News & Articles

Pull the Plug on Employee Theft

Posted on Tue, Jul 24, 2018

Not all crooks roam the streets at night. Some might be roaming your company hallways, stealing cash, forging or altering checks, and pilfering your inventory and property.

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Tags: Small Business, Employees, Theft

Make Your Workplace Drug Free

Posted on Thu, Jul 19, 2018

Employee drug and alcohol abuse can cost your company in many ways, including increased absences, workplace accidents and high health costs. In addition, studies show that drug users are five times more likely than other employees to file a worker's compensation claim.

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Tags: Department of Labor, Business Owner, Drug and Alcohol Testing

A Closer Look at the Excess Earnings Method

Posted on Tue, Jul 17, 2018

The Excess Earnings Method was originally created to compensate wineries and distilleries during Prohibition. Valuation experts often criticize this method, calling it ambiguous, over-simplified or outdated. But it's still used in some jurisdictions as a way to value small businesses and professional practices, especially in a divorce setting.

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Tags: Valuation, Business Valuation, Small Business

Ensure You Qualify for Charitable Donation Deductions

Posted on Thu, Jul 12, 2018

Giving to charity can provide you with a warm feeling as well as a nice tax break. But you've got to itemize deductions on your tax return. And, like most tax breaks, charitable deductions come with a number of rules you must follow to actually claim the write-off. Here are the details.

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Tags: Charitable Giving, IRS, Charitable Donations

New ACA Legal Battle Could Affect Individual and Employer Health Coverage

Posted on Tue, Jul 10, 2018

The Affordable Care Act (ACA) has been controversial since it was enacted in 2010. The latest legal attack calls into question whether insurance carriers will still be required to issue coverage to individuals without regard to pre-existing medical conditions, and the degree of pricing flexibility that carriers will have based on the demographics of a covered group.

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Tags: Health Insurance, Changes in ACA, ACA, Tax Cuts and Jobs Act (TCJA)

Tax Consequences of Borrowing From a Retirement Plan

Posted on Mon, Jun 04, 2018

If you participate in a qualified retirement plan through your job or self employment — such as a 401(k), profit-sharing, or Keogh plan — you might be allowed to borrow from the account. (The borrowing option is not available for traditional IRAs, Roth IRAs, SEPs or SIMPLE-IRAs.)

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Tags: 401k Plan, Retirement Plan, Interest, Loan

Supreme Court Spotlights Employee Status: Exempt or Not?

Posted on Fri, Jun 01, 2018

Thousands of cases are appealed to the U.S. Supreme Court every year, but usually fewer than 100 get a full-blown hearing and ruling. One case that made it through in the current court term is Encino Motorcars v. Navarro. On the surface, this case looks at whether car dealer service advisors are exempt or nonexempt. But the larger issue affecting jobs of all kinds involves just how narrowly the relevant law — the Fair Labor Standards Act (FLSA) — can be interpreted when determining between exempt status and nonexempt.

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Tags: FLSA, Employee Compensation, Employee, Exempt

6 Cool Ways to Save Taxes During the Hot Summer Months

Posted on Wed, May 30, 2018

The Tax Cuts and Jobs Act (TCJA) may have put a crimp in some of your summer plans by eliminating or scaling back certain tax breaks. But individuals and small business owners still have plenty of opportunities to save taxes. Here are six ideas to consider this summer.

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Tags: Vacation Home, Federal Taxes, Business Tax Savings, Rental Property, Tax Cuts and Jobs Act (TCJA)

New Tax Law Boosts Appeal of Qualified Small Business Corporations

Posted on Wed, May 23, 2018

Would you like to invest in a business that allows you to subsequently sell your stock tax-free? That may be possible with qualified small business corporation (QSBC) stock that's acquired on or after September 28, 2010. Sales of QSBC stock are potentially eligible for a 100% federal income tax exclusion. That translates into a 0% federal income tax rate on your profits from selling stock in a QSBC.

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Tags: Qualified Small Business Stock, Stocks, Tax Cuts and Jobs Act (TCJA)

Know the Rules Before Checking Employee Medical Records

Posted on Mon, May 21, 2018

When employees request time off under the Family and Medical Leave Act (FMLA), employers need to tread carefully.

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Tags: Department of Labor, Medical, Family and Medical Leave (FMLA)