended tax returns. If you hold an interest...
Read moreTake A Fresh Look At Your Company’s Brand
A strong, discernible brand is important for every business. Even a company that never undertakes a formal branding effort will, over time, establish a brand through its communications with customers and interactions with the public. For this reason, a company...
Read moreThe President’s Action To Defer Payroll Taxes: What Does It mean for Your Business?
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer payroll taxes. This includes the employee’s portion of Social Security taxes for some people. Implementation of these tax changes for 2020 are in an effort to...
Read more5 Common Accounting Software Mistakes To Avoid
No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current accounting solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to...
Read moreThe Possible Tax Consequences of PPP Loans
Was your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis? If so, you should be aware of the potential tax implications and the possibility of a PPP Audit....
Read moreThoughtful Employee Onboarding Is More Important Than Ever
Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are hiring or may start adding employees in the weeks or months ahead. A thoughtful employee onboarding program has become more important than ever in...
Read moreFile Cash Transaction Reports For Your Business — On Paper Or Electronically
Does your business receive large amounts of cash or cash equivalents? You may be required to submit IRS cash reporting forms for these transactions. Filing Requirements Each person engaged in a trade or business who, in the course of operating,...
Read moreStrengthen Your Supply Chain With Constant Risk Awareness
When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. It’s long been known that, if too much of a company’s supply chain...
Read moreWhy Do Partners Sometimes Report More Income On Tax Returns Than They Receive In Cash?
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, your tax returns may show that you owe more on partnership income than was distributed to you from...
Read moreReopening Concepts: What Business Owners Should Consider
A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown of most businesses and institutions; the...
Read moreEven If No Money Changes Hands, Bartering Is A Taxable Transaction
During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember there are small business...
Read moreDoes Your Business Have A Unique Selling Proposition?
Many business owners — particularly those who own smaller companies — spend so much time trying to stay competitive in business by focusing on eliminating weaknesses. Doing such, they never fully capitalize on their strengths. One way to do so...
Read moreBusinesses: Get ready for the new Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive non-employee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Non-employee Compensation. Payers are to report any payment of $600 or more to a payee. UPDATE:...
Read more6 Key IT Questions To Ask In The New Normal
The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. Some companies fared better than others with improving IT systems. Many businesses that are taking an informal approach...
Read moreSteer Clear of the Trust Fund Recovery Penalty
If you own or manage a business with employees, you may be at risk for a severe tax penalty. This is known as the “Trust Fund Recovery Penalty:” it applies to the requirement of businesses to withhold Social Security and...
Read moreAssessing Work Productivity As You Cope With The Pandemic
The COVID-19 crisis is affecting not only the way many businesses operate, but also in assessing work productivity. How can you tell whether you’re getting enough done when so much has changed? There’s no easy, one-size-fits-all answer, but owners should...
Read moreSBA Reopens EIDL Program to Small Businesses and Nonprofits
Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program. These EIDL loan applications are for eligible applicants and companies affected by the COVID-19 pandemic. The EIDL...
Read moreLaunching A Business? How to Handle Startup Business Expenses On Your Tax Return
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are launching online to provide products and services to people staying at home. Entrepreneurs often...
Read moreRe-Evaluate Your Company’s Competitiveness in a Changed Economy
Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has changed the economy in profound ways. Many companies affected by COVID-19 have been forced to recalibrate...
Read moreGood Business Recordkeeping Are The Key to Tax Deductions & Trouble-Free IRS Audits
If you operate a small business, or you’re starting a new one, you probably know you need good business recordkeeping of your income and expenses. In particular, you should carefully record your expenses. Doing so you will be able to...
Read morePPP Flexibility Act Eases Rules for Borrowers Coping with COVID-19
On June 5, the president signed into law the PPP Flexibility Act. The new law makes a variety of important adjustments that ease the rules for borrowers. As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection...
Read moreRioting Damage at Your Business? You May Be Able To Claim Casualty Loss Deductions
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows...
Read moreDoes Your Company Have An Emergency Succession Plan?
For business owners, company succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many...
Read moreCOVID-19 Tax Deduction for Business Meals: Proposed Changes
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One COVID-19 tax deduction that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and...
Read moreBusinesses Revise Sales Compensation Models During Pandemic
Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for...
Read moreIRS Releases 2021 Amounts for Health Savings Accounts
UPDATE: Health Savings Accounts 2022 Amounts. The IRS recently released the 2021 inflation-adjusted Health Savings Accounts contribution limits. HSA Basics A Health Savings Account (HSA) is a trust created or organized exclusively for the purpose of paying the “qualified medical...
Read moreAttuning Your Social Media Strategy To The Pandemic
Social media for business: Your time has come. That’s not to say it wasn’t important before but, during the novel coronavirus (COVID-19) pandemic, connecting with customers and prospects via a popular platform is essential to maintaining visibility, building goodwill and...
Read moreForgiven PPP Expenses Aren’t Deductible
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, PPP expenses are not deductible if both: - The payment of the expense results in forgiveness of...
Read moreVirtual Workspaces: How To Succeed At Virtual Team Building
Thanks to affordable technology, more and more companies have been allowing employees to work remotely in recent years. It’s become feasible to procure laptops, set up security protocols, use cloud servers, and rely on employees’ home Wi-Fi connections to create...
Read moreBusiness Charity Donations Rules Have Changed Under The CARES Act
In light of the novel coronavirus (COVID-19) pandemic, there's been an increase in interest for business charity donations. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing...
Read moreSubchapter V Small Business Bankruptcy & Its Silver Lining
Many businesses affected by COVID-19 are struggling to stay afloat. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively less onerous option: small business bankruptcy. Although bankruptcy obviously isn’t an optimal outcome for...
Read moreThe CARES Act Liberalizes Net Operating Losses
The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief...
Read moreAdjust Your Expectations Of Business Interruption Coverage
A natural place to turn when disaster strikes are insurance. The very reason you pay premiums and deal with the paperwork is to have these concentration risk management policies in place when necessary. But, when it comes to filing a...
Read moreHiring Independent Contractors? Make Sure They’re Properly Classified
As a result of the coronavirus (COVID-19) crisis, your business may be hiring independent contractors to reduce costs within the organization. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies...
Read moreIRS Extends Some (But Not All) Employee Benefit Plan Deadlines
The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise...
Read moreNew COVID-19 Law Makes Favorable Changes to “Qualified Improvement Property”
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of non-residential buildings. This is referred to as qualified improvement property (QIP). You may recall that...
Read moreFurloughs vs Layoffs – What Are The Key Distinctions?
As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company is contemplating such a move,...
Read moreCOVID-19 Relief For Missing Employment Tax Deposits
The IRS has issued guidance providing relief from the failure to make employment tax deposits for employers that are entitled to the COVID-19 refundable tax credits provided under two laws passed in response to the pandemic. The two laws are...
Read moreJust Launched: The SBA’s Paycheck Protection Program
To stem the tide of joblessness caused by the coronavirus (COVID-19) outbreak, the Small Business Administration (SBA) has officially launched the Paycheck Protection Program (PPP). The program’s stated objective is “to provide a direct incentive for small businesses to keep...
Read moreQ&A About The CARES Act Employee Retention Tax Credit
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit (ERTC) is available to...
Read moreUsing Your Financial Statements During An Economic Crisis
The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to re-evaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under the...
Read moreCARES Act: New COVID-19 Law Providing Businesses with More Relief
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee Retention...
Read moreSBA Offering Loans To Small Businesses Hit Hard By COVID-19
Every company has been facing unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties due to, by definition, their limitation of resources — human, capital and otherwise. If this describes...
Read moreCoronavirus (COVID-19): Tax Relief for Small Businesses
Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued the COVID-19 bill as tax relief for small businesses....
Read moreThe Difference Between A Mission Statement & A Vision Statement
Many owners put off writing a mission statement for their business. Who has time to write down why you’re in business when you’re busy trying to run one! And perhaps even fewer owners have created a vision statement — possibly...
Read moreSmall Business Owners Still Have Time To Set Up A SEP for 2019
Do you own a business but haven’t gotten around to setting up a tax-advantaged retirement plan? Fortunately, it’s not too late to establish one and reduce your 2019 tax bill. A Simplified Employee Pension (SEP) can still be set up...
Read moreMarketing Initiatives Is A Game Of Adjustments
In business, a failure to evolve may lead to failure. One way to keep your company rolling is to regularly adjust how you market products or services to customers and prospects. A marketing strategy shouldn’t be a knee-jerk reaction to...
Read moreDetermine A Reasonable Salary For A Corporate Business Owner
If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct bonuses and...
Read moreCoronavirus/COVID-19 Update from Accounting Freedom
You have probably received several emails in the last few days from companies and organizations offering details of their response to COVID-19 and the coronavirus. Here is what Accounting Freedom and Payroll Specialists are doing to keep delivering the service...
Read moreHow’s Your Buy-Sell Agreement Doing These Days?
Most companies wouldn’t go into business without some basic types of insurance in place, such as property coverage and a liability policy. When it comes to business insurance for multiple ownership, there’s an additional type of risk-management arrangement that needs...
Read moreCheck Your 401(k) Performance At Least Once A Year
In many industries, offering a 401k for employees is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could...
Read moreRules and Eligibility for Home Based Business Tax Deductions
If you’re self-employed and work out of an office in your home, you may be entitled to home based business tax deductions. However, you must satisfy strict rules. Before we dive in more into discussing the home office deduction, be...
Read moreDocument Management Systems: Importance of Digital Documents
Are you applying for a business loan or already have? Or had some repairs done on your facilities? Maybe you’ve signed a contract with a certain technologically inclined customer or vendor. In any of these instances, you (or one of...
Read moreHow To Make The Most Of Your Multi Generational Workforce
Many of today’s businesses employ workers from across the generational spectrum. Some employers go by hiring older workers (like the Baby Boomers) to members of Generation X to Millennials to the newest group, Generation Z. Managing a multi generational workforce...
Read moreConsiderations and Tax Rules for Sole Proprietors
Many people who launch small businesses start out as sole proprietors. If this is you choice of business entity, here are nine considerations and tax rules for sole proprietors to keep in mind. 1. You May Qualify for the Pass-Through...
Read moreGetting Help With a Business Interruption Insurance Claim
To guard against natural disasters and other calamities, many companies buy insurance, in preparation for filing a business interruption insurance claim. These policies provide cash flow to cover revenues lost and expenses incurred while normal operations are limited or suspended....
Read moreDo Your Employees Receive Tips? You May Be Eligible For The FICA Tax Credit
Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for the FICA tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip...
Read moreLook Closely At Your Company’s Concentration Risks
The word “concentration” is usually associated with a strong ability to pay attention. Business owners are urged to concentrate when attempting to resolve the many challenges facing them. But the word has an alternate meaning in a business context as...
Read moreTax Changes for Businesses in 2020
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some tax changes for 2020 that may be important to you and your business. Here are the tax limits...
Read more3 Best Practices for Achieving Organic Sales Growth
Most business owners would probably agree that, when it comes to improving sales, the goal is continuous. To this end, every company should strive for organic sales growth. That is, increases from existing operations unrelated to a merger or acquisition....
Read moreDecrease to the Cents Per Mile Rate for 2020
The optional standard cents per mile rate for 2020 decreased by one-half cent, to 57.5 cents per mile. This deduction individuals use to calculate the deductible costs of operating an automobile for business. As a result, you might claim a...
Read moreWhat Can AI Do For My Business?
You’ve no doubt read articles or heard stories about how artificial intelligence (AI) is bringing sweeping change to a wide variety of industries. But it’s one thing to learn about how this remarkable technology is changing someone else’s company and...
Read moreEmployers Must Now Annually Disclose Retirement Income To Employees
You’ve probably recently heard the passing of a new law with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Retirement Act involves a new requirement for employers. This includes a...
Read moreHow Business Owners & Execs Can Stay Connected With Staff
One danger of a hectic beginning for the year is setting an early precedent for distancing yourself from rank-and-file staff. After all, a busy opening to the year may turn into a chaotic middle and a frantic conclusion. Hopefully all’s...
Read moreSECURE Retirement Act for Employees
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. Does your small business have a current plan for employees or are you’re thinking about adding one? If so, you should familiarize yourself...
Read moreCost Management: A Budget’s Best Friend
If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them...
Read moreNew Law Provides a Variety of Tax Breaks to Businesses and Employers
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The Further Consolidated Appropriations Act was signed into law on...
Read moreNew Year Business Planning: 5 Ways To Strengthen Your Business
The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five methods you...
Read moreRemote Sellers — It’s Time To Review Your Sales Tax Obligations
In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has...
Read moreStretch Your Marketing Budget Dollars Further With Smart Strategies
If your marketing budget is limited, there may be ways to make that money go further. Smart strategies abound for small to midsize businesses. Let’s look at a few ideas for stretching your marketing dollars a bit further. Check Out...
Read moreSmall Businesses: Reduce Business Taxes for 2019
Don’t let the holiday rush keep you from taking some important steps to reduce business taxes for 2019. You still have time to execute a few strategies, including: 1. Buying Assets Thinking about purchasing new or used heavy vehicles, heavy...
Read moreEmployee Electronic Device Policy: What’s the Best Policy for Your Company?
Employee electronic device policies pertaining to smartphones and other technology tools continue to frustrate business owners. The battle for business owners is trying to balance their needs for security and functionality against employees’ rights to privacy and freedom. At some...
Read moreQ1 Taxes for 2020: Key Deadlines for Businesses & Other Employers
UPDATE: Please see latest deadlines for the Q1 Taxes 2021. Here are some key deadlines for the Q1 taxes 2020 affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that...
Read moreWhat Lenders Look For In A Company Succession Plan
Business owners are urged to create company succession plans for the good of their families and their employees. But there’s someone else who holds a key interest in the longevity of your company: Your lender. If you want to maintain...
Read moreHoliday Parties and Gifts Can Help Show Your Appreciation & Provide Tax Breaks
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show employee appreciation during the holidays. Many companies show its gratitude to employees and customers by giving them gifts...
Read more2019 Tax Liability: Two Valuable Year-End Tax-Saving Tools
At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable tax breaks relating to depreciation that may help your business reduce...
Read moreBridging the Gap Between Budgeting and Risk Management
At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if one or more of these dangers materialize. Here are some...
Read moreEnvironmental Cleanup Expense: The Tax Implications for a Business
Is your company facing the need to “remediate” or clean up environmental contamination? If so, the money you spend for you environmental cleanup expense can be deductible on your tax return as ordinary and necessary for business. Of course, you...
Read moreSales Performance Standards: 3 Key Traits for Success
Take a mental snapshot of your sales staff. Do only a few of its members consistently bring in high volumes of good margin sales? An old rule of thumb says that about 20% of salespeople will make 80% of sales;...
Read moreSmall Businesses: Get Ready for your 1099-MISC Reporting Requirements
When handling and filing taxes for your business, you will notice key difference on how an independent contractor vs employee is handled. For example, a month after the new year begins, your business may be required to comply with rules...
Read moreIs Multi Cloud Architecture Computing Right For Your Business?
Cloud computing — storing data and accessing apps via the Internet — has been widely adopted by businesses across industry and size. Like many technological advances, though, new derivatives continue to emerge. This includes the latest trend in computing, called...
Read moreChicago Payroll Services for Small Businesses
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on...
Read moreA “Shadow” Board of Directors: Shed Light On Your Company’s Best Future
In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest companies are establishing so-called “shadow” (or “mirror”) boards. A "shadow"...
Read moreS Corp vs C Corp: Thinking About Changing Your Business Entity?
The right choice of a business entity can make a difference in the tax bill you owe for your business. Yes, it is true that S corporations can provide substantial tax advantages over C corporations in some circumstances. However, there...
Read moreUpdating A Business Plan: At The VERY Least, Update the Financials
Every new company should make an effort to updating a business plan. Generally, such a plan will comprise six sections: Executive Summary. Business Description. Industry and Marketing Analysis. Management Team Description. Implementation Plan. Financials. Now, ideally, you would comprehensively update...
Read moreAccelerate Depreciation Deductions with a Cost Segregation Study
Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider finding a cost segregation specialist for a study. It may allow you to accelerate depreciation deductions...
Read moreDeciding Whether a Merger or Acquisition is the Right Move
[caption id="attachment_2714" align="alignright" width="560"] Chessboard With Wooden Blocks Showing Mergers And Acquisitions Concept[/caption] One of the best ways to grow rapidly, is by strategically doing a business merger or acquisition with another company. You might be able to significantly boost...
Read moreSetting up a Health Savings Account for your Small Business
There is no hiding from the escalating cost of employer provided health care benefits. As such, it might be of interest to your business in providing some of these benefits through an Health Savings Account (HSA). For eligible individuals, HSAs...
Read more6 Ways to Ensure Your Marketing Plan Drives Sales
Love and marriage,” goes the old song: “…You can’t have one without the other.” This also holds true for sales and marketing. Even the best of sales team will not see an improvement in sales if not accompanies by a...
Read moreUnderstanding & Controlling the Unemployment Tax Costs of Your Business
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described...
Read moreLaptop Battery Safety Is No Laughing Matter
It would be a surprise to find a business today that doesn’t have laptop computers among its list of assets. Large companies have hundreds of laptops. Midsize businesses generally issue them to managers to facilitate mobility. A lot of businesses...
Read moreThe Chances Of An IRS Audit Are Low, But Business Owners Should Be Prepared
Many business owners ask: How can I avoid or prepare for an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses,...
Read moreDoes Your Team Know The Profitability Game Plan?
Autumn brings falling leaves and the gridiron! Football teams, from high school to pro, are trying to put as many wins on the board as possible to make this season a special one. For business owners, sports can highlight important...
Read moreBusiness Website Costs That Are Tax Deductible
These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. Our clients often ask us, "are website costs tax deductible?" Determining the proper tax treatment for the costs involved...
Read moreCredit Risk: How to Research Your Customer’s Creditworthiness
Extending credit to business customers can be an effective way to build goodwill and nurture long-term buyers. But if you extend customer credit, it also brings sizable financial risk to your business, as cash flow could grind to a halt...
Read more(5) Ways to Withdrawing Cash from Business Account while Avoiding Dividend Treatment
Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent...
Read moreFor Best Results, Start Your Strategic Financial Planning Early
Time flies when you’re having fun, and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic financial...
Read moreKey Deadlines Q4 2019 for Businesses and Other Employers
Here are some of the key deadlines Q4 2019 affecting businesses and other employers during the quarter 4 of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact our...
Read morePutting Together The Succession Planning & Retirement Planning Puzzle
Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while also creating, updating and eventually executing a succession plan. This is no easy task,...
Read moreBest Retirement Plans For Small Business: The Key To Picking The Right Plan
Are you a small business owner or have involvement in a start-up company? If so, you may want to set-up a retirement plan that includes tax benefits for yourself and any employees. When looking for the best retirement plans for...
Read moreHRA for Self Employed: Some Business Owners Are Ineligible Participate!
Many companies now offer Health Reimbursement Arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the perhaps better-known HDHP companion account, the Health Savings Account (HSA). If you’re considering adding this benefit, you might assume,...
Read moreCompany Car Tax Benefits & Implications
The use of a company vehicle is a valuable tax free fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer. In addition, tax breaks are available for the owners and employees...
Read moreImproving Sales: 4 Tough Questions To Ask About Your Sales Department
Among the fastest ways for a business to fail is because of mis-management or malfeasance by ownership. On the other hand, among the slowest ways is ineffectively improving sales or a dysfunctional sales department. Companies suffering from this malady may...
Read moreThe Best KPI Dashboards: Software To Help Keep Your Eyes On The Prize
Like most business owners, you’ve probably been urged by industry experts and professional advisors to identify the most important types of key performance indicators (KPIs) for your company. So, just for the sake of discussion, let’s say you’ve done that....
Read moreWhat To Do If Your Business Receives An SSA “No-Match” Letter
In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of a SSA no match letter is to alert employers if there’s a discrepancy between the agency’s files...
Read moreHiring A Startup CFO or Controller
Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good thing! The company has grown to a point where simple bookkeeping and basic financial reporting just don’t cut it...
Read moreIRS is Targeting Business Transactions in Bitcoin & Other Virtual Currencies
Bitcoin and other forms of virtual currency are gaining popularity. But there is still a lot of confusion with many businesses, consumers, employees and investors. There is confusion how they work, how to report transactions on their federal tax returns...
Read moreTaking a Long-Term Approach to Certain Insurance Documentation
After business insurance policies expire, many companies just throw away the paper copies and delete the digital files. However, you may need to produce evidence of certain kinds of insurance even after expiration of the coverage period! For this reason,...
Read moreTake A Closer Look At The 2019 Home Office Deduction
Working from home has its perks. Not only can you skip the commute, but you also might be eligible for the 2019 home office deduction. With this deduction, you can account your home office expenses on your tax return. Deductions...
Read moreRun Your Strategic Business Planning Meetings Like They Really Matter
Many businesses struggle to turn abstract strategic business planning ideas into concrete, actionable plans. One reason why is simple: ineffective meetings. The ideas are there, lurking in the minds of management and key employees. However, the process for hashing them...
Read moreBusinesses Can Utilize The Same Information IRS Auditors Use To Examine Tax Returns
The IRS uses Audit Techniques Guides (ATGs) to help its examiners in preparing for an audits. Your business can use the same guides to gain insight on your small business audit requirements, by seeing what the IRS is looking for...
Read moreSection 179 Deduction: Buy Business Equipment & Other Depreciable Property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it...
Read moreBuy Accounting Software That Will Live Up To Its Hype!
If you are looking to buy accounting software, it typically sells itself as much more than simple spreadsheet or ledger. The products tend to pride themselves on being comprehensive accounting information systems — depending on the price point, of course....
Read moreM&A Transactions: Avoid Surprises From The IRS
Are you’re considering buying or selling a business? Or are you in the process of a business merger or acquisition? If so, it is important that both parties report the transaction to the IRS in the same way. Otherwise, you...
Read moreGamification: Odd Word But Cool Concept For Businesses
“Gamification.” It’s perhaps an odd word, but it’s a cool concept that’s become popular among many types of businesses. In its most general sense, the term refers to integrating characteristics of game-playing into business-related tasks to excite and engage the...
Read moreBarter Exchange: A Taxable Transaction Even If No Cash Is Exchanged
Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. Does your business engage in bartering? If so, be aware that the fair market value of goods that you receive from a...
Read moreGrading the Performance of Your Company’s Retirement Plan
Imagine giving your company’s retirement plan a report card. Would it earn straight A’s in preparing your participants for their golden years? Or is it more of a C student who could really use some extra help after school? Benchmarking...
Read moreWhat Is The Best Business Structure For Taxes?
The Tax Cuts and Jobs Act (TCJA) has changed the landscape on selecting the best business structure for taxes. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations...
Read moreTypes Of Key Performance Indicators: Put A Number On Your Midyear Performance
We’ve reached the middle of the calendar year. So how are things going for your business? Conversationally you might say, “Pretty good.” But, analytically, can you put a number on how well you’re doing — or several numbers for that...
Read more2019 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key deadlines Q3 2019 affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact our accounting firm to ensure you’re meeting...
Read moreHiring This Summer? You May Qualify For A Valuable Tax Credit
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit WOTC program. This includes youth whom you bring in this summer for two or three months....
Read moreSeparation of Business and Real Estate Holdings
Like most businesses, yours probably has a variety of physical assets, such as production equipment, office furnishings, and a plethora of technological devices. But the largest physical asset in your portfolio may be your real estate holdings. That is the...
Read moreEmployers: Be Aware (or Beware) of the Penalty for Not Paying Payroll Taxes on Time
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty for not paying payroll taxes on...
Read moreSales Prospecting Techniques: Targeting & Converting Your Company’s Prospects
Companies tend to spend considerable time and resources training and up-skilling their sales staff on how to handle existing customers. And this is, no doubt, a critical task. But don’t overlook the vast pool of individuals or entities that want...
Read moreTax-Smart Domestic Travel: Combining Business With Pleasure
Summer is just around the corner, so you might be thinking about getting some vacation time. One of the most common questions we get asked is, "are vacations tax deductible"? Are you self-employed or a business owner. If so, you...
Read moreCRM Benefits for Business: Building Long-Term Relationships
Few businesses today can afford to let potential buyers slip through the cracks. Customer relationship management (CRM) software can help you build long-term relationships with those most likely to buy your products or services. But to maximize on the CRM...
Read moreHaving a Child Employed by Parents: Everyone Wins
Are you a business owner? If so, having a child employed by parents (or grandchildren) this summer might be of interest to you. Doing so can obtain tax breaks and other non-tax benefits. The kids can gain on-the-job experience, save...
Read moreAnnual Performance Review Tips For Employers
There are many ways for employers to conduct annual performance reviews. So many, in fact, that owners of small to midsize businesses may find the prospect of implementing a state-of-the-art review process overwhelming. Are you ready for better performance reviews? In...
Read moreBuying vs Leasing Equipment for Business
Life presents us with many choices: paper or plastic, chocolate or vanilla, regular or decaf. For businesses, a common conundrum is buy or lease. You’ve probably faced this decision when considering office space or a location for your company’s production...
Read moreSmall Business Tax Deductions
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most small business tax deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies, the home...
Read moreVirtual Care: Should Your Health Care Plan Be More Future-Focused?
The pace of health care cost inflation has remained moderate over the past year or so. This is good news, and employers are trying to keep it that way. In response, many companies aren’t seeking immediate business cost control measures...
Read moreIndependent Contractor vs Employee: How Should You Handle Worker Classification?
Many employers prefer to classify a worker as an independent contractor vs employee to lower costs. However, under such classification generally means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses using...
Read morePrepare For The Worst With A Business Turnaround Strategy
Many businesses have a life cycle that, as life cycles tend to do, concludes with a period of decline and failure. Often, the demise of a company is driven by internal factors. Examples include weak financial oversight, lack of management...
Read moreEffective Low Cost Social Media Marketing Calls For A Measured Approach
Companies are increasing their investments and marketing spend in social media more than ever. Many companies with these investments are seeking ways for more affordable / low cost social media marketing. Here are some ways to take a measured, cost-effective,...
Read moreAccounting Rules for Meals and Entertainment Deduction
In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. As you're reviewing business expenses, you might be wondering what you can deduct on your tax return for...
Read moreHow To Help Reduce Stress In Employees
Absenteeism has typically been a thorn in the side of many companies. But there’s a flip side to employees failing to show up to work. This is what we call, “presenteeism,” when employees come in to work unwell or put...
Read moreDividing A Business In A Divorce: Pay Attention To The Tax Implications
If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets. And of the interest,...
Read moreResponding to the Nightmare of a Data Breach
A data breach is every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company could be compromised. And lawsuits might soon follow. No business owner wants to think about...
Read more2019 Tax Calendar: Q2 Tax Due Dates for Businesses and Other Employers
Here are some of the key Q2 tax due dates / deadlines for this 2019 tax calendar year. This applies to businesses and other employers during the second quarter of 2019. Keep in mind that this Q2 tax due dates...
Read moreAn Implementation Plan Is Key To Making Strategic Goals A Reality
In the broadest sense, strategic business planning comprises two primary tasks: establishing goals and achieving them. Many business owners would probably say the first part, coming up with objectives, is relatively easy. It’s that second part, accomplishing those goals, that...
Read moreUsing Knowledge Management to Develop your Succession Plan
As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and markets tend to have a knack for staying on top. If that person is a company’s owner, however,...
Read moreRetirement Plans for Self-Employed: Simplified Employee Pensions (SEPs)
If you own a business, retirement plans for self-employed is essential. Best of all, there is still time to reduce your 2018 tax bill with a tax-advantaged retirement plan! One of the best retirement plans for small business is a...
Read moreLeasing or Buying Equipment: Which Option is More Tax Efficient for Your Business?
Recent passing of the Tax Cuts and Job Act has created many new tax rules for small businesses. This includes the decision as to whether to leasing or buying equipment or other fixed assets. There is no actual universal “right”...
Read more401k for Employees
For many businesses, offering a 401k for employees is no longer an option. Believe it or not this has now become a competitive necessity! However, employees often grow so accustomed to having a 401(k) that they don’t pay much attention...
Read moreBeware the Ides of March — If You Own a Pass Through Entity
Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March...
Read moreDon’t Let Scope Creep Ruin Your Next IT Project
Today’s business technology is both powerful and restive. No matter how “feature rich” a software solution or hardware asset may be, there’s always another upgrade around the corner. In other words, it’s just a matter of time before the next...
Read moreBusiness Interruption Insurance: Best Practices When Filing A Claim
Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance. Would you like to learn more about this coverage? If so, check out our previous article on, "What Is Business Interruption Insurance." A...
Read moreLLC Self Employment Tax – When Are Members Subject To It?
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income aren’t subject to the LLC self employment tax. This claim is after deducting compensation for services in the form of guaranteed payments. However, the IRS has been...
Read moreFinancial Statements Tell Your Business’s Story, Inside and Out
Ask many entrepreneurs and small business owners to show you their financial statements. What do you think you'll see? Most likely, they will open a laptop and show you their company accounting software. Although tracking financial transactions is critical, spreadsheets...
Read moreC Corporation Advantages and Disadvantages
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But there are some key C Corporation advantages and disadvantages you need...
Read moreSWOT Planning Process: Refine Your Strategic Plan
As the year is underway, your company is probably putting in place a business turnaround strategy for the months ahead. Or perhaps you have a general outline but have not quite put the finishing touches on it yet. In either...
Read moreBusiness Real Estate Depreciation Deduction Breaks
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow real estate depreciation deductions...
Read moreIncrease in 2019 Tax Limits for Businesses
UPDATED: Please see the latest taxes changes for 2020. A variety of 2019 tax limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your...
Read moreGetting Wise to the Rise of SMART Buildings
Nowadays, data drives everything. This includes the very buildings in which companies operate. Is your business considering upgrading its current facility, moving, or constructing a new one? If so, then it’s important to be aware of SMART buildings. A smart...
Read moreGetting an Employee Bonus Deduction for 2018 after Issuing Them In 2019
There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still receive the employee bonus deduction on...
Read moreTax Filing Deadline 2018: Overview on the Tax Law Changes
The dawning of 2019 means the season for tax filing deadline 2018 will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus...
Read moreEconomic Damages: Recovering Business Losses
A business can suffer economic damages arising from a variety of illegal conduct. Common examples include breach of contract, patent infringement and commercial negligence. Is your company finding itself in heading to court in hope to recovering business losses, diminished...
Read morePricing Research to Make Sure the Price is Right
The promise of the new year lies ahead. One way to help ensure it’s a profitable one is to re-evaluate your company’s pricing strategy. If you have not already, be sure to check out our previous article on how to...
Read more(06) Year End Tax Tips 2018 For Your Business
We all know that tax planning is a year-round activity. However, there are still some year end tax tips 2018 you can use to lower your tax bill. Here are six last-minute tax strategies business owners should consider: Postpone Invoices...
Read moreA PTO Accrual Policy to Help Your Employees & Your Business
The year is winding to a close, and you know what that means. Most businesses are seeing employees taking a lot of vacation time. After all, it’s the holiday season, and workers want to enjoy it. Some businesses, however, face...
Read moreFamily Businesses Need Succession Plans Too
Those who run family-owned businesses often underestimate the need for a succession plan. After all, they say, we’re a family business. Therefore, a family member will always keep the company going and no one will stand in the way. Not...
Read more2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...
Read moreHoliday Party & Gifts Tax Deductible 2018
The holiday season is a great time for businesses. A time to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. However, before you begin shopping or sending out invitations, it’s a good idea...
Read moreCash Method Tax Reform Expansion
Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method tax reform expansion offers greater tax-planning flexibility, allowing some businesses to defer...
Read more3 Ways to Get More from Your Marketing Spend
A strong economy leads some company owners to cut back on marketing spend. Why spend the money if business is so good? Others see it differently — a robust economy means more sales opportunities. Therefore, pouring dollars into marketing is...
Read moreBest Retirement Plans 2018: It’s Not Too Late to Set-Up
If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan for self-employed, consider doing so this year. There’s still time to set one...
Read moreBenefits of Hybrid Cloud Architecture
In this post, we will be going over the benefits of hybrid cloud architecture. For several years now, cloud computing has been touted as the perfect way for companies, large and small, to meet their software and data storage needs....
Read moreBuy Business Assets Before Year-End to Reduce Your 2018 Tax Liability
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks and reduce business taxes, you must purchase qualifying assets and place them in...
Read moreChange Management Doesn’t Have To Be Scary
Business owners are constantly bombarded with terminology and buzzwords. Although you probably feel a need to keep up with the latest trends, you also may find that many of these ideas induce more anxiety than relief. One example is an...
Read moreResearch Tax Credit 2018: Available to Some Businesses for the First Time
The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities.” Regardless, several TCJA provisions have an indirect impact on the credit. As a result, the research tax credit may be available to some...
Read moreReduce Insurance Costs by Encouraging Employee Wellness
Did you know that you can reduce insurance costs with an employee wellness program tax deduction? Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean...
Read moreWays to Reduce Taxes when Selling a Business
You’ve spent years building your company and now are ready to move on to something else. Whether it's putting together a business expansion strategy, taking advantage of another career opportunity, or retiring. Whatever your plans, you want to get the...
Read moreFollowing the ABCs of Customer Assessment
When a business is launched, its owners typically welcome every customer through the door with a sigh of relief. But after the company has established itself, those same owners might start looking at their buying constituency a little more critically....
Read moreNow’s the Time to Review Your Business Expenses
As we approach the end of the year, it’s a good idea to start reviewing business expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate...
Read more4 Pillars of a Solid Sales Process
Is your sales process getting off-balance? Sometimes it can be hard to tell. Fluctuations in the economy, changes in customer interest and dips in demand may cause slowdowns that are beyond your control. But if the numbers keep dropping and...
Read moreTax Free Fringe Benefits Help Small Businesses & Their Employees
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Tax free fringe benefits are especially attractive to employees. Let’s take a quick look...
Read moreBYOD Implementation Plan: Combining Convenience with Security
It’s easy to understand why more and more businesses are taking a “bring your own device” (BYOD) approach to the smartphones, tablets and laptops many employees rely on to do their jobs. BYOD can boost employee efficiency and satisfaction, often...
Read moreCost Segregation Study and Accelerating Depreciation Deductions
Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the...
Read moreMaking A New Business Plan For The Year Ahead
Like many business owners, you probably created a business plan when you launched your company. But, as is also often the case, you may not have looked at it much since then. Now that fall has arrived and year end...
Read moreBusiness Identity Theft: Businesses Are Not Immune To It
Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, business identity theft is increasingly becoming common. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best...
Read moreCash Reserves for Business: Keeping a King in the Castle
You’ve no doubt heard the old business cliché “cash is king.” And it’s true: A company in a strong cash position stands a much better chance of obtaining the financing it needs, attracting outside investors or simply executing its own...
Read moreEmployer Tax Benefits for Employee Travel Expense Reimbursements
Does your business offer employee travel expense reimbursements? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA)...
Read moreIs A Small Business Opening A Second Location Ready?
Most business owners want to grow their companies. And one surefire sign of growth is when ownership believes the company can expand its operations to a second location. If you're a small business opening a second location, or is nearing...
Read moreKey Deadlines Q4 2018 for Businesses and Other Employers
Here are some of the key deadlines Q4 2018 affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact our...
Read morePrepare for Valuation Issues In Your Company Buy Sell Agreement
Every business with more than one owner needs a company buy sell agreement to handle both expected and unexpected ownership changes. When creating or updating yours, be sure you’re prepared for the valuation issues that will come into play. Issues,...
Read moreHow to Reduce the Risk of Taxes for Independent Contractor Hire
Taxes for independent contractor hire is much cheaper than an employee. In fact, classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee...
Read moreHSA + HDHP Can Be A Winning Health Benefits Formula
If you’ve done any research into employee benefits for your business recently, you may have come across a bit of alphabet soup in the form of “HSA + HDHP.” Although perhaps initially confusing, this formula represents an increasingly popular model...
Read moreSIMPLE IRA Plans for Small Businesses
If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a...
Read moreBusiness Community Tips for Back-To-School Time
Late summer and early fall, when so many families have members returning to educational facilities of all shapes and sizes. It is also a good time for businesses to creatively step up their business development efforts. This includes launching new...
Read moreThe S Corp Requirements and Assessment
The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). Due to certain S Corp requirements, not all businesses are eligible. Plus, with the new 21% flat...
Read more6 Ways to Get More Value from an IT Solutions Company
IT consultants are many things — experts in their field, champions of the workaround and, generally, the “people persons” of the tech field. But they’re not magicians who, with the wave of a smartphone, can solve any dilemma you throw...
Read moreWhich of the Tax Accounting Methods is Right for You?
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures...
Read moreContemplating Your Business’ Sales Compensation Structure?
As a business grows, one of many challenges it faces is identifying a competitive yet manageable sales compensation structure. After all, offer too little and you likely won’t have much success in hiring. Offer too much and you may compromise...
Read moreSave Tax On A Family Business Transfer Of Ownership
One of the biggest concerns for a family owned business is succession planning. A family succession plan is the transfer of ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership...
Read moreIs There A Weak Link In Your Supply Chain?
In an increasingly global economy, keeping a close eye on your supply chain is imperative. Even if your company operates only locally or nationally, your suppliers could be affected by wider economic conditions and developments. So, make sure you’re regularly...
Read moreDo You Qualify For The Home Office Tax Deduction?
Under the Tax Cuts and Jobs Act, employees can no longer claim the home office tax deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the...
Read moreGet SMART With Your Strategic Planning Process
A strategic planning process is key to ensuring every company’s long-term viability, and goal setting is an indispensable step toward fulfilling those plans. Unfortunately, businesses often don’t accomplish their overall strategic plans because they’re unable to fully reach the various...
Read moreTax Deductible Travel Expenses for Business
Vehicle, travel and meals expenses tax deductions are common for businesses. But if you don’t properly document these tax deductible travel expenses, you could find your deductions denied by the IRS. A Critical Requirement for Tax Deductible Travel Expenses Subject...
Read moreClose-Up on the New QBI Deduction’s Wage Limit
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to non-corporate owners of pass-through entities. This is a deduction for a portion of qualified business income (QBI), also known as Section 199a. The deduction generally applies...
Read moreHow to Avoid Getting Hit with Payroll Tax Penalties
For small businesses, managing payroll services can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes...
Read moreOut of State Sales Tax Laws for Online Sales
You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose more out of state sales tax laws. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous...
Read moreChoosing the Best Business Entity Structure Post-TCJA
For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The...
Read moreMidyear Business Evaluation Checklist & Going Beyond Financials
Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way and, hopefully, reach your destination with some success and a few lessons learned....
Read moreAsk The Right Questions About Your IT Sourcing Strategy
Most businesses approach technology as an evolving challenge. You don’t want to overspend on bells and whistles you’ll never fully use, but you also don’t want to get left behind as competitors use the latest tech tools to operate more...
Read moreHiring Family Members as Employees & Putting Your Child On Payroll
If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring family members as employee can make more sense...
Read moreTax Loss Strategy for Pass Through Businesses
It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. Businesses implementing a lost sales analysis and tax loss strategy are now facing more difficult...
Read more4 Ways to Encourage Innovation & Improve Customer Support
When business people speak of innovation, the focus is usually on a pioneering product or state-of-the-art service that will “revolutionize the industry.” But innovation can apply to any aspect of your company — including customer service. In fact, innovation is...
Read moreAre Vacations Tax Deductible When Combined with Business Travel?
At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread...
Read moreBusiness Cost Control Takes A Total Team Effort
“That’s just the cost of doing business.” You’ve probably heard this expression many times. It’s true that, to invoke another cliché, you’ve got to spend money to make money. But that doesn’t mean you have to take rising operational costs...
Read moreWhat to Expect During an IRS Audit: Audit Techniques Guides
IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe...
Read moreStaying Competitive in Business
Every business owner launches his or her company wanting to be successful. But once you get out there, it usually becomes apparent that you’re not alone. To reach any level of success, you’ve got to be staying competitive in business...
Read moreNew Tax Rules for Small Businesses
Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly...
Read moreEmployer Provided Health Benefits: Costs with a Multi-Pronged Approach
Many companies offer employer provided health benefits to help ensure employee wellness and compete for better job candidates. And the Affordable Care Act has been using both carrots and sticks (depending on employer size) to encourage businesses to offer health...
Read moreKeeping Tax Records: Retention Guidelines for Small Businesses
You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). Is your office strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial...
Read more7 Traditional Marketing Techniques to Consider
With such an intense focus on digital marketing initiatives these days, business owners can overlook the fact that there are actual, physical places to interact with the buying public. Now that spring is here and summer is on the...
Read moreChanges to the Employee Benefits Tax Breaks: 4 Negatives and 1 Positive
The Tax Cuts and Jobs Act (TCJA) includes many changes affecting employee benefits tax breaks. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. 4 Breaks Curtailed...
Read moreBlockchain Technology Implementation to Drive Business
“Blockchain” may sound like something that goes on a vehicle’s tires in icy weather or that perhaps is part of that vehicle’s engine. Indeed it is a type of technology that may help drive business worldwide at some point soon...
Read moreNet Operating Loss Carryback: It Isn’t All Bad News
When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside. The upside to this are...
Read moreImproving Employee Performance: 3 Ways to Supercharge Your Supervisors
The attitudes and behaviors of your people managers play a critical role in your company’s success. When your managers are putting forth their best effort, the more likely it is that you’ll, in turn, get the best performances out of...
Read moreEmployee vs Contractor Criteria: Should you file Form SS-8?
Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. This is...
Read moreIdeal Financial Ratios for Business Loans
We live and work in an era of big data. Banks are active participants, keeping a keen eye on metrics that help them accurately estimate risk of default. As you look and are applying for a business loan, try to...
Read moreKey Deadlines Q2 2018 for Businesses and Other Employers
Here are some of the key deadlines q2 2018 for taxes affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting...
Read morePlanning a Company Retreat: Home vs. Away
When a business decides in planning a company retreat for its employees, the first question to be answered usually isn’t “What’s our agenda?” or “Whom should we invite as a guest speaker?” Rather, the first item on the table is,...
Read moreDefer Tax with Section 1031 Like Kind Exchange Accounting: New 2018 Limits
Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 exchange accounting. This is also known as Like-Kind Exchange Accounting. However, the...
Read moreSales Prospecting Tips: Building a Pipeline For Your Business
An old business adage says, “Sales is a numbers game.” In other words, the more potential buyers you face, the better your chances of making sales. This isn’t completely true, of course; success also depends on execution. Nonetheless, when a...
Read moreTangible Property Repairs Deduction – Were They Actually Repairs?
A repairs deduction to tangible property, such as buildings, machinery, equipment or vehicles, can be valuable for a business' current taxes. This is applicable as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance...
Read moreSelling Your Business Checklist: 7 Ways to Prepare
For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company. Others simply sell the business and move on. There are many variations in between, of course,...
Read more2017 Tax Filing Deadline for Pass Through Partnership Entities is March 15
When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year...
Read moreImproving Communications On Your Company Retirement Benefits
Employees tend not to fully appreciate or use their company retirement benefits. This is due to their employer not communicating with them about the plan clearly and regularly. But workers may miss or ignore your messaging if it all looks...
Read moreTax Cuts and Jobs Act Analysis: Key Provisions Affecting Businesses
The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on businesses....
Read moreHow To Implement A Social Media Strategy
Social media can be an inexpensive, but effective, way to market a company’s products or services. Like most businesses today, you’ve probably at least dipped your toe into its waters. Or perhaps you have a full-blown, ongoing social media strategy...
Read moreHire Certain “Target Groups” for the Work Opportunity Tax Credit Eligibility
Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made...
Read morePurpose of Benchmarking: To Swim with the Big Fish
You may keep a wary eye on your competitors, but sometimes it helps to look just a little bit deeper. Even if you’re a big fish in your pond, someone a little bigger may be swimming up just beneath you....
Read moreSEP Tax Benefits for Small Business Owners
Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. The...
Read moreEmployee Training Tips for Profitable Results
Many businesses train employees how to do their jobs and only their jobs. But amazing things can happen when you also teach staff members to actively involve themselves in a profitability process. That is, an ongoing, idea-generating system aimed at...
Read moreClaiming the Bonus Depreciation Deduction On Your 2017 Tax Return
With the bonus depreciation deduction, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, created new bonus...
Read moreWhat Is Business Interruption Insurance & How It Can Help Some Companies
What is business interruption insurance? Natural disasters and other calamities can affect any company at any time. Depending on the type of business and its financial stability, a few weeks or months of lost income can leave it struggling to...
Read more2 Tax Credits Just for Small Businesses May Reduce Your 2017 & 2018 Tax Bills
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or...
Read moreWhy Is A Mission Statement Important?
Every company, big or small, should have one. Are you wondering why is a mission statement important? When carefully conceived and well written, a mission statement can serve as a beacon to the world — letting everyone know what the...
Read moreBig Data Strategies For Every Business
You’ve probably heard or read the term “big data” at least once in the past few years. Maybe your response was a sarcastic “big deal!” under the assumption that this high-tech concept applies only to large corporations. But this isn’t...
Read moreSignificant Changes to the Transportation, Meals and Entertainment Deduction
Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act...
Read moreLast Chance To Take The “Manufacturers Deduction” in 2017
While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the Section 199 deduction, commonly referred to as...
Read moreIs Outsourcing Good or Bad?
Is outsourcing good or bad? For many years, owners of small and midsize businesses looked at outsourcing much like some homeowners viewed hiring a cleaning person. That is, they saw it as a luxury. But no more — in today’s...
Read moreNew Federal Tax Deduction For Pass-Through Businesses
The drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the 2018 tax reform bill (Tax Cuts and Jobs Act -...
Read moreNew Bonus Depreciation Rules: The TCJA Temporarily Expands It
The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year,...
Read moreWhy Is Location Important In Business
All business owners know exactly why location is important for business. For many companies, there comes a time when owners must decide whether to renew a lease, move on to a different one or buy new (or pre-existing) space. In...
Read moreFind Time For Some Organizational Strategic Planning
As a business owner, you know that it’s easy to spend nearly every working hour on the multitude of day-to-day tasks and crises that never seem to end. It’s essential to your company’s survival, however, to find time for some...
Read more7 Steps To Selecting A Successor For Your Family Business
There’s an old saying regarding family-owned businesses: “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in shirtsleeves and built the company up from nothing but, by the third generation, the would-be owner is back in shirtsleeves...
Read moreAre Holiday Parties Tax Deductible? …Might Not Be After 2017
Several businesses have been asking us, are holiday parties tax deductible? Many businesses are hosting holiday parties for employees this time of year. It’s a great way to reward your staff for their hard work and have a little fun....
Read moreMake New Year’s Resolutions to Improve Profitability
Many people scoff at New Year’s resolutions. It’s no mystery why — these self-directed promises to visit the gym regularly or read a book a month tend to quickly fade once the unavoidable busyness of life sets in. But, for...
Read moreVehicle Deduction – Is a New Car Purchase Year-End Tax Deductible?
You might be asking yourself if you can apply a vehicle deduction for your 2017 tax bill if purchased before year end. We advise to not make a purchase without first looking at what your 2017 deduction would be. You'd...
Read moreArtificial Intelligence Investment Management to Help Your Business
The artificial intelligence (AI) revolution isn’t coming — it’s here. While its potential for your company might not seem immediately obvious, artificial intelligence investment management is capable of helping businesses of all shapes and sizes “get smart.” AI generally refers...
Read more2018 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us...
Read moreWays to Reduce Costs for an Organization When Over Budget
Year end can’t get here soon enough for some business owners — especially those whose companies have exceeded their annual budgets. If you find yourself in this unenviable position, you can still cut costs to either improve this year’s financial...
Read morePractice the Fine Art of Employee Appreciation During the Holidays
It’s that time of year, business owners! A time when you’re trying to wind down the calendar in profitable fashion. Plus, your also preparing year-end financials and contemplating next year’s budget and marketing spend. And amidst all this, you likely...
Read moreYear-End Tips for Accrual Tax Reporting to Help Save You Tax
With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when...
Read moreWhat Qualifies as a Business Gift & Working Around the $25 Deduction Limit
At this time of year, it’s common for businesses to make thank-you gifts to customers, clients, employees and other business entities and associates. Unfortunately, the tax rules limit the deduction for business gifts to $25 per person per year, a...
Read moreFlexible Spending Accounts Pros and Cons: Do FSAs Offer the Flexibility You Need?
Business owners have to make tough choices when it comes to providing benefits to their employees. Many companies, especially newer or smaller ones, may understandably prioritize flexibility. No one wants to get locked into a benefits offering that’s cumbersome to...
Read moreBuying Business Assets to Reduce Tax Bill for 2017
Two valuable depreciation-related tax breaks can potentially reduce your business taxes for 2017 if you acquire and place in service qualifying assets by the end of the tax year. Tax reform could enhance these breaks, so you’ll want to keep...
Read more4 Tips on Making Your Marketing Emails a Blast
No business owner wants to send out spam. Even the term “email blast,” the practice of launching a flurry of targeted messages at customers and prospects, has mixed connotations these days. Yet as businesses are accounting for marketing expenses, email...
Read more2017 Might Be Your Last Chance to Hire Veterans and Claim a Tax Credit
With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity...
Read moreFortifying Your Business with Enterprise Risk Management
[caption id="attachment_609" align="alignright" width="560"] Today’s business owners can fortify with enterprise risk management[/caption] Hundreds of years ago, prosperous towns managed the various risks of foreign invaders, thieves and wild animals by fortifying their entire communities with walls and towers. Today’s...
Read moreR&D Tax Credit Qualified Expenses to Offset a Small Business’s Payroll Taxes
Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit. And you can use R&D tax credit qualified expenses to offset your federal payroll tax bill. This relatively new privilege...
Read moreHow to Improve Inventory Management Control & Make Your Financials Shine
Your business financial statements are incredibly important. This includes where your financials stand currently and where they might be going next year. Obviously, sales and expenses play enormous roles in the strength of your position. But there is a fundamental...
Read moreChoosing the Best Way to Reimburse Employee Travel Expenses
If your employees incur work-related travel expenses, you can better attract and retain the best talent by reimbursing these expenses. But to secure the tax deduction for travel expenses your business and your employees, it’s critical to comply with IRS...
Read more3 Tax Deductions For Charitable Donations You May Not Know About
Donating to charity is more than good business citizenship; it can also save tax. Here are three not so well known federal income tax deductions for charitable donations by businesses. 1. Food Donations There are normally limitations to charitable write-offs...
Read moreDepreciation for Real Estate: How To Maximize On Your Deductions
Currently, a valuable income tax deduction related to real estate is for depreciation, but the depreciation period for such property is long and land itself isn’t depreciable. Whether you rent it out or occupy it by your business, here’s how...
Read moreValuation Often Affects The Process of Succession Planning In Hard-To-See Ways
Any business owner that is in the process of succession planning should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result. The end result is a reasonable,...
Read moreHRA HSA FSA Comparison: Which Should You Include In Your Benefits Package?
On October 12, there was a signing of an executive order that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs are just one type of tax-advantaged account you can provide your employees to help fund their health...
Read more4 Ways To Get (and Keep) Your Business Data in Order
With so much data flying around these days, it’s easy for a company of any size to get overwhelmed. If something important falls through the cracks, say a contract renewal or outstanding bill, your financial standing and reputation could suffer....
Read moreAccelerate your Retirement Savings with a Cash Balance Plan
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, business owners are older and more highly compensated than their employees. However, restrictions on contributions to 401(k) and profit-sharing plans can...
Read moreCritical Connection On How Costs Impact Pricing
As we head toward year end, your company may be reviewing its business strategy for 2017 or devising plans for 2018. As you do so, be sure to do some pricing research on your existing products and services, as well...
Read morePowerful Timing Strategies with the 2017 Trump Tax Reform Bill
Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially...
Read moreFind The Right Path Forward With KPIs
From the baseball field to the boardroom, statistical analysis has changed various industries nationwide. With proper preparation and guidance, business owners can have at their fingertips a wealth of stats. Data that provides insight into how companies are performing —...
Read moreHire Your Children to Save Taxes for Your Business and Your Family
It can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. Are you a business owner with children in this situation? If yes, you may be able to provide them with...
Read moreDoes Your Business Have Too Much Cash?
From the time a business opens its doors, the owner is told “cash is king.” It may seem to follow that having a very large amount of cash reserves for business could never be a bad thing. However, the truth...
Read moreDon’t Let “Founder’s Syndrome” Impede Your Succession Planning Strategy
Are you the founder of your company? If so, congratulations — you’ve created something truly amazing! As such, it is more than understandable that you’d want to protect your legacy: the company you created. But, as time goes on, it...
Read moreCustomer Profitability Analysis: How Profitable Are Your Customers?
“We love our customers!” Every business owner says it. But all customers aren’t created equal! This is why it is in your strategic interest to know which customers are really strengthening your bottom line and by how much. This can...
Read more4 Tough Questions To Ask Before Expanding To A New Location
Is business going so well that you’re thinking about adding another location? If this is the case, congratulations! But before you start planning the ribbon-cutting ceremony, take a step back and start a business expansion strategy. As you are strategizing,...
Read more2 Ways Spouse-Owned Businesses Can Reduce Their Self-Employment Tax Bill
If you own a profitable, un-incorporated business with your spouse, you probably find the high self employment tax bills burdensome. In the partnership business structure, an un-incorporated business in which both spouses are active is typically treated by the IRS...
Read more2017 Tax Due Dates for Q4: Key Deadlines for Businesses & Other Employers
Here are some of the key 2017 tax due dates affecting businesses and other employers during the fourth quarter. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact our...
Read moreListening to your Customers through a Lost Sales Report
“Sorry, we don’t carry that item.” Or perhaps, “No, that’s not part of our service package.” How many times a year do your salespeople utter these words or ones like them? The specific number is critical because, if you don’t...
Read moreFine-Tuning Your Company’s Compensation Strategy
As a business evolves, so must its compensation strategy. Hopefully, your company is growing — perhaps adding employees or promoting staff members who are key to your success. But other things can spur the need to fine-tune your compensation strategy...
Read moreDisaster Recovery Plan: Make Sure Your Company is Prepared for any Storm
What could stop your company from operating for a day, a month or a year? A flood or fire? Perhaps a key supplier shuts down temporarily or permanently. Or maybe a hacker or technical problem crashes your website or you...
Read moreSeasonal Business? Optimize Your Operating Cycle
Every business has some degree of ups and downs during the year. But small business cash flow challenges and fluctuations are much more intense for a seasonal business. So, if your company defines itself as such, it’s important to optimize...
Read moreRev-Up Your Retirement Freedom Plan
Many business owners and executives would like to save more money for their retirement freedom plan than they’re currently allowed to sock away in their 401(k). For 2017, the annual elective deferral contribution limit for a 401(k) is just $18,000....
Read moreYou Don’t Have to Take Insurance Costs for Business Sitting Down
Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company, proper coverage remains a risk management imperative. But that doesn’t mean you have to take high insurance costs for business...
Read moreRegularly Upgrading Your Company Accounting Software
Many business owners buy company accounting software and, even if the installation goes well, eventually grow frustrated when they don’t get the return on investment they’d expected. There’s a simple reason for this: Stuff changes. Technological improvements are occurring at...
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